We are in 21st century, the digital era. From groceries to cloths, from books to readers and from micro-tools to mega gadgets, everything is available online, what we need to do is search, just a click and here we go. If everything is digital, how come currency or money be left behind?
What is bitcoin?
World’s largest cryptocurrency, Bitcoin, is a digital currency discovered by mysterious person named Satoshi Nakamoto, in 2009. Offering lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies at user friendly platform and peer to peer transactions, and we can exchange it with any currency of our choise anytime.
Blockchain, the term that connects everything.
A blockchain can be thought of as a collection of blocks. In each block is a collection of transactions. Computers running the blockchain have the same list of blocks and transactions and can transparently see these new blocks being filled with new Bitcoin transactions, no one can cheat the system.
Cryptocurrency and Blockchain in entertainment industry.
Cryptocurrency not only made our transactions quicker and cost efficient, but also helped us go cashless in any corner of the world. Thus, it was easier for bitcoins to get evolve in every possible field, i.e. entertainment industry.
Entertainment industry and Blockchain technology — Without a doubt, this seems like a very odd pair. We get to know some of their important qualities that completely changed the face of the entertainment industry.
- Made micropayments easier, for buying songs and movies, we do not small cash all the time.
- Contracts can be made using blockchain without any human intervention.
- We can track product using blockchain, as it makes system way more transparent and full-proof.
How blockchain and bitcoins are used in entertainment industry?
We saw how bitcoins and blockchain can change the face of entertainment industry and there capabilities, but now we will discuss how these qualities can be applied in real world, specially, in the entertainment industry.
- Content distribution.
This has been a big issue for artists and content developers, availability of platform, either it is very hard to earn platform from big labels or you never get it.
But now, in digital world, platforms like Youtube, TikTok, etc, platform is not an issue, but while earning, middle man is synonym of trouble maker, we could never check, how money is distributed among different sectors, but with blockchain, we can ensure full transparency, from content developer to costumers, everything is transparent and, there is no need of middle man too. - Digital rights management.
Piracy, we all are well aware of this word. as the saying goes, ‘with development, comes negative impacts’, well, piracy is the negative impact of digital content creation, and it also have other loose ends like, who can download it? What if you pay for it from original site and download that from another source? Who owns the content, Label or artists? List is too long to compile it all here.
But, with blockchain technology, we can keep track on downloads and transactions. Which will, in the end, beneficial for all the parties involved. - Digital Gaming.
GAMES, everybody love it, right? But, however, digital gaming is not an easy task. Distribution of games to costumers, availability of multiple copies other than original one, piracy, illegal downloads, and numerous other issues are increasing day by day. Using blockchain technology, problem of digital ownership can be solved.
Concepts like digital scarcity are introduced, which will be used to create games in safest manner.
Cryptocurrency, a boon for entertainment industry.
When we try something new, we move one step ahead on the path of brighter future, innovation and more convenience. Same is with crypto currency, a system that is capable of dealing with thousands of modern issues. If used the right way, blockchain technology can help them restore customers’ faith in the system.
- Enables new forms of entertainment.
Using blockchain, we can easily create games, which will be very different from usual ones. Games connecting digital world with physical one, can be created and popularised. - Rebuilt trust in system.
Would you like buying fake product for same price? NO!!! when costumers find out about fake product they purchased at same price, this not lead to negative promotion of product but also, others will also stop buying it. Thus, blockchain can not only ensure legitimacy of product but also regain trust of buyers - A good platform for solo artists.
Artists can produce content and showcase and sell directly to costumer using blockchain technology, without any middleman or label. Hence, many things are discovered and many more are in the way. Not only for entertainment industry, bitcoins are boon for everyone.
