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The Entertainment Industry Meets Blockchain

These days, it seems, Blockchain is making its way into most industries. Every other day, a new blockchain project is announced, usually trying to give the technology yet another novel use. While many of these enterprises are doomed to fail, others surely won’t. In a few years, many markets would have been transformed by the

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These days, it seems, Blockchain is making its way into most
industries. Every other day, a new blockchain project is announced, usually
trying to give the technology yet another novel use. While many of these
enterprises are doomed to fail, others surely won’t. In a few years, many
markets would have been transformed by the immutable ledger.

One of the markets where there are still very few blockchain
proposals, yet where it could help the most, is entertainment. Once the private
playground of a few executives who acted as gatekeepers, this industry has
slowly been opening up over the last two decades.

Blockchain, as it happens, could be the technology to finally
make it change for good. There are several so far proposed uses that are worth
looking into.

Fair
distribution of earnings

This is the biggest one. It’s also likely the reason why the
industry so far isn’t looking into blockchain. And the reason why it is likely
to fight any blockchain initiative harder than they the Netflix (which it
lost.)

In essence, with the blockchain revolution;
actors, singers, and all kinds of content creators can be sure they’re not
being robbed. In an industry known for its creative accounting, it would be
expected for those in suits to dismiss any initiatives towards transparency.

After all, the status quo in Hollywood is that it is a handful of people make lots of money with the work of many people. The excuse is that they have the money to make it happen, which is true. But this select class has the money to make it happen on the backs of fraud and cooking the books.

Did you know, for example, that according to Warner Brothers
“Harry Potter and the Order of the Phoenix” was a complete financial failure?
That didn’t keep them from making three more films in the franchise, though. It
also hasn’t made them go bankrupt for some reason.

Bringing an end to creative accounting by having immutable, public ledgers is the great idea that’s unlikely to happen. Transparency would kill the entertainment industry as we know it, for it is built upon embezzling and misreporting.

Were this to happen, though, it would affect more than just
those working in Hollywood. Plenty of websites operate in semi-open ways today,
allowing for user-created content. YouTube has made a fortune with it, for
example. Sam story with Soundcloud.

However, content creators are often faced with their earnings
being too low. While some content creators indeed expect too much, it’s often
difficult to know whether a site is misreporting sales or views. There’s no way
to audit the industry’s data.

Which leads us to another feature that will drive blockchain adoption.

Auditable,
trustworthy data

All we know about a product’s audience comes from the ones in
charge of the product. This means that, when certain data isn’t convenient,
they can withhold it or outright lie about it. And there’s no way to know if
it’s true.

For decades, the TV business depended on Nielsen to know about ratings.
This at least gave an estimate of ratings that couldn’t be manipulated by TV
stations. Just as well, cinemas depended on box office scores, and the music
industry on album sales.

That’s not the case today.

Streaming and digital media have brought amazingly convenient
ways to consume our media. We can access it when we want, where we want, and
just with one click.

We also have no way to know how many people are watching, or
listening to, what. Even content creators can’t know for sure. They receive
monthly reports, but there’s no way to audit them – which means stores can
quite easily cook the books and leave no trace.

On top of that, digital sales and distribution contracts
often shortchange the artists, even when they’re the ones who drive sales.
Taylor Swift went on a crusade against Spotify
over royalties. Jay-Z bought Tidal to try and shape it to be fairer. On the TV
front, Netflix hides viewing numbers for its shows even from its own creators.
The absurdly secretive company, it can be argued, does this so it gains more
leverage when renegotiating contracts.

In other words, it’s not a transparent industry. These are
the cases of high-profile people being hit by this, smaller content creators
could well be hit much worse. It’s also impossible to know if YouTube tells the
truth with its views count, for example.

Blockchain could put an end to all this. With an immutable
ledger, proper viewing and download counters could be a reality. Since this
info would be public (and why couldn’t it be?) content creators would have no
reasons to doubt numbers. We would know the truth about the market at all
times. It could even be used to track the cost and earnings of media, so that
creative accounting is kept at bay.

Of course, that’s precisely why it isn’t likely to happen.
Transparency is too much for an industry built in obscurity. An industry that,
also, often uses this obscurity to justify absurd or unfair decisions.

