Blockchain: The Latest Media Angle

Blockchain: The Latest Media Angle

Media is defined as a source of communication and information. News channels telecast information from all over the world. Movies share fantasies and stories. Music channels similarly cater to your emotions. They are all channels of mass communication.

How Blockchain Technology Comes Into the Picture?

People are misinformed regarding the potential uses of blockchain technology. They still believe it has something to do with money. It does. Cryptocurrency is a very big part of blockchain technology. The misconception of Blockchain technology being only related to cryptocurrencies has delayed but not stopped development of all the other uses it offers. This article focuses just on Media and how blockchain is helping in it.

See Also: Blockchain Technology: Explained By A GoT Fan!

The Advantages:

In the music industry, Blockchain technology has helped bridge the gap between artist and public. No more paying corporate record labels X amount of money when you can access Music directly from the artist. This helps in two ways. This platform curbs piracy and helps the artist in understanding what the public wants while he gets his payment directly from them.

In Tv shows and Movies, blockchain is creating a visible ledger which is giving the collaborators, ownership of their own work.

The Trailblazers:

  1. JAAK:
    jaak
    JAAK connects films and TV shows etc. directly to the artists, producers, writers, and organizations that create, own and distribute them. It is a decentralized media network. With the help of smart contract (Ironbound contract which has all the negotiations and royalty details given in utter transparency) the artist or the cast and crew utilize copyright laws and are not cheated of their work or dues.
  1. PEERTRACKS:
    peertracks
    One of the greatest uses that can be derived from blockchain technology has been done by Peer Tracks. They have allowed tipping, patronage and even the buying and trading of musical notes of any artist. This lets writers and creators distribute content on the blockchain and get paid immediately.
  2. PaperChain:
    paperchain
    Giants amongst all others, Paperchain is creating a product engine that allows the rightful owners of music or text to identify and claim unpaid royalties. For example, Spotify plays up to a million songs in a day. Many of the songs do not have information of the rightful owner. This leads to the artist being in the dark regarding his royalties and indirectly lets Spotify generate income which is NOT its to claim.

The Drawbacks:

1)    Power source:  A blockchain for say the NEWS industry would require 100s of millions of transactions processed. This is so much more than all the transactions required to mine bitcoins and ALL the different cryptocurrencies. This means more computing power to process. The logistics for which shall be on a massive scale.

2)    Adaptability:

adaptability

Blockchain technology is still not widely adopted by many. Its many uses have been delayed in development and are still on theoretical phases. To get everyone on board is going to take a long time. Once accepted, it causes another problem. The vastness of the different aspects involved in any one form of media be it News, Movies or Music may not be balanced on one specific blockchain. (Its solution is creating different nodes of all the aspects before tying it up as a block. A rather extensive work!)

See Also: A Layman’s Guide To Blockchain

Though there are still a few technical barriers in its path, Blockchain has proven itself in the market as a technology which when implemented is robust and dependable. This guarantee has compelled many different companies in creating and developing applications which will help organize the field of media and its many channels.

Copyright laws, contracts, data all together on a block shall ease processes which have purposefully been kept opaque (corporations are renowned to have loopholes in their business deals to exploit artists and others for their benefits.) this technology once implemented shall bring in better work culture and create equal opportunities for all.

Next Read: Blockchain: Our Lord and Saviour

A traveler who has eaten with Bedouins, gotten lost in mist, and walked a kilometer to get net connection. When not writing, Nisha reads tech magazines to shampoo bottle labels

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