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From the first view, we know that it has a close relationship with bitcoin. When we study the topic deeply, we realize that it could impact transparency on the internet, finances, government, and social media. Blockchain can offer private, transparent, and secure all at the same time, which is why many people are more interested in implementing this new technology.

The media and entertainment industry has to protect its intellectual property from being legally monetized. Blockchain has industry-wide applications that can change completely how content is consumed, created and protected.v With blockchain, media companies can face two big challenges that this industry faces in digital communications: protecting their content and monetizing their intellectual property.

Although this technology is in its early stages, many entertainment companies think about the possible applications for their business. Blockchain could transform the way content is done, distributed and consumed and the possibilities for content creates are endless.

When users can fully trust their governments and companies, it seems that blockchain will be the superhero to stop corruption from digital platforms. In this article, we will dive right into this topic to see how it can upgrade privacy and transparency in media.

Let´s see how!!!

 What Is Blockchain? How Does It Work?

Blockchain is a secure and encrypted digital database shared by all parties of this distributed network. Any transaction that happens within it is recorded, verified and stored in the database, and every participant can see all the transactions, which creates an unalterable transaction log.

Christine Moy, program lead of J.P Morgan´s Blockchain Center of Excellence, says, "This (blockchain) essentially results in a golden source of truth that everyone can trust. That’s primarily one of the reasons why it’s called the ‘technology of trust". This nickname is given because blockchain promises special properties like greater transparency and security. After all, every transaction can be fully verified by every user.

With blockchain, the information is not in the hands of a centralized server. Instead, all the participants can access the same version of data in real-time. There are no multiple copies of data in the network. The decentralization of the database allows companies for faster, less expensive transactions and could improve and cost-saving for businesses.

Source: YouTube.

Applications of Blockchain in media and business

With blockchain, pay-per-use consumption can become feasible. Due to its ability to keep an understandable record of data, blockchain allows digital entertainers to accurately tracking when and how their copyrighted creations are watched or read. And while some professionals may think that a micropayment pricing model would be inefficient, its execution can fully automated and cost-effective with blockchain technology.

Source: YouTube.

Help independent artists and content creators.

With the decentralized structure of blockchain, content creators, like musicians or writers, can have more freedom to share their work with consumers, sleep traditional distribution channels, and add more revenue for their creative work. This technology will help every niche, from large media houses to independent bloggers and even helping new artists directly relationship with their consumers.

In the same way that the blockchain can revolutionize the music industry, it can do so with audiovisual content such as cinema or TV programs. Although peer-to-peer file sharing is currently illegal, this can become a reality with blockchain technology, allowing the legal purchase of these entertainment products that will be delivered digitally. This can represent an extra profit for creators and producers of film or TV shows. In addition, it provides greater transparency and reliability in how films are consumed and distributed.

Source: YouTube.

Social Media Platforms

Blockchain-based social networks can offer greater security to their users since their information is not monitored by the platform, but they choose the content that can be shared and users they want to publish it.

On several occasions, we have talked about how companies track their users through social networks, either with the use of cookies or with analytics. However, social networks based on blockchains like "Minds" allow greater privacy to their users since no centralized entity will be able to access their consumption patterns or interactions with other users.

The scandals involving social media have been innumerable, from the lawsuits against Mark Zuckerberg for sharing information that may have altered the presidential elections to the hacking of the Twitter accounts of personalities like Jeff Bezos, Kanye West, Joe Biden and even Elon. Musk.

The blockchain could bring full transparency for users and feel safe that their information and activity are not being tracked by centralized companies. If we analyze that Mark Zuckerberg owns Facebook, WhatsApp and Instagram, we can confirm that common social networks are centralized in a single person, which gives this businessman too much power.

Source: YouTube.

Challenges of Blockchain

Blockchain can create more revenue streams for new and old content with more trusty protection of content, intellectual property for content creators. The downside of this is that this technology is not concrete, and all the applications are in the process of development. Companies and people who want to use this technology must be aware of the potential challenges and costs of blockchain. In 2021 blockchain is currently unregulated, and the standards for utilizing it to create value still need to be created.

To achieve the full potential and benefits of blockchain, it is necessary to replace current technology in many cases. All of this process will take some time. Meanwhile, the huge amount of data available today needs to be restored with a third party, and the moral question that comes with this action is, who will own that private data?

For the media industry, industry participants must work towards the development to apply this technology finding the areas where blockchain can benefit integrants of the industry like content creators, content aggregators and distributors.

Source: YouTube.

Is blockchain the future of media?

Nothing lasts forever, and everything is a constant change. In the same way, as we have gone from Internet Explorer to Google Chrome, there may be a great possibility that the future of technology is interconnected to the blockchain and cryptocurrencies.

The additions that this technology promises, such as transparency in business, faster and more efficient ways to make economic transfers and aid to all content creators, look quite functional for a more honest internet with its users and more control. Of their decisions and content, they post.

Like anything, everything on paper and in words may sound fantastic, but the real test comes out once the technology begins to be tested by the same users. Until then, we will continue to inform you in CodeDesign of all the news in digital marketing and the virtual world. Meanwhile, we enjoy what we already have and get the most out of our current platforms.

Until a future video, in which perhaps the blockchain is already a reality, see you!

Here is a complete guide on the latest revolution - Voice Search Optimization

About Bruno Gavino Bruno Gavino is the CEO and partner of Codedesign, a digital marketing agency with a strong international presence. Based in Lisbon, Portugal, with offices in Boston, Singapore, and Manchester (UK) Codedesign has been recognized as one of the top interactive agencies and eCommerce agencies. Awarded Top B2B Company in Europe and Top B2C company in retail, Codedesign aims to foster personal relationships with clients and create a positive work environment for its team.   He emphasizes the need for digital agencies to focus on data optimization and performance to meet the increasingly results-driven demands of clients. His experience in digital marketing, combined with a unique background that includes engineering and data, contributes to his effective and multifaceted leadership style. Follow Bruno Gavino on Linkedin

About Codedesign Codedesign is a digital marketing agency with a strong multicultural and international presence, offering expert services in digital marketing. Our digital agency in Lisbon, Boston, and Manchester enables us to provide market-ready strategies that suit a wide range of clients across the globe (both B2B and B2C). We specialize in creating impactful online experiences, focusing on making your digital presence strong and efficient. Our approach is straightforward and effective, ensuring that every client receives a personalized service that truly meets their needs. Our digital agency is committed to using the latest data and technology to help your business stand out. Whether you're looking to increase your online visibility, connect better with your audience, get more leads, or grow your online sales. For more information, read our Digital Strategy Blog or to start your journey with us, please feel free to contact us.

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