Establishing
copyright and automatically distributing royalties

This is one front where we might actually see some movement.
In an industry that somehow prides itself for ridiculous copyright length, it
can be very difficult to know who owns what in a few decades after the fact.
Companies are bought or go bankrupt, creators die, and often, genuine info on
who owns copyright is lost.

By using smart contracts on blockchain,
that could be eliminated. There would be no need to know who owns what, since
royalty fees would be automatically charged and distributed. Whenever the
rights over a product changed hands, the smart contract would be immediately
updated.

This is important, because there are lots of media in limbo
due to unknown copyright owners. In video games, for example, it’s a sadly common situation.
It’s not as common in music or media, thanks to the tight control by
corporations on the market, but it still does happen. Securing the rights to a
song can at times be extremely difficult.

By having fees for rights that are automatically awarded and
distributed, we could skip this. We’d just have to point out what we’re using,
and the blockchain would take over. Moreover, we could actively know when
copyrights expire – and once those dates arrive, the blockchain would mark such
media as free.

Great
upgrades that are unlikely

As mentioned before, most of these uses are unlikely to ever
happen. It would take a major blockchain technology investment
by a new player with money to make a change in the industry. We would require a
company with means to transform the market in the way Netflix did a decade ago.

However, not all is lost. While the chance of Netflix ever
releasing proper viewership numbers or Spotify allowing us to audit its numbers
is low, blockchain could well make a difference. And it’s quite likely we’ll
see blockchain-based media distributors, even they’re mostly independent ones.

Conclusion

The issue with Hollywood, of course, is that it’s set on its
ways. It took a long while to allow streaming. An even longer while to assure
that TV could have the same, or even better, quality than film. Many still argue those two
points.

Still, we can only hope that blockchain adoption in the entertainment industry occurs soon enough. We can only hope whenever it does, it does so in a massively disruptive way that forces the whole industry to change for the better.


About Stevan Mcgrath,

Stevan Mcgrath, is a Bitcoin and cryptocurrency enthusiast, passionate about the potential these tools and blockchain technology bring to the world and writes consistently for CoinReview. He has been following the development of blockchain for several years. To know his work and more details you can follow him on Twitter, Linkedin.

Source: https://railsonwave.it/the-entertainment-industry-meets-blockchain/

Blockchain

Cardano must remain above this level to revive from current lows or else…

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Cardano, following the lead of Bitcoin and Ethereum was falling today. In fact, in some ways, the third-generation coin has been following the second-generation coin. ADA’s price movement has been imitating ETH’s price action. It is important to consider what this means for the investors. We know they are hit by losses but how bad is that hit? Can they recover from it?

Cardano following Ethereum?

The coin has seen a consistent price fall in the same 5 day period as Ethereum did, falling by 15.08% at press time. At $2.12, things do not look good for ADA holders.

Cardano’s 15.08% drop | Source: TradingView – AMBCrypto

Those who bought ADA for around $2.41, are presently struggling to sell their holdings. As mentioned due to the price falling to $2.14 these people are dealing in losses. At the moment they represent 67% of all ADA investors.

The addresses in profits did not suffer much, however, but those at break-even did. These addresses went into losses and the total number of addresses in loss rose by 4%.

4% Cardano addresses move into losses | Source: Intotheblock – AMBCrypto

These losses further led to the average balance on every Cardano holders’ address dropping from $40k to $37k.

Cardano addresses’ average balance falls | Source: Intotheblock – AMBCrypto

So are there any hopes of recovery?

Hopes of recovery are alive but for that Cardano will have to maintain its strength somehow. Already its correlation to Bitcoin has dropped to 0.71. 

But that hasn’t stopped bullish investors from trying to gain as much profit as possible. The market books show a 16 million ADA worth $34.2 million higher demand for buying even during such a market.

Cardano continues to be bought | Source: Intotheblock – AMBCrypto

At present, $2 is the immediate and critical support. To minimize losses Cardano must remain above it as a fall from it could lead to further downfall.

