Will Blockchain Tech Have A Lasting Positive Impact In The Film And TV Industry?
The potential impact of blockchain technology on the film and TV industry is immense. In 2021, funding for blockchain startups reached $25.2 billion, a 713% increase from the previous year. Through the use of blockchain technology, the film and TV industry can now benefit from a wide range of efficiency and security features. This technology is expected to transform the way content is distributed and produced.
One of the most promising features of blockchain technology is its ability to assist in the production process. It can help minimize costs and improve efficiency by handling various aspects of production, such as payments and milestones. One of the most promising features of blockchain technology is its ability to prevent piracy. It can be used to track the usage of a piece of content and prevent it from being distributed across the globe.
Parkpine Capital, a venture capital firm focused on the entertainment industry, has been investing in blockchain-based projects and leveraging NFT technology to sell film rights. One of its founders, Ahmed Shabana, stated that the film and TV industry is poised to benefit from the use of blockchain technology.
Although blockchain technology has been widely adopted in certain areas, it is still considered a secondary solution for the entertainment industry at this time. Due to the complexity of the technology’s implementation, it is still not yet clear how it will benefit.
Due to the potential of blockchain technology, many banks and other traditional financial institutions are now exploring its use in their operations. Almost all entertainment companies in the U.S. and Europe are currently exploring the use of blockchain technology. However, due to various issues, such as scalability and interoperability, they are not yet ready to fully adopt the technology.
Through its interoperability, Sologenic’s third-generation blockchain can address these issues and pave the way for the widespread adoption of blockchain technology in the entertainment industry. Coreum, on the other hand, is a proof-of-work (PoW) blockchain that can perform thousands of transactions per second. This technology is significantly more energy-efficient than other blockchains, such as Bitcoin and Ethereum.
One of the main advantages of Coreum is its ability to decrease transaction fees when the demand for transactions exceeds the supply. This eliminates the issue of gas fees that have plagued the entertainment industry. The emergence of blockchain technology has created a battle for supremacy in the entertainment industry. This is similar to how Apple dominated the technology industry during the early days of the WWW era.
Due to the transparency and traceability of blockchain technology, the entertainment industry is expected to benefit significantly. Due to the nature of the industry, which is mainly relationship-based, creators are often exploited by middlemen and are not taught about the various facets of finance and business. With blockchain technology, the entertainment industry can potentially eliminate these issues and improve transparency.
One big issue the entertainment industry faces is determining content ownership. Currently, it is difficult to track the rights of holders for various types of media and this has led to numerous lawsuits. With blockchain technology, these issues can be easily solved.
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