It is no surprise that companies in various industries have been using blockchain technology to its numerous advantages. This is because while this technology was previously known as an inventive digital currency tool, industries today, are experimenting with its main capability as a safe and decentralized ledger to gain control over digital assets. Most companies do not know much about security utility tokens, which are used to create internal economy in a blockchain and help fund ICOs. Understanding the difference between security utility tokens will enable companies and businesses to use blockchain more efficiently and effectively.
Even media companies are not far behind. With video streaming platforms and music streaming apps, how content is viewed and heard has transformed drastically. So it’s understandable that a media business is taking a serious interest in incorporating blockchain technology into its activities. The question though is how secure is blockchain in the media business? Here it is.
How needful is security in the media business?
Security is very essential particularly since a majority of the industries involved in the digital media industry are losing out on revenue. This is mainly because of unauthorized file sharing and piracy issues. Lack of awareness is only adding to the issue. Hackers are making use of more detailed advanced methods to push through online content. These methods encompass deep linking, web content tampering, link sharing as well as cache stealing.
How blockchain can make media content safe
Since it is a distributed ledger, you can be sure of seamless transactions. It uses data that coexists with different parties. Multiple parties obtain access in a controlled manner to a single shared source of data. Also, since the transactions take place in a decentralized manner, the transactions are recorded chronologically and transparently. Here are a few other factors you need to know about.
Micropayments are the way to go
The rules, business contract terms, and logic used to automate transactions are known as micropayments. It ensures that pay-per-use consumption becomes a reality. Blockchain technology is totally encrypted so you can be certain that no parties can interfere or manipulate your transactions. You can utilize security tokens for this purpose and make payments simpler. With blockchain and its complete record of data, you obtain a more accurate tracking ability of the manner and when exactly copyrighted content is consumed. A micropayment pricing model can be completely automated. It can also prove to be cost-effective.
It enhances consumer to consumer sales
When it comes to copyright material, blockchain technology authorizes content owners to retain improved oversight. While illegal peer-to-peer file-sharing of television shows and movies is a recurring problem, file sharing can be legitimate, controlled, and monetized. When consumers subscribe to or buy blockchain hosted content and share it with a friend, content owners can track it down and charge a few for that distribution. This ensures you obtain an extra revenue stream.
With blockchain technology for content distribution, real-time royalty payment to artists is also going to be a reality. In today’s times, people are comfortable paying for a transparent digital media sharing platform that fairly compensates them. This should be based on the demand of the consumer for their work. No technology can offer better service than blockchain.
Other than this, it offers security and resilience as well as transparency and accuracy. While this kind of technology can be hard to conceptualize, it is not really that tedious when you have the right experts on board to help you out. This is just the starting stages of blockchain technology working in the world today. Its application in the practical world has made it easier and more manageable to use in the world of the media.