Written by: Roshan Dwivedi
The unrivaled reach of the internet and the advancement of technological trends have driven digital innovation virtually at every corner of the media industry. From the advent of music streaming apps to the current dominance of video streaming platforms, the way content is consumed has radically changed. Every aspect of media distribution has become more streamlined to a manner in which we purchase and store our coveted content. Movies, books, and music are now replaced with on-demand digital copies.
Protection of the digital content is of utmost priority as most of the digital media industries today are losing their revenue due to content piracy and unauthorized file sharing. Lack of awareness about advanced technologies is only fast-tracking it. Hackers are using more advanced methods to access online content, including web content tampering, deep linking, cache stealing, link sharing and much more.
The ongoing flurry around the Blockchain technology and the huge strides it has made across industries such as finance, energy, and agriculture has made many to echo it as a disruptive technology. The blockchain is one technology that could bring fundamental changes to the industries it is applied.
[Read: https://www.muvi.com/blogs/top-7-ways-blockchain-can-reinvent-media-ott-industry.html ]
What is Blockchain and how it can secure media content?
The blockchain is a distributed ledger which can enable seamless transactions, using data coexisting between different parties. The use of blockchain enables multiple parties involved to have controlled access to a single shared source of the data. It is a database which is shared, reproduced and operated consensually between the nodes of a decentralized network.
The beauty of the blockchain technology is that it facilitates a digital marketplace which is both tamper-resistant and decentralized. All the transactions taking place in a decentralized network are recorded chronologically in a distributed ledger that is transparent to everyone involved. It is completely encrypted and no parties can tamper with it by any manipulation. Any agreed business contract terms, rules and logic programmed to automate transaction is known as “smart contracts” – buzzword media industry is currently raving about.
Advantages of securing media content by blockchain
Media and OTT industry sees a huge potential on the applicability of blockchain technology for media content distribution. It has the potential to change the way content is consumed and distributed.
- Security and Resilience
Using a decentralized system, content owners can enhance the security of information or assets transferred across the network. The ability of distributed ledger technology to form a centralized platform helps in delivering better protection against any kind of failure.
- Transparency and Accuracy
Blockchain helps artists to take an unprecedented control over the way they consume and distribute the content. This also helps to attract more video creators into video sharing platforms. A better communicating ecosystem between fans and artists minus any barrier also gives rise to a direct customer relationship.
- Digital Timestamping
Blockchain can be used to avoid unauthorized utilization of creative work and content theft by using the digital timestamping method. Digital time stamping supports traditional notary service and reduces the use of any third-party involvement. Using blockchain not only makes the entire process smooth but also helps the participating parties to track each transaction at any point of time.
- Instant Payouts
Using a blockchain based content distribution, real-time royalty payment to artists will be a reality. Nowadays, people are willing to pay for a transparent digital media sharing platform that fairly compensates them according to the consumer demand of their work. And no technology can provide it better than blockchain.
[Read: From Music Downloading to Online Streaming: Blockchain to Transform Online Music Consumption]
Though blockchain can at times be hard to conceptualize, digital media distribution can’t be rocket science. As more and more publishing platforms get integrated into the working environment, the process for consumers and creators has simplified and should continue to do so. And this is just the dawn of the blockchain technology. Its practical application has made it more acceptable and usable among the media companies. Coupled with smart contract and content licensing, blockchain is set to empower artists, content owners in ways less imagined by them.
Grab our free whitepaper ‘Reinventing OTT With Blockchain’, to understand the impact of emerging technologies like blockchain on media and entertainment industry.
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