By its nature, the entertainment industry is always going to evolve. Whether you’re an actor, a singer, or an all-round performer, you’re going to need to deal with changing tastes. What’s more, there’s competition.
Just about everyone wants to get into the business, and who can blame them? However, regardless of how you entertain, or how you connect with the industry, one thing remains the same – we all need protection, and we all need paying – and fast.
Enter blockchain. It’s technology which is most famous for helping cryptocurrency become popular all over the world. Of all the different types of crypto, you have probably at least heard of Bitcoin. Bitcoin mines from blockchain, which is a digital system or lodger. This means people hook up machines and set software running to dig deep into code to find coins. It might sound a bit strange, but it’s really changing the way many of us are doing business.
But how is blockchain changing entertainment, and associated industries, for good? How are we using it to our advantage? Let’s take a look.
Protection and value
Blockchain offers more than just digital money, though we’ll come to that in just a moment. Businesses such as those in the fashion industry use blockchain to imprint copyright. With a digital ledger, you can record transactions and can show where trails begin. This will be invaluable for anyone who, for example, wants to licence music, artwork, or even fashion for various purposes.
Blockchain is technology, which is widely available, yet which isn’t completely mainstream. Therefore, it won’t be surprising if you haven’t heard too much about the benefits of it all. However, even a little research will show you that creative people are taking back control of their intellectual property thanks to the emerging tech.
Even better for entertainment professionals is the ability for blockchain to hold contracts. You can use blockchain to set up a smart contract, for example, which stays in place while parties stick to the terms. Some entertainment professionals have been able to rig up blockchain to void contracts if their IPs are used improperly, for example. It could completely revolutionise the way we see contractual agreements and how we protect ourselves in years to come.
All in all, using blockchain for anything barring cryptocurrency can seem a little complex right now. There are a few apps out there which are helping professionals set things up pretty quickly, but we’re only just getting started.
Digital money equals safer transactions
While there continues to be worry and panic over how reliable Bitcoin and other cryptocurrencies are on the markets, the fact is, they are actually very protective. Bitcoin, for example, is almost impenetrable. There is no clear way to create Bitcoins fraudulently. What’s more, payments are instantaneous. There’s no waiting around for clearances, and even better, there are barely any fees or charges involved just for trading.
It’s also great for the entertainment industry because it’s a global currency. This means you can licence entertainment to overseas clients without having to exchange the money you receive. There are no waiting periods. The customer gets to pay without any added levies, and you get your money without having to pay out to receive it. There has been talk of a global digital currency for some time, and Bitcoin is emerging as a leader.
Cryptocurrency is also very easy to get into. As more and more people have gotten into trading, the ways they can receive and spend money is streamlining. You only have to set up a digital wallet or program on your PC, smartphone or Mac, and you just need to head to an online exchange to do the rest. You can even set a bot, or automated program, to take care of the tougher decisions for you. You can read more here about what that all entails.
The fact remains that the entertainment industry needs a lot of protection. As professionals, we expect to receive payment for our work, and what’s more, we expect people to respect what we do. Blockchain is offering more and more of us, as well as those of us in other creative industries, the chance to imprint contracts and set copyrights beyond flimsy paperwork.
In addition to this, cryptocurrency is always going to be appealing to professionals who trade overseas. While there is still some uncertainty over quite where we are heading with Bitcoin and the like, the future is bright. It bears repeating that more entertainment professionals should start looking into crypto, and blockchain, as a priority.