How Blockchain is Reshaping the Entertainment Industry

It feels as though AI has dominated the airwaves over the last two years, leaving little column or conversation space for other innovative technologies that could shape the future. Some might say that blockchain has been in the conversation for over a decade, and perhaps it was time for a new contender to become the big tech talking point.

One of the misconceptions people have about blockchain is that it simply exists as a means to an end for cryptocurrencies like Bitcoin. While it lies at the foundation of crypto transfers and payments and is the basis of their existence, there’s a lot more to it than that. It’d be reductive to suggest the only practical use case for the blockchain is to send Bitcoin back and forth.

Those who understand blockchain and have worked tirelessly to introduce the technology to the masses are more optimistic about the potential. Blockchain is set to transform several industries, including real estate, finance, sports and goods ownership, and entertainment, which is today’s focus.

Blockchain Casino Gaming

Gaming platforms are often the leading lights of technological implementation, and blockchain gaming companies are no different. The number of gaming providers has been on the rise exponentially, and it’s one of the most apparent use cases for blockchain in entertainment.

Cryptocurrency casino platforms are just one of the many businesses that have championed this technology over the last few years. Their initial hunch about the power of blockchain and how it can provide a fresh, practical alternative to the traditional industry has started to pay dividends. Crypto casino gaming platforms operate like casinos that use conventional currencies; the critical difference is how bettors withdraw and deposit their funds onto the site.

To play at a crypto casino, the bettor must have the available crypto in their wallet and connect it to the casino gaming platform. Once the transfer is verified on the blockchain, it is available in seconds, often bypassing the occasionally cumbersome verification and payment delays that can occur with traditional casinos.

Defining Blockchain Technology

Blockchain technology interlinks many computers globally across a peer-to-peer network by engraining cryptography at the heart of its design. This ensures that each transaction made on the blockchain is verified and can’t be amended once it’s been recorded on a block.

Given how cryptography creates a chain, the transactions are publicly accessible and can’t be amended. They result in peer-to-peer confirmation of transactions, ownership of documents or records, time-stamped proof of payments or withdrawals that have taken place, and the implementation of NFT (Non-Fungible Tokens), which also provide immutable proof of purchase.

Ultimately, blockchain’s primary benefit and innovation is that there is no longer a facilitator in the middle, such as a bank, that needs to confirm or secure a transaction. As disruptive innovations like AI find it more complex to monetize, blockchain’s ease of use and low cost have meant that implementation is much easier—with other parts of the entertainment industry exploring how to integrate it, too.

Increased Sophistication In Measuring Intellectual Property (IP) Infringement

By having immutable blockchain proof of a transaction or a creation that verifies the art, artists will avoid the time-consuming tribulations of expensive copyright court cases. Blockchain confirmation and time-stamped proof will provide evidence for artists to cite.

P2P Sales & Micropayments

By implementing blockchain enhancements, creators can sell their work directly to their market. Without involving facilitators in the middle, who will usually charge a fee, smart contracts can record usage, whether streaming a movie or TV show or listening to a song, and calculate the costs in real-time.

The smart contract calculates the payment cost and automatically executes the payment. Currently, music streaming giants like Spotify pay less than 20% of the money they generate to the artist. Therefore, the emergence of peer-to-peer sales that remove the intermediary and their expensive charges will be music to the ears of all budding artists.

Championing Fan Ownership Of Collectible Art

Although NFTs might still be on the fringes of the finance world and are primarily used for in-game purchases, the entertainment industry could be the first breakthrough sector to use them for real, adoptive, popular use cases. NFTs can be expensive ventures, and just like traditional art, a lot of this can stem from the scarcity of the pieces.

Like certain pieces of fan-designed art, the blockchain can provide immutable evidence of the current owner, the history of purchases, and the current valuation. Information that will all be available publicly due to blockchain technology.

Conclusion

It’s an exciting time to be involved in blockchain, not just because of the potential changes that could occur in the media and entertainment worlds we’ve touched on today but also because of the increasing growth of crypto and Bitcoin in the broader traditional market.

Nobody knows how far this adoption could go or how widespread blockchain implementation could become in our society. Still, all of the hallmarks suggest that it has the potential to become a serious, disruptive innovator in years to come.