What Impact Will Blockchain Have On The Entertainment Industry?
Blockchain technology has the potential to have a long-term positive impact on many aspects of the film and television business. Funding for blockchain companies increased by 713 percent year over year to $25.2 billion in 2021. Blockchain has proven to be a highly effective digital ledger for ensuring transparency, safety, and security. Blockchain technology will revolutionize how content is paid, generated, distributed, and displayed beneficially.
During the manufacturing process, the tech could help. Dealing with personnel in several places and nations could enable smooth transitions in terms of payments, assignment of production budget drawdown milestones, and entertainment agreements between production parties.
Piracy is another issue that the industry has been grappling with for years. By attaching Blockchain to content, it may be used to track and prevent its use over the world. Royalty distribution could also be changed to make transactions more efficient.
AMC Entertainment has also started accepting Bitcoin, Ethereum, and Litecoin for concessions and tickets.
AMC says it will accept bitcoin as payment for movie tickets by year-end https://t.co/oHmO6eUgcO
— CNBC (@CNBC) August 9, 2021
Parkpine Capital has just made a series A investment in entertainment-related crypto ventures. “With crypto and blockchain, the movie and entertainment industry is prepared to revolutionize its business processes, permitting secure, transparent, and traceable transactions across the market,” one of their founders, Ahmed Shabana, recently wrote in an essay for Fast Company.
Blockchain as an industry is very similar to the early stages of the internet. Though it has been adopted in several places and much is known about its potential, it is still considered a secondary answer. However, as additional advancements are achieved, attitudes toward the technology can grow.
Traditional institutions that were previously unwilling to join the digital revolution are now attempting to incorporate Blockchain into their daily operations.
Also, read – How can a Blockchain developer work on scalability?
Although 90% of European and American entertainment companies are currently researching their Blockchain options, key issues such as interoperability, scalability, and high transaction fees within existing systems such as Bitcoin and Ethereum have prevented these institutions from fully embracing the technology.
Sologenic’s third-generation Blockchain, with its interoperability, may be able to address these challenges, allowing for rapid acceptance and opening the way for Coreum’s – and Blockchain’s – mass adoption, which might mark the start of a more exponential revolution in entertainment.
Miami’s #Bitcoin Month just got wilder! 🍾
— Sologenic (@realSologenic) March 25, 2022
Coreum executes up to 7,000 transactions per second at a speed of 1.5 seconds while emitting 99 percent less carbon than Proof of Work (PoW) Blockchains like Bitcoin and Ethereum, which have 600-second block delays of only five transactions per second, and high energy usage. Alternative energy sources are currently solving a clear and practical problem with technology: energy efficiency.
The second aspect of the technology is that the industry’s infamous gas fees issue has been turned on its head. Coreum’s costs drop with user demand for transactions, which is the polar opposite of Ethereum’s present technique—making it more cost-effective for industrial adoption.
In the Blockchain era, we’re seeing war for supremacy around best practices and efficiency that will affect cinema, television, and entertainment for a long time to come, similar to how Apple rose to the top during the growth of the WWW period.