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Source: https://ambcrypto.com/cardano-must-remain-above-this-level-to-revive-from-current-lows-or-else

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Webcams Site, BongaCams, Becomes Next Major Player to Accept Dogecoin

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The success and popularity of the cryptocurrency asset, Dogecoin, continues to trend upward as BongaCams has just become the next on a growing list of market-leading companies announcing their adoption of the digital currency as a payment option.  Dogecoin, now the world’s 8th largest digital asset, is surging once again and continues to enjoy support from investors and celebrities alike, including Tesla CEO Elon Musk, who has tweeted favorable comments about the currency on multiple occasions, even calling Dogecoin the “future currency of Earth.”

BongaCams, the biggest webcam site on the web, and recipient of multiple industry awards, has formally announced that they will be the next major name to begin accepting Dogecoin.  BongaCams has built a reputation for being closely aligned to the needs of their customers and the company has made extensive efforts to provide an accessibility experience that is fast, easy, and comfortable.  When it came to offering payment options that customers wanted BongaCams couldn’t ignore all that DogeCoin had to offer in terms of fast and anonymous payment options for their customers, and broad market acceptance.

And what’s not to love about Dogecoin?  After soaring 15,000% in value and reaching a market cap of $88 billion, the cryptocurrency has built one of the largest and most active communities in the cryptocurrency world and is now considered a great alternative for payment options.  Dogecoin’s popularity along with the abundant praise from research analysts who expect the ascent to continue have helped Dogecoin succeed where other cryptocurrency coins have struggled.

For those interested in using Dogecoin as a payment option – BongaCams offers wide array of helpful resources and exchange services with instructions on how to easily purchase Dogecoin online.
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Source: https://www.livebitcoinnews.com/webcams-site-bongacams-becomes-next-major-player-to-accept-dogecoin/>

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Blockchain

XRP, EOS, Chainlink Price Analysis: 20 September

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Broader crypto market sentiments remained quite bearish over the last 24 hours. The likes of XRP, EOS and Chainlink registered substantial losses.

XRP was trading below a dollar’s mark after over a month’s time. EOS lost 15.4% of its valuation and inched closer to its immediate support level. Lastly, Chainlink declined by 13.5% and was oversold after a gap of multiple months in between. 

XRP

XRP, EOS and Chainlink Price Analysis: 20 September

XRP/USD, TradingView

XRP depreciated 14.6% over the last 24 hours and was trading at $0.90. Immediate support level for the coin was at $0.77. 

Technical outlook suggested negative price action. MACD displayed red bars on the histograms. The Relative Strength Index was near the 20-mark indicating that XRP was oversold. Bollinger Bands diverged, suggesting that price volatility might be on the rise.

Conversely, if XRP’s buying pressure finds its way back, then the first resistance point stands at $1.06. Other price ceilings awaited the alt at $1.20 and $1.31 respectively. 

EOS

XRP, EOS and Chainlink Price Analysis: 20 September

EOS/USD, TradingView

EOS recorded a 15.4% fall over the last 24 hours and was trading at $4.26. The token had last traded around this price level over a month ago. A dip below the current price level could push EOS to trade at $3.90 support line. 

On the four-hour chart, the price of EOS was below the 20-SMA line. This reading meant that momentum belonged with the sellers. The Relative Strength Index was positioned inside the oversold territory.

Chaikin Money Flow was below the half-line as capital inflows also declined. MACD displayed red bars on the histogram. On the flipside, the first resistance mark for the coin was at $4.54. Additional price ceilings were at $5.10 and $5.48. 

Chainlink (LINK)

XRP, EOS and Chainlink Price Analysis: 20 September

LINK/USD, TradingView

Chainlink was priced at $24.07 after it plunged by 13.5% over the last 24 hours. Immediate support line was at $22.50, a price level it last touched on 11 August. The price of LINK was seen below the four-hour 20-SMA, indicating that price momentum belonged to the sellers. 

The Relative Strength Index was on a multi-month low. It was parked near the 20-mark signifying an oversold state. Awesome Oscillator displayed red signal bars. MACD flashed red bars on the histogram. 

In the event of a price reversal, LINK’s immediate resistance was at $27.78. Other resistance lines awaited LINK at $32.37 and $35.83.

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Source: https://ambcrypto.com/xrp-eos-chainlink-price-analysis-20-september

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