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It’s time to consider blockchain for the entertainment industry

The entertainment industry is one of the most profitable businesses worldwide with important marketing budgets. But, with profits, significant losses have also occurred, mainly due to massive thefts and copyright infringement.

By Parag Amalnerkar, NetApp

The entertainment industry is one of the most profitable businesses worldwide with important marketing budgets. But, with profits, significant losses have also occurred, mainly due to massive thefts and copyright infringement.

According to a report from Digital TV Research, the cost of online piracy will reach $ 52 billion by 2022. Similarly, according to the 2017 global research organized by the International Federation of Phonographic Industry (IFPI), there are 13 markets (11,776 users), worldwide music theft is increasing.

Copyright infringement is a major issue in which approximately 40% of global consumers are using music without license. In this digital age, dealing with these losses is a daunting task for any leader and marketer.

What if a system exists that can reduce both material and revenue loss? A secure platform that will not only provide significant benefits by providing access to the content, but it also can be ensured that the creators are compensated.

As 2019 is coming, it’s time for the entertainment industry to consider Blockkeen. Although the platform was created to support cryptoco, but it has already been used or evaluated by many industries beyond cryptocurrency to reduce inefficiency and increase profits.

Blockchain has already created much interest and the entertainment industry has not been immune. Mainly because it can enable a digital database that is decentralized and tampered-resistant. Transactions are transparent and recorded in a distributed bookkeeping.

Apart from this, they have been encrypted so that no one can be deceived by changing or throwing them. Already organized business rules and smart contracts can be programmed to automate the transaction in a safe, irreversible manner.

There are many opportunities for the industry, especially in the entertainment sector. These are some of them: –

Digital Advertising: Despite the advances in data analytics, many dashboards working on different algorithms can cause the digital ad ecosystem to be opaque. In addition, activities such as retargeting and personalized advertising are close to violating the viewer’s privacy rights.

Using BlockChain based platforms can make the system more transparent and secure. In this case, the New York-based Midwife is deploying a block-driven operated advertising platform that targets digital video content sites. This secure, privacy compliant enables ad-based video monetization, where the audience information is shared only with artificially intelligent agents which pulls in relevant advertisements.

Exclusive Promotional and Event: In 2015, British singer Emogen Heep released his song “Tiny Humans” on a blockchan driven site, called Yuzo Music. The website allowed users to purchase songs, keys and track tempos using digital methods.

In addition, smart contracts encoded in the forum enable earnings to go straight to artists, producers, writers and engineers. This is also a great example of how a transparent blockchain based account-book is a great way to ensure accurate payments.

Improvement in the distribution process: When it comes to pirating online content, the biggest challenge is to track illegal distribution. Tracking capabilities can be improved using blockchain. For example, a cryptographic transaction can be embedded in a movie’s metadata. It will track uploads or modifications on blockchain and the content owner will be able to see who is responsible for any unauthorized distribution of the file.

Blockchain has moved forward from digital currencies and can be only years 2019 when large scale deployment is seen in many such test cases. This means that the right data management foundation is essential, at its core, blockchain is a data store – for accurate, accurate and reliable data. It requires a strong infrastructure and data management spine.

Datacenters around the world need to develop a new perspective that can manage a decentralized repository. They require data integration technology that can connect and transform data between Blockchain and its internal network system.

It is time for the entertainment industry to detect Blockchain operations and subsequent investment in Blockchain. As many use cases have proved, this can be a very real solution to an incredibly large scale problem.

(Parag Amalnerkar is Director Marketing, NetApp India & SAARC. Views expressed above are his own)

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