Deployment of blockchain technology allows content distributors to achieve fair reorganization for digital asset authenticity.
FREMONT, CA: Blockchain technology transforms legacy processes across various industries. According to a survey of 800 executives, 58 percent of the respondents proposed that around 10 percent of global GDP can be carried via blockchain technology. When it occurs to the media and entertainment industry, blockchain improvises various features of digital assets management, which also includes asset ownership rights for the content creators.
Blockchain technology provides an alternative for giving the ownership of data back to the content creators. Blockchain offers a decentralized database where data is replicated across various independent nodes. A single node cannot serve as a secured link and assume control of the user data. Further, transactions in the ledger get recorded in a secured and retraceable method. Users who store data on the blockchain can retain the authorization to access it through encryption keys. The encryption keys are independent of the application, which generated it. Hence, content owners adopt blockchain technology that can address the issue of digital asset ownership.
Creative professionals like singers, writers, designers, and others always have to struggle when it comes to managing and receiving payments form their clients. Unclear ownership of content results in costly conflicts. There is also a lack of a proper ecosystem in the media and entertainment industry, which allows the conversion of works into liquid assets. Blockchain technology considers the above issues using digitalizing certificates, offering permission controls, and evaluating user identification. Moreover, it provides a decentralized infrastructure and clarity for content ownership.
Smart contract is another offering of blockchain technology that offers direct monitoring and controls on the transfer of digital assets or currencies between parties based on certain conditions. When the smart contracts get stored on the blockchain-based platform, they are highly protected as well as stable. A smart contract allows the content creators to define the percentage of the receiving income with clarity. It makes it easy for the content distribution companies to list all the contributors to the content creation and pay them precisely.
Various companies consider blockchain technology as the base of new business models and platforms where users can authoritatively reserve the rights to their digital assets and decide which applications can access their data.