Monday, June 27, 2022
Monday, June 27, 2022
Home Blockchain How Blockchain Is Changing Entertainment

How Blockchain Is Changing Entertainment

by James Musoba
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The popularity of cryptocurrencies is surging. Growing institutional adoption of the blockchain ledger and rapid innovation across industries contribute to the global trend. More and more businesses are integrating cryptocurrencies into their payment systems, and the entertainment industry is no exception.

Blockchain offers enhanced traceability and transparency of transactions. Security and anonymity are other major advantages. Bitcoin is a completely decentralized system beyond the control of national governments. Any computer on the network may act as a banker, and the ledger never includes the identities of wallet holders. 

1.  Bitcoin-Based Gambling

When it comes to gambling, security and anonymity are two critical benefits. On the one hand, players want a reliable system that will keep hackers at bay. When you use a casino with instant withdrawals New Zealand, it will not ask you for your credit card number or bank account details. To collect your winnings, all you need is your wallet address.

The second advantage is the speed of transactions. Cryptocurrencies accelerate transfers to and from your account. Bitcoin casinos offer the quickest payments, even in comparison with e-wallets.

2.  The Music Industry

For aspiring musicians, securing funding for their first record is a challenge. They work tirelessly and passionately to create outstanding work. In the past, it was usually owned by the labels. Thanks to streaming systems platforms, musicians may now trace streams and even upload their creations themselves, cutting out the middleman.

The use of blockchain creates a more direct connection between artists and their audiences. Vezt, the pioneering music rights marketplace, lets songwriters, artists, and producers get funding directly from their fans. The system is designed to reinvent the entire industry. All song rights are encoded, and the royalties are tracked on-chain. Users may buy a share of the rights to their favourite song.

3.  Visual Content & Media

IP tracking along with fundraising and payout models also benefit the TV and movie industry, as well as digital media. For example, the innovative Ethereum-based platform called FilmChain gathers, allocates, and analyzes revenues in these segments of entertainment. The goal is to make distribution more transparent and eliminate the need for an intermediary. In addition, this environment lets projects reach global audiences and get global funding.

Meanwhile, StreambedMedia based in Toronto has unveiled a content provenance system for content creators on social media. They can track their work posted on Twitter, Facebook, Instagram, and YouTube with a reputation mechanism. Members may share traffic data with fellow creators and link themselves to their co-creators, partners who paid for video production, shared the clip on other platforms, etc. These connections are immutable.

Growing Adoption of Blockchain

The blockchain ledger is transforming the entertainment industry. Its appeal primarily relies on the transparency and accountability it provides. Elimination of the middlemen results in more affordable final products. Cryptocurrencies make the relationship between artists and their fans more direct, help content creators secure funding and allocate revenues fairly. Meanwhile, anonymity and security attract users who want their payments to be private.

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