Blockchain application in Media industry
The digital revolution has changed the media and music industry in the past 10 years. You probably heard of these effects during the early 2010's and late 00's with the death of the newspaper and the death of music labels. These extreme changes not only affected the artists and music publications, but it also affected the people that receive the information: like fake news and artists raising the price for their music. Unlike 20-30 years ago when controlling the distribution of something like music and news was easy, the media has to discover new ways to confirm their publications to avoid forgery.
Read also: Revenue vs Reward Based Crowdfunding
Even though the music and news media hasn't fully adapted to these changes with artists still losing millions and fake news being bigger than ever, we are entering another revolution. This revolution includes the use of cryptocurrency and blockchain technology. You might rarely hear about this now, but I guarantee by this time next year Blockchain technology will be the hot word and both the news and music industry can both profit.
Why Blockchain technology changing the music industry can be good?
Blockchain technology is produced by cryptographic hashes making it completely irreversible and forge-proof. These applications don't have any forum of a 'middleman' and can be completely created by the artist. Each music piece can be bought in a completely unique identification number giving you total ownership of that number. This means that you can't share this with friends since it can be lost and not taken back. This might lead to some resells in the virtual space, but the original artist can still profit from it. This what makes blockchain so exciting it's like a virtual piece of property that you own online through your computer. It's also the reason why so many artists in the music industry are beginning to implement blockchain technology to their selling platform. Blockchain technology is an illegal downloader worst nightmare and it's coming fast.
How can Blockchain technology change the media industry?
Blockchain technology can disrupt any current established technology and forms of entertainment, but one industry you wouldn't expect it to change is the media industry. The media industry felt the digital revolution the hardest. Thousands of media companies (mainly local) shut down all operations because they couldn't keep up with the massive digital changes, and much more are still trying their best to trash outdated ways of publishing. And if you remember in the late 00's and early 2010s you would hear about a media company shutting down operations due to people not reading the news. With this being said you would think that a new revolution could hurt the media industry instead of help. Luckily, the implication of blockchain technology could actually help media publishers. Blockchain technology can be shared within a community of other people that uses the same blockchain application. This can prevent copyright and forgery for subscription based entertainment. It could also stop fake news from spreading; confirmed subscribers in the blockchain community can state if the publisher actually published an article on a specific subject.
How can Blockchain change these two industries?
Blockchain technology is unavoidable and will be the biggest forum of technology ever! It's the next gold rush in digital media and will alter the landscape. We don't have any idea by how much of a change it can create but it will be huge; there is no doubt about it. It might be a little bumpy at first , like with all changes, but it will get better once these two industries adapt.
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