Blockchain technology is transforming the way industries operate; from agriculture to elections, the technology is creating wonders. All the industries are planning to bring in Blockchain technology in the coming years. Pilot test conducted on blockchain technology is giving out exceptional results and the technology is getting ready to be implemented in real time. Now it’s time for digital media to embrace the technology and make the better of it. With so many flaws, the payments received by the creators for their creation is getting reduced by the day or the receiving payments for their creation is taking a long time. Royalty, marketing and what not, eating up most of the creator’s money.
Middleman to become a myth
Blockchain technology is making eye-popping changes in every industry it gets into, initially used for financial transactions now the technology has grown roots into almost all the industries. Digital content creators can also make use of technology to ensure an improved transaction method. By deploying Blockchain technology the creators can ensure that their fair share is paid.
The digital ledger with lists of data growing with each transaction can create immediate and unalterable payments. By this process the content creators can access their payments in real time and converting it into fiat currencies will only take a couple of days, but because of the current system content creators are waiting for months to receive payments. Middleman can be totally eliminated by introducing smart contracts into the system. Receiving payments faster is not the only advantage of the technology but also an artist can see when and where transactions are happening. Transparency is an added feather to Blockchain’s hat.
Dcore, an open source platform is in the process of building applications for this exact purpose so that creators can share revenue with co-authors when a purchase is made. ALAX, an application based on Blockchain technology will change the face of the gaming industry, the application is expected to be released on 2019, it provides access to game developers to upload and update games, monitor game statistics and get revenue instantaneously.
Real buyers to review.
Blockchain technology, not only benefits creators but the present age-old system of reviews given by the customer can also be updated by Blockchain technology. There are a number of fake reviews in many of the digital platforms today; it is an unfortunate event for both the buyers and sellers. It’s getting difficult for both buyers and sellers to find the fake reviews.
Thirty-seven five-star reviews—but this thing was undeniably a lemon. What the heck? Mystery solved: Every single review was a fake
Blockchain technology will allow reviews only from real customers, whenever a customer purchases a product it will get registered in the Blockchain and only the customers who have purchased the product will be allowed to give review by the system. This system can eliminate all the fake reviews and will surely improve the trust factor in digital media. As an added feature the creators will receive digital fingerprint and digital identity, this can make sure that a creator’s content cannot be changed or altered from its original form.
A new version of digital media
This is the correct time for digital media to deploy blockchain technology, the current system is about to collapse because of high demands from artist and creators for their fair share. Creators and artist struggle to get paid at the right time and if paid at the right time then they are not able to receive their full payment. The digital media industry needs a pause, a breathing space, after implementing Blockchain technology the industry will not be searching for a restart option.
If the digital media industry sells and distributes contents over a blockchain based system then the content creators will get a chance to find their rightful place in the industry, big platform providers will be made to give a fair share to the content creators and artists. All the profits made in the industry will be distributed equally and the integrity will remain intact.the technology if implemented properly can change any industry.