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Blockchain could transform media and entertainment by eliminating fraud and reducing cost

Image by TLC Johnson from Flickr

Thu, 27 Feb 2020, 09:14 am UTC

Blockchain is expected to benefit the media and entertainment industry.

According to Tatiana Koffman in an article for Forbes, blockchain technology will be beneficial to the media and entertainment industry because it offers “transparency and traceability.”

“With the help of blockchain technology, the industry could potentially eliminate fraud, vastly reduce costs, and increase transparency overall,” she wrote.

In the music industry, usually, the label retains ownership despite the artists’ passion. Blockchain can help artists by creating a direct relationship between the creators and their fans. For instance, blockchain-based music streaming and sharing platform Audios offers free hosting to the artists while giving 90% to its creators and increased discoverability to artists.

For the visual and media content, blockchain can be used to track IP ownership and streamline fundraising more efficiently. Ethereum based FilmChain manages end-to-end financial transactions for creative industries. It collects, allocates and analyzes revenues in film, TV and digital in a transparent and efficient way.

Blockchain technology is also very useful for effective engagement which helps in converting fans into sales. For this sector, ticketing proves to be the most practical application and many have been using this already.

UEFA EURO 2020 tickets will be available on a blockchain-based mobile ticketing system, which is expected to make the whole process smooth, safe and secure.

“The new state-of-the-art mobile ticketing system will provide secure ticket distribution and help prevent the replication and duplication of tickets, with QR codes only being activated by Bluetooth once fans are in close proximity to the stadium,” the press release read.

Lancashire Cricket, a cricket club in the United Kingdom, also announced that it will use a blockchain to improve its digital ticketing system for domestic and international fixtures at Emirates Old Trafford this year.

“Above all, distributed ledger solutions in media and entertainment seek to increase transparency and accountability for the benefit of the creator. As a consequence, this often makes the final product more affordable for the consumer, cutting out unnecessary middlemen along the way and protecting the much coveted and ever cherished artist-fan relationship,” Koffman concluded.

Meanwhile, sports blockchain Chiliz has announced the release of Socios ID and prepaid card for the fan engagement platform. It uses blockchain technology to give fans a unique ID for sports and ticketing industries.

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