Blockchain technology was not known in the earlier world but nowadays, it is one of the most renowned technologies and this technology has gained a growth in recent years. As the people are not much aware and known about the blockchain technology so the question arises here is what exactly the blockchain technology is.
In simple words, blockchain technology revives the media industry as well as industry related to entertainment. The blockchain is composed of 2 words i.e., block and chain and the full term is a chain of blocks where blocks are made up of cryptogenic hash and data of the transaction. Doing any change in the data of blockchain technology is almost next to impossible and the blockchain technology is completely resistant to the changes. Blockchain technology has affected the media and entertainment industry in several ways but here are 3 main ways by which blockchain technology is disrupting media and entertainment industry.
A need for distribution –
Before upcoming of the blockchain technology, there was need of a distributor for the media and entertainment industry so as to make the distribution possible but the upcoming of blockchain technology completely removed the need of a distributor. For distribution, there is need of a distributing company which charges a huge amount for distribution while in blockchain technology, content can be directed distributed among the customers.
This is one of the important aspects of blockchain technology. Security issues and hacking was one of the major concerns as most of the data was being hacked especially in the Hollywood. This matter can clearly overcome by the upcoming of the blockchain technology. Before the arrival of the blockchain technology, data was penetrable by the hackers easily but blockchain technology is strongly resistant to the hacking.
The payment modes were so complicated before the arrival of the blockchain technology. But the payment modes by the blockchain technology is easy and quick by the incoming of the blockchain technology. The creators can easily get the payment due to blockchain technology.