Reviving Cultural Industry Via Blockchain

Reviving Cultural Industry Via Blockchain

Cultural travelers, cultural institutions and folk artists are the three pillars of art and cultural industry. But life isn’t easy for any of them. Whether it’s cultural travelers, who are struggling to collect accurate information from large number of sources to arranging a trip and booking tickets. Or it is the not-so-famous artists, who are grappling to get finances for their projects and raise awareness about their work. On the other side, running cultural institutions isn’t a piece of cake either as they are having hard time staying connected to the visitors and have limited funding possibilities. Therefore, change is urgently needed.

Traceability of Works of Art

Traceability of Works of Art

Source: steemit

Imagine a situation when you come across an amazing piece of art and want to buy it. But then you are not aware of its authenticity, have no clue about its past owner and the places it was exhibited before. These are typical traceability issues experienced by buyers.

The Blockchain technology can trace the journey of a work of art and help buyers. How? Suppose, a gallery in Austin wants to buy a work of art from an artist in New York. They agree on a deal and the gallery accepts to lend the work of art and selects shipping partner. The transaction is directed to the Blockchain and the validity of the transaction is checked. Then the transaction is mined and the block is added to the chain while refusing invalid transactions.

A specialized freight then picks up the art after shipping partner confirms. As soon as custom in both the cities clears the work of art, it is updated and mined in the Blockchain. Then the work of art is exhibited in the gallery after delivery. Any potential buyer can clear all his doubt about its authenticity, past owners and history at Blockchain.

Also Read: Malware & Heists: Blockchain Tech is under ATTACK!

A New Market Opportunities for Artists

A New Market Opportunities for Artists

Source: artnome

Can musicians survive completely on cryptocurrency? From production of the music, concerts to tour videos, can everything be managed via Blockchain? The answer is yes! With this technology, each person and each artist gets a chance to become autonomous and restore some of the problems lost by people in last years to giant corporation and technology.

This principle can also help secure the value of the artistic creativity. The so-called established mentality that everything is free ushered with the digital age has costed dearly to the artists. This can be changed with Blockchain technology as it creates direct contact between artists and audience. For instance, when artists spend tokens to finance a film, audiences can also buy the tickets in the form of token.

This technology is also helping to protect property intellectual rights because there is no way to manipulate the information in Blockchain. Letting artists become entrepreneurs as they are accustomed to high risks and creativity. Artists hope for new marketing opportunities thanks to Blockchain technology. Instead of large companies, self-organized digital communities are deciding which music and films to produce.

Also Read: Why Are Majority Of The ICOs Failing?

Boost To Cultural Tourism

Boost To Cultural Tourism

Source: cryptosolutions

Part of travel and tourism industry, cultural tourism is lagging in terms of innovation and development. With Blockchain technology, this industry could be revamped. How?

By streamlining traditional ticket booking, which is dogged by high fees, fraudulent system and ticket touting in the secondary market. Tickets can be handled via smart contracts on Ethereum and customers can get reasonably priced tickets. Also, artists know that their tickets are being sold to actual fans rather than ticket touts.

This was all about Blockchain and cultural industry and how the duo can shape each other’s future. Please comment and provide your feedback if you found this helpful or have any suggestions!!

Shalini is a technical blogger at Systweak. She likes most things in general and likes to cover trending topics in a different light. She has a special affinity for chocolate cupcakes and shopping excursions.

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