Blockchain, the technology that’s taking the modern world by storm has some interesting applications. In particular, the digital entertainment/social media industry has got its eye on it, and they’re keen to see what it can do.
The current problem with social media platforms (primarily ones that build their basis off of user-generated content) is that they get their revenue from advertising. Now, this might seem fine, but it makes no sense that the platform is getting the money when the users are the ones creating the content. In recent history there have been cases where a creator has had their work stolen, and spread across the internet making money for various sites, without even being accredited.
Now a blockchain based system could be used to counter this problem by splitting ad revenue profits between actual content creators. The system would be able to do this because a blockchain maintains a permanent ledger which can be analysed and double checked before anyone gets paid a cent. Worldwide, small-time content creators are getting the short end of the deal, and blockchain specialists believe that this might be the opportunity to bring the power (and the money) back to them.
Blockchain could be used to fix a current controversial problem that many young start-up musicians are facing. Say you write a song and want to get it out there to the world. You first need to get a record label on your side, who will want to sign you up for a long time. This is all only if they see that they can make a profit out of you. After a lot of time and a lot of effort on your part, you might just receive a small percentile of the profit.
It’s estimated that for every album sold the original creator only gets 1/8th of the profit. Blockchains could completely eliminate the middleman (middlemen in this case) allowing a musician to get full profit for their own work.
Chances are if you’ve ever searched for an picture online, you were probably met with stock images. These pictures (or rather the businesses that generate them) are a big part of the advertising industry. Not every agency has the time or resources to acquire desired images, so they just buy some off a stock site. Now if all these photos could be stored in a blockchain system, anyone could make money providing agencies with content to use for their adverts.
The blockchain has the potential to really change the way we do things, and perhaps in your lifetime, you might just see whole industries transforming.
Learn more about the blockchain at Crypto 101