Forbes: In 2018, how the blockchain will subvert the media and entertainment industry

nRunaway Comment: In the past year alone, there have been pilot projects in various sectors of the blockchain industry that indicate that the technology is likely to be deployed in 2018. Among the many industries that are interested in the blockchain, the media and entertainment industry is a relatively attractive area as many of the drawbacks of the current industry can be solved by the blockchain and can be obtained through this new technology Big advantage. In fact, some experts also believe that the industry is ready for the arrival of new markets and is waiting to adopt new technologies.n
nTranslation: Inan
Blockchain technology hit a major breakthrough in just the past December: bitcoin prices topped $ 10,000 and hit a record high of $ 20,000; large exchanges introduced bitcoin futures; and ASX announced the use of blockchain technology Trade settlement. In 2018, the blockchain may also be used in the media and entertainment industries.n
The beauty of blockchain technology is that it provides the digital market with tamper-proof and decentralized features. Transactions are chronologically recorded in a distributed ledger that is transparent to participants and protected by encryption so no one can cheat by altering or forging a transaction. It’s the “smart contract,” that you can program agreed business rules, logic, and contract terms to automate the transaction.n
To determine whether the media and entertainment industries are ready for a new market, we must consider whether some actors, such as payments, financing, monetization and contract enforcement, can benefit through security and transparency.n
In the digital world, the sharing and dissemination of creatives is easy, but getting paid properly is hard, so it’s time to overturn the royalty payment mechanism. For example, music streaming sites and copyright holders have struggled to reach an agreement on the payback of a large number of songs, and Spotify went to court on Friday and was asked to pay $ 1.6 billion.n
The Open Music Initiative (OMI) is an organization that seeks to modernize its royalty payment mechanism. Its 200 members include the top three record labels Sony, Universal and Warner, as well as YouTube, Netflix, Spotify and Viacom. OMI told CNBC last week that it sees the blockchain as a fundamental technology.n
The vision is to create a transparent blockchain-based ledger that includes music assets and their copyright owners. Smart contracts can then automatically pay royalties based on the song’s spending, including streaming media.n
Crowdfunding of creative worksn
2017 marks the rise of blockchain startups in industries that are usually funded by the ICO. This model uses cryptocurrencies like bitcoin to build new businesses.n
Creative works can also use ICO for crowdfunding. In fact, Indiegogo just launched its own ICO platform in mid-December. As a result, the ICO for movies and other creative works is likely to show up in 2018, but it depends on how the Securities and Exchange Commission is using the securities law in the ICO area.n
Blockchain-based crowdfunding platforms securely record financing transactions and are transparent to all investors, giving them real-time visibility into where they are. Smart contracts automatically pay copyright holders and investors for the sale, licensing, or consumption of creative assets.n
For example, iProdoos is a blockchain platform just launched this year that aims to create talent for high-quality television and movie production and crowdfunding through traditional methods or cryptocurrencies, allowing consumers to monetize through the projects they fund.n
Digital advertisingn
While digital advertising captures and personalizes the target audience, the ecosystem is rather inefficient and opaque, and 40-70% of advertising costs go to intermediaries. Developed in partnership with NASDAQ, NYIAX recently deployed a blockchain-based ad exchange that enables publishers and advertisers to trade advertising contracts efficiently. Richard Bush, chief product and technology director, said: “With its valuable experience in the capital markets, NYIAX has long sought to create the most appropriate model for advertising and media – using financial technology and being financially more rigorous.”n
Madhive is also deploying an ad exchange for digital video content sites. Its chief executive, Adam Helfgott, said: “Our platform monetizes ad-based video in a safe and intimate manner, so viewers’ private information can only be shared through AI agents to attract relevant ads.” May apply to the EU market because a strict new privacy law will enter into force in May 2018, requiring companies to track and protect consumer data.n
Piracy is one of the major problems digital has brought to the media and entertainment industries. Phil Gomes, blockchain thought leader from Edelman, said: “I personally think piracy stems from the issue of legitimate distribution mechanisms, and blockchain technology monetizes content more easily Competing well with plagiarists. “The key is to seamlessly interface legitimate users with legitimate purchases for efficient payment mechanisms that make it easier to compete with pirates.n
Obviously, from the example above, the blockchain is not just about digital money. Regardless of whether these or other projects are successful, the experts I have discussed with each other agree that 2018 will be a year for the blockchain to have a dramatic year in the media and entertainment industry. “In 2017, we witnessed a variety of pilot companies piloting the application of blockchain technology; 2018 will be the year in which many of these projects will be mass-deployed,” Gomes said.n
We are entering a speculation peak of blockchain technology, which is reminiscent of the Internet bubble, so it is difficult to distinguish the hype from its real potential. So how can we know where the real opportunities are?n
CyberOi, the consulting firm that led iProdoos and blockchain companies such as and Cryptowork, said Keith Montgomery, Vice Chairman: “There was a lot of speculation and a lot of ICOs in 2017 and the first real business upheaval will be seen for the first time in 2018. It will focus on solving real business issues and using the media effectively to create a community that is widely accepted. “n
If you are in the media and entertainment industry, 2018 will be a good time to pay close attention and test or invest in blockchain innovations.n

Leave a Reply

Your email address will not be published. Required fields are marked *