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The Entertainment Industry and Blockchain Create New Possibilities

The Entertainment Industry Meets Blockchain

The entertainment industry changes with the times, and blockchain provides the cutting edge technology of the day.  As technology evolves, lives change, and people alter their entertainment choices accordingly. Vaudeville on the neighborhood stage once reigned supreme. Then, radio and silent black and white movies took vaudeville’s audience. Movies became technicolor talkies in cinemascope. And, radio added screens to become television. Now, everyone owns a TV set.

Each step of the way, the delivery of content changed, and compensation methods for artists and businessmen changed as well.

What particular qualities does blockchain technology possess, and how might these qualities affect the blockchain industry?

Overture, Curtains, Lights

Satoshi Nakamoto invented blockchain to serve as the technical foundation of Bitcoin. Blockchain provides an immutable record of truth in a decentralized environment, and blockchain gives the ability for users to transact business without either side needing to trust the other. Cryptocurrencies also provide smart contract capabilities. Smart contracts exist as units of code that administer transactions based on the rules programmed into the code. Not issued by a nation, cryptocurrencies work across borders without having to exchange one nation’s currency for another.

At the simplest level, cryptocurrency provides a new way for the entertainment industry to sell products or to sell tickets. If you plan a vacation trip from California to England and want to take in a show at a London theater, you buy your ticket in advance with cryptocurrency and don’t have to worry about exchange rates and other issues.

This Is It, You’ll Hit the Heights

But for digital electronic entertainment, the possibilities expand enormously for the entertainment industry. Streaming of music and video comprise a significant portion of modern entertainment. And, several aspects of blockchain impact it.

Ownership of artistic works by the artist and receiving appropriate compensation benefit greatly

Article source: https://coincentral.com/blockchain-entertainment-industry/

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