The mutation of technology over the decade is immense and still growing day by day. One such constructive technology, which makes a giant impact on the majority of the sectors is Blockchain Technology. Would you believe us if we say this technology is setting its foot in the media and entertainment industry to reach the next phase? Astonishingly, yes! A DeFi development company could make the industry climb the ladder of success. Undeniably, filmmaking is now one of the gargantuan industries generating billions of dollars all over the globe. Though the sector faced a severe blow during the COVID-19 pandemic, it has now managed to get back on track. So taking it further to the next level, how does blockchain technology assist the media industry? You’ll definitely figure out the answers in upcoming passages.
Film Industry’s Hardships:
The most common challenge that arises in the film industry is that the stories or music of the creator would have been imitated. In order to claim ownership of the piece, the filmmakers will file a case in the court and will fight till last to claim the rights. Even though it is a traditional process, it is very arduous and involves a long period of time. Some of the other hardships include,
- Inadequate Transparency: During the shoot for a film or a series, the production team would have released the funds, and the same would have been used across multiple stages of filmmaking. It is very challenging to keep track of capital and the status of funds being utilised.
- A Giant Switch Over To Online Streaming: From conventional TVs to floppies, DVDs, internet, and online streaming applications gave a massive disappointment to theatre owners.
- Movie Theatres Vs. Television: Initially, people would spend money to go to theatres to witness the surreal experience of the movie. Nowadays, television also owns specifications and features similar to theatres such as 4K video, Dolby sound systems, etc.
- Insufficient Variety: The original content of music or a film is very influential. It has the potential to fascinate people directly. So people from all various fields should be involved to bring out the originality.
Blockchain Technology And Decentralised Finance To The Rescue:
In order to put an end to these shortcomings in the industries, blockchain technology and DeFi concepts came to the rescue. The majority of the problems faced by the film industry can be solved through the aforementioned concepts. Some of the areas in which it assisted the industries are as follows,
- The Sense Of Ownership: As discussed, figuring out the copyright or ownership of a work is really a challenging task. With Defi and blockchain technology, the owner can record their creations on the network and guess what? None can even think of its ownership again. The immutable nature will not permit others to delete or alter.
- Film Piracy: We have seen films releasing online even before getting released in theatres. Though it is not a complete solution to overcome piracy, a part of it could be controlled. Due to the immutable nature of blockchain, the records could neither be modified nor be deleted. The utilization of smart contracts and tokens for signaling content owners could be done.
- The Ultimate Transparency: The use of blockchain and DeFi would permit the producers to monitor the entire usage of capital on different stages of filmmaking. It also allows them to catch a glimpse of the profits gained over the invested projects. This entire transparency would lend a hand in transforming it to the next phase – DeFiFi (Decentralised Film Financing).
- Streamline And Reduce The Process Of Sales And Distribution: Right from producers to audiences, the process of sales and distribution shares a complicated process. Making effective use of blockchain in this line would connect producers, distributors, and global audiences in a sole network, thereby contributing to the improvement of the industry.
- Mutual Space For All: In the real world, only the established players could get into the industry while the other talented individuals would never get space to prove themselves. This could be broken through blockchain and Defi. Uploading their works, say, script, music or whatsoever it may be, if it is truly carved, it would definitely hit the eyes of investors.
The Defi development company like Cryptocurrency Exchange Script could assist you in creating a revolution in the industry when concentrated sharply.
Healthy Perks Of The Technology:
On the whole, the usage of blockchain and Defi concepts would lead to the following perks.
- The right to ownership
- Partial control over content privacy
- Enhanced sales and distribution process
- A vivid transparency
- Equal space for all the people irrespective of their background
- For creation and maintenance of smart contract
- Pave a path to connect globally
The Final Thoughts:
So by this time, you must have witnessed how ingenious it is to make use of both blockchain technology and decentralised finance concepts in the filmmaking sector. It is no doubt that these technologies will rule the future not only in this industry but also in many other fields. Such a powerful and dynamic technology is blockchain. The perfect use of it would literally diminish the complications of the traditional process, enhance revenues, and the scope would further expand.
You would have been surprised by knowing the modern concepts, but we, the Cryptocurrency Exchange Script, a DeFi development company, would be the best suit for all your requisites in developing such platforms. Our expert crew steers you through the available and unexplored opportunities to make the best-in-class use of technologies.