From the legal and economic standpoint contracts and agreements protect assets and set organizational borders, establish and authenticate identities and record events. They administer interactions among entities and set managerial and social action. Unfortunately bureaucratic hierarchy formed to manage them have not kept up with the digital transformation. Blockchain clearly demonstrated how inefficient current workflow is and how easily it can be reworked by removing the middlemen.
In a world where processes are launched and executed by the power of smart contracts Individuals, organizations, machines, and algorithms would freely transact and interact with one another with little friction. This is the immense potential of blockchain.
We’ve already seen a tremendous amount of innovation that comes with the decentralization brought by blockchain and automation powered by smart contract in financial sector, entertainment industry, healthcare and logistics. A Research and Markets report indicates that the overarching global blockchain market will grow from $411.5 million in 2017 to a staggering $7.68 billion by 2022, increasing at a compound annual growth rate (OTCPK:CAGR) of 79.6 percent during that time.
The entertainment industry as a whole, can benefit from using blockchain technology in many ways while cutting on expenses and increasing efficiency. The Global media and entertainment market was valued at $1.9 trillion in 2016 comprised of businesses that produce and distribute motion pictures, television programs and commercials along with streaming content, music and audio recordings, broadcast, radio, book publishing, and video games, along with ancillary services and products. According to FilmL.A. study the content production costs increased by 11% for the past 3 years. This brings many opportunities for startups exploring how blockchain can cut costs by decentralization of working environment for content producers.
While most obvious use cases for blockchain utilization are payment processing and piracy battling, European company Qravity is building a decentralized production and distribution platform where creators own and profit from their work. Aside from content creation, platform will help users to market, distribute and monetize their content. Qravity fully removes intermediaries from the picture and empowers talent.
Company is already working on the initial prototype and will be hosting a crowdsale event soon which will help them fund operations and also shoot their own movie as a proof of working concept.
There is no doubt the blockchain offers numerous exciting applications to solve problems that have plagued the entertainment industry for decades and will change the very nature of collaboration, payment and copyright management.