The technological applications of blockchain technology are continually being tried and tested in a variety of ways on new unsuspecting industries. Entertainment and media are next in line, as individuals and groups worldwide are exploring ways to apply blockchain principles and adopt its ethos of decentralization, democratization, and distribution.
Read on for the 5 ways Blockchain technology will enhance entertainment and media sharing
- Decentralized Distribution & Security
Blockchain technology does not rely on a single storage point for all data. Data stored on the blockchain is in ‘nodes’ and all users in a node group both have access to all the nodes and possess an identical copy of the complete node tree. When applied to film and TV, for example, it means that there is no single storage point to draw on. All followers and subscribers participate equally by viewing and using the content while storing it. The added bonus of decentralization is that there is no single point of failure, making it very difficult to attack and compromise the entire system.
Democratized
Building on decentralization comes democratization. Since all users are technically equal in status and participation under the blockchain ecosystem, the playing field is leveled. Applying this to entertainment and media means equal participation among artists, producers, and creators hand in hand with their followers, users, and viewers.
Smart Contract Transparent Billing
This is undoubtedly the most significant application within the entertainment and media industry. Recent concerns and dissatisfaction about the unclear billing models used by some of the Internet’s largest content hosting platforms have not gone unnoticed. Efforts are underway to create an ecosystem where the billing is managed by the content creators and not by the distributors and the majority of revenue is distributed among the developers. By using ethereum smart contracts, it is clear from the outset what agreement a user is entering into and billing is initiated automatically when the contract criteria are met.
Cut Out the Middlemen
Blockchain technology by nature is decentralized. How does this apply to entertainment, film, and movies? Simple. The entertainment and media industry has been built around central production hubs (Warner, Fox, Universal etc.). While their creation of today’s industry has been phenomenally successful, the majority of all revenues are held within the production circle. Remove the need for the central hub, and the middlemen of film, TV, entertainment etc. disappear overnight with content creators and users/ viewers are directly connected via blockchain technology.
Global Market
The Internet enabled the disruptive power of NetFlix, Amazon Music, Hulu, and others with live streaming and a global audience. Now, by using the blockchain, this can be taken a step further. Through using a global platform built on the blockchain artists, authors, actors, and developers can connect directly with their audience regardless of region, country or demographic, taking control of their follower-base.
Current Steps
Numerous projects are experimenting with blockchain applications: linking entertainment with social media, content sharing, token production investments and applying it to specific areas such as virtual reality. While projects such as TaTaTu, Flixxo, DECENT, MovieCoin, VARCrypt focus on specific aspects of blockchain technology uptake, a central ‘umbrella’ platform capturing all of the core tenets is missing. Such a project is hugely ambitious, but the potential rewards for everyone are exponential.
BUCKY House aims to do just that. Through their ecosystem content creators can link directly with their followers and receive the majority of revenues raised from their sales. From content creators and production houses to freelance authors & designers, advertisers, app developers, viewers & subscribers: if you are interested in creating, promoting and viewing world-leading content, while knowing that your proceeds are going where they should be and not to unnecessary intermediaries, then visit us today to learn more about our platform and Bucky Coin token sale. www.buckycoin.io