Blockchain is the underlying technology behind cryptocurrencies such as bitcoin and ethereum and offers a way to record and transfer information that is audible, safe, transparent, and resistant to outages. It can also make those companies that employ it transparent, secure, efficient, decentralised, and democratic.
It is expected to disruptnumerous sectors within the next 5 to 10 years, with entertainment being among them.
Here are some of the particular industries within entertainment where it can have the biggest effect.
Through blockchain technology, independent filmmakers can distribute their films to an audience without necessarily having to pass through major studios that have, until now, served as inevitable intermediaries with a large amount of authority.
This development encourages a more direct approach that eradicates any eventual overheads, thus creating opportunities for increased revenue, as well as greater accessibility for independent filmmakers. The immutable way that data is processed in blockchain is another feature that could be good for stakeholders in the entertainment industry.
Largely, this is down to piracy having suffered a setback, especially for the industry’s emerging markets such as Nigeria’s Nollywood and India’s Bollywood. The fact that data in the blockchain can’t be altered enables retention and brand protection of the products’ original creators over time.
Blockchain has evolved into a fundamental technology that is offering strong improvement, solutions, and disruptions to almost every industry. More and more companies are utilising the technology in order to develop new platforms designed to revolutionise and improve just about all aspects of gaming. A company such as Games Protocol, for instance, have used blockchain to empower developers, deliver a community around gamers, and improve security.
As a whole, blockchain is impacting video games in three significant ways: better competition, tokenised incentives, and multi-layer integration. Multi-player integration could benefit from blockchain, for example, as it operates via a distributed ledge system, so any game built with blockchain technology won’t be affected by poor performance or server outages.
Bitcoin, the virtual currency that uses blockchain technology, is already making waves in the online casino industry though. Online casino game makers are introducing bitcoin payments, enabling immediate deposits and withdrawals and making it easier for players to manage bank payments.
Sites exist that list numerous casinos accepting bitcoin as a payment method. The site, which enables those looking for slot games to spin in complete anonymity, also lists any free spins and bonuses offered by each casino. One of those cryptocurrencies is monero. Monero has many privacy features such as stealth addresses, which make it a safe way to use cryptocurrency is gaming.
There are numerous ways in which blockchain can disrupt the music industry. One company, Dot Blockchain Media, plans to use the technology to replace the sectors numerous old, incomplete rights-holder databases with a new music file format containing rights information with the recordings. This would theoretically resolve the issue of streaming services being unable to find or identify the rights owners for any music they use.
Any industry that deals with transactions or data of any kind, it is open to being disrupted by the blockchain. The door is wide open and the opportunities are endless, and it’s up to the more innovative minds within these industries to find the best solutions.