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Blockchain Casestudy in Media industry

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Blockchain Casestudy in Media industry

  1. 1. Blockchain In Media and Entertainment Industry Enrolment Number: MITU21MSAI0004 Name: Deval Bhapkar
  2. 2. Introduction To Blockchain The goal of blockchain is to allow digital information to be recorded and distributed, but not edited. In this way, a blockchain is the foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed. A blockchain is a distributed database or ledger that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Image Link
  3. 3. Domain The Stakeholders in Media and Entertainment Industry include Artists/Creators, Viewers, Advertisement agencies, Broadcasting agencies including Print, Television, Internet, Radio and Direct mail. Media and Entertainment industry includes various sub- industries like music industry, film industry, advertisement industry, streaming platforms like YouTube, Spotify, Apple Play, Netflix, etc. The Domain selected is Media and Entertainment Industry.
  4. 4. Challenges In The Domain • IP Infringement and duplication of Digital items: Intellectual property issues and violations are pervasive in the media and entertainment industries. Musicians, artists, and other entertainers have long struggled to maintain ownership over their work, which means they are not often fairly compensated. This is especially true for musicians and many artists have advocated for higher royalty pay-out from streaming platforms. • Micropayments for opening new monetization avenues: Blockchain records every single transaction on the record. This tracking enables real-time, flexible, and fully transparent consumption-based pricing mechanisms. • Combating Misinformation: Trust in the media has reached all-time lows. This has been fuelled by fake news. Because blockchain technology relies on a decentralized and immutable ledger to record information, it is perpetually verified. This means that media and entertainment companies can link all the content that they’ve published, including articles, quotes, and photos to the blockchain and have confidence that it won’t be manipulated.
  5. 5. Applications of Blockchain in Media and Entertainment Industry There are various media companies that use Blockchain. They are as follows: 1. Binded: Binded is a blockchain copyrighting technology for photographers. Photographers upload their images, which are stored on a copyright vault that is secured by a unique fingerprint saved on a blockchain. Once images are uploaded and secured, artists can share their work and track similar images to help thwart any copyright infringements.
  6. 6. Applications: Contd 1. Audius : Audius is a music-streaming platform for the Web3 era. That means users can listen to curated playlists, discover new emerging artists and share songs with friends — all while earning token rewards. On the other side, Audius positions itself as a creator-friendly service, equipping artists with metrics and tools to deepen engagement with fans, so they can grow their platform while maintaining their independence from major labels. 2.Verasity : Verasity bills itself as a blockchain company where eSports, adtech and digital rights management collide. More specifically, the company aims to increase advertising revenue for video publishers by eliminating ad fraud with its Proof-of-View technology. And on the eSports side, Verasity has partnered with some big gaming names like PUBG Mobile and Riot Games.
  7. 7. Architecture Of System • Image Source The diagram shows the working of a Media content distribution system using Blockchain. Stakeholders that can be involved in the blockchain media (video) content management ecosystem • Content Developers/Creators – who create, manage and add the content to the marketplace. • Contributors – who contribute in the creation of media content. • End Users – who buy the license to get access to content and its rights.
  8. 8. Benefits of adoption of Blockchain Source
  9. 9. Challenges in adopting Blockchain in the Domain Lack of adoption. The rising cost of blockchain implementation. Scalability. Security and privacy challenges. Regulations. Criminal activities. Energy consumption.
  10. 10. Conclusion However, with these benefits we also saw that there are certain setbacks which need to be overcome for successful implementation of Blockchain in these systems. Knowing the benefits of blockchain, we can see that the implementation of blockchain in the media industry can help in various aspects like Intellectual Property rights and violations, enabling micro-transactions between users and creators(removing all the middle-men and record labels) and maintaining the authority and authenticity of content being uploaded.
  11. 11. References : • https://www.forbes.com/sites/falonfatemi/2022/0 5/06/blockchain-technology-solves-some-of- the-biggest-key-challenges-faced-by-media- and-entertainment- companies/?sh=6e5548665fd5 • https://builtin.com/blockchain/media-social- media-entertainment-uses • https://dataconomy.com/2022/05/blockchain- implementation-challenges/ • https://ieeexplore.ieee.org/abstract/document/8 096051/ • https://www.iuj.ac.jp/gsim-f/im- info/files/MITSMR2018.pdf • https://ieeexplore.ieee.org/abstract/document/8 096051/

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