BLOCK-CHAIN TECHNOLOGY REVOLUTION
Thursday, October 11, 2018
There is a revolution in the media and entertainment industry on the horizon that is experiencing incredible momentum based on the new technology called, Blockchain. Since the debut of Bitcoin in 2009, the invention of the Blockchain technology and it’s ability to securely reconcile a public/private ledger across a network of computers globally, has gained credibility and momentum from some of the largest players around the world. On September 29, 2017, the head of the IMF -International Monetary Fund, Christine Lagarde, cautioned the world’s central bankers against discounting digital blockchain currencies, including bitcoin.
What does that mean for the media, music and entertainment industry? What’s coming is the opportunity for creatives and producers to have full control of their brand identity and security of their intellectual property holdings. In other words, putting the control back in the hands of the creators.
What is a Block Chain?
According to Wikipedia, “A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. A blockchain can serve as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.”
A blockchain is a decentralized and distributed digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the global network.
This allows the participants to verify and audit transactions rapidly and affordably. Ethereum, an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality has risen as a potential solution to the complex system of middlemen, fraud and payments that has plagued the commercial creative process since the beginning.
Harvard Business Review technology editor, Imogen Heap, published a detailed article on June 5, 2017, titled, “Blockchain Could Help Musicians Make Money Again” that focuses on the blockchain and the potential impact it could make on the business of music and entertainment by providing a global digital enclave for your brand and all of your creative works.
Music, video, biography, press, PR management, publishing administration, royalty payments and smart-contracts that could digitally streamline and securely automate the branding, management, logistics, distribution and related e-commerce transactions of your entire creative portfolio. The block chain technology offers the same opportunities to the creative content of writers, artists, producers, directors and creatives across the media landscape.
Block chain has given positive hope to security experts around the world because of it’s strong security. The recent article, “Blockchain Takes Away a Cybercriminal’s Greatest Edge” Business editor Ben Dickson published on October 24, 2017, detailed the benefits of a globally distributed ledger that cannot be edited without the approval of the entire global network.
The golden benefit is that faced with decentralized blockchain infrastructure, hackers will no longer be able to bring down an entire system or gain access to information by compromising a single server.
The outlook is positive for digital creative professionals looking to spread their brand awareness into more receptive markets around the world. Coming is the day when an artist can seamlessly assemble data around creative works and the use of those creative works that can be used by applications but will always remain in the artist’s control including having the ability to enforce the payment of someone using your creation anywhere in the world.
Not surprising, major international companies poised to be impacted by Blockchain technology are rapidly entering the segment. In late 2018, Business Insider ran several stories about how the tier one players including the likes of IBM, Amazon, Azure and others are developing a service known as BAAS or “Blockchain As A Service.” Recently, Walmart announced that it would require BlockChain technology to be implemented by all of their perishable produce and product vendors to ensure end-to-end, farm to table documentation of origin and transport.
Additionally, the Blockchain technology is providing new start-ups and innovative creative entrepreneurs a completely new platform of funding their business ideas via crypto-currency‘s and ICO’s (initial coin offerings). If the Blockchain has not been on your radar recently, maybe now is a good time to sit up and take notice. The future of the Internet, especially for artists and creative professionals, doesn’t appear to be that far away into the future now.
Written by marquee.media team.
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