Blockchain is one of the most widely discussed technologies across many sectors. Particularly in the media industry, blockchain is believed to have the potential to disrupt, yet also empowering new business models. (Photo credit: iStock by Getty Images)
BY JOSEPHINE TAN
The broadcast and media industry is now awakening to how blockchain applications can disrupt and benefit its entire industry, and may also impact on the dynamics of the world’s economy.
“The impact of blockchain on the media industry may be greater than the impact smartphones have had on the music industry,” said Antonio Senatore, CTO of Deloitte EMEA Blockchain Lab.
Although blockchain technology, at its core, is still taking shape and evolving, the media industry must take note of its development and potential applications.
Senatore told APB: “In the broadcast and media industry, we have observed a number of different applications. For example, copyrights, content publishing and consumption can all be done through blockchain, basically disintermediating current payments and copyright channels, ultimately benefiting the content creator.
“These benefits not only include protection against piracy, fake news and media tampering [while] incentivising content creation and publishing, but also enhance content review and content consumption.”
As a technology emerging from the FinTech market, blockchain has been progressively making its way into the media industry. For instance, in July this year, No Postage Necessary, a romantic indie comedy, became the first feature film to debut on Vevue, a peer-to-peer (P2P) incentivised video network based on the Qtum blockchain, an open-sourced value transfer platform which focuses on mobile decentralised apps. The film is directed by Jeremy Culver, who is also head of Vevue Premium, the company’s micropay-per-view division offering content independently produced by content creators.
Read the full story in the September 2018 issue of APB.