Blockchain in M&E: Future Decoded

By Pickle  November 24, 2018

Along with innovations like Artificial Intelligence, blockchain has a huge potential to transform the Media and Entertainment industry. Here is what entails once the technology is adopted by the creative industry   

In his book titled Fourth Industrial Revolution, Klaus Schwab, founder and executive chairman of the World Economic Forum, says that blockchain has the potential to become a powerful disruptive force. The advantages of adopting this new technology for the creative economy, he says, possess transformatory powers. “The blockchain is a shared, programmable, cryptographically secure and therefore trusted ledger which no single user controls and which can be inspected by anyone,” argues Schwab in his book.

In essence, blockchain is the technology of future, believe 58 percent of the 800 executives surveyed in the book. Up to 10 percent of global GDP will be stored using blockchain technology, they suggest.

The advantages of using the technology goes far beyond financial transactions. Any transaction, product life cycle, workflow, or supply chain could, in theory, can use blockchains.

Among numerous advantages of using blockchain technology features for creative industry include keeping a check on frauds as transactions are verified and approved by consensus among participants in the network. Anyone can trace or audit prior transactions due to the tracking feature which allows better insights into the full chronology of events that take place.

Since the blockchain technology operates on a distributed, rather than a centralized platform, each participant has access to exactly the same ledger records, providing resilience against attacks.

In the creative economy, blockchain can redefine how artists are remunerated. For example, if when anyone wants to pay for the right to play a song at a concert or the right to play a song in a movie, it causes quite a lot of transaction friction and becomes a time taking process. In such cases, blockchain can act as a platform for creators of intellectual property to receive value for their work.

Blockchains can host “smart contracts” to help artists manage digital rights and allocate revenue shares to contributors to the creative process. Such smart contracts have the potential to replace conventional contracts, which can be esoteric and leave some artists with little power over the terms for the content they generate.

Royalties could be designed to be more inclusive, offering fairer terms for composers, lyricists, and musicians—all stakeholders involved in the creative process.

One of the most useful feature of blockchain is that the transactions for a creative work could be seen and validated, including who accessed the work and how much revenue the work is generating at any point in time. This will allow stakeholders to have a better sense of the overall value of the creative work that is being produced, all in the form of a digital ledger provided in the blockchain. Furthermore, blockchain will make it transparent who the owner of the creative material is.

Prices for creative content could fluctuate according to supply and demand. Blokchain allows artists to control prices and have the ability to set prices themselves without having to go through a complex web of intermediaries.

Digital music stores such as iTunes allow consumers to purchase individual song tracks. Using blockchain, snippets of creative works could be made available for a price, for example, a few seconds of a song for use in a movie trailer. This kind of “micrometering” works by having the blockchain record the precise components of the creative work that were used, defining the smallest consumable unit of creative content.

Blockchain can also help link reputations to specific “addresses” on the blockchain, thus allowing both producers and consumers of creative content to verify one another. This could encourage stronger collaboration and better behavior, by promoting cooperative terms for content creators and consumers alike.

Write a Reply or Comment

Your email address will not be published. Required fields are marked *


Uttarakhand Bags National Award for Most Film Friendly State

Four Indian Films at the Toronto International Film Festival 2019

India Pavilion at Toronto International Film Market 2019

Made in Afghan Film ‘Hava, Maryam, Ayesha’ To Compete at Venice Festival

Keerthy Suresh: The Mahanati of Mahanati. Best Actress, National Film Award

66th National Film Awards Winners for 2018

Watan Adds Colour to Indian Independence Day

dream hampton and Brie Miranda Bryant to Feature in MIPCOM’S Women in Global Entertainment Lunch 2019

Making a Song and Dance of it

NFDC Invites Applications for Production of Films in Indian Languages; Deadline September 8, 2019

IFFI Calls for Entry for Indian Panorama in 50th Edition

Ease of Filming in India

Come, Film In Inida

Why TikTok wants to invest $1 billion in India?

Priyanka Chopra’s The Sky is Pink Set to Premiere in 2019 Toronto Internaitonal Film Festival’s Gala Section

Gitanjali Rao’s Animation Feature Bombay Rose to open Critics’ Week at Venice International Film Festival

76th Venice International Film Festival to Open With Hirokazu Kore-eda’s ‘The Truth’

Indian Cinema’s Soft Power Misses the Mark in Nirmala Sitharaman’s Maiden Budget Speech

Shahid’s Kabir Singh Becomes Top-Grossing Film of 2019

Finance Minister Proposes FDI Norm Relaxation in Media

Media & Entrtainment as Champion Sector Figures in the Economic Survey 2018-19

Indian Cinema’s Steady Rise on Global Stage

Glimpses of the future

IFFI Marching Towards 50th Edition

India – Revolution Over The Top

Cannes or Netflix? Is Netflix an acceptable remediation for Cannes’ decades-long little regard for Indian Cinema?

Play Small & Live Long Did Wonders for Me

CII Big Picture Summit Report 2015

“Books at Berlinale” — Twelve International Novels With Screen Potential

Speaking Marathi at Cannes

My prediction would be that there are quite some healthy windows for Print, Radio and Television in India: Media Futurist Gerd Leonhard

The Elevating Effect of Real Life Drama: Dr. S Raghunath


About Us

Contact Us

Connect With Us