Even the establishment now desires a taste of bitcoin. Just when the world’s largest cryptocurrency had stabilized, oscillating between $8,000 and $12,000 for some time, the asset soared in value beginning in October 2020.
In the aftermath of Covid-19, the world began to recognize the actual potential of cryptocurrency as a viable alternative to fiat currencies. Over the last few years, blockchain has established itself as a viable alternative to traditional centralized information technology systems by being cost-effective and, in certain situations, democratizing—returning authority to users rather than just corporate owners.
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Inclusion through Decentralization
Contrary to popular misconception, blockchain is not merely a network of digital train tracks for bitcoin’s locomotive. Other businesses are exploring the possibility of incorporating blockchain technologies into their infrastructure.
According to Markets & Markets, the worldwide blockchain industry will increase to $39.7 billion in 2025, up from $3 billion in 2020. Putting aside projections and the commercial world, the film industry is presented with a once-in-a-generation chance thanks to blockchain technology.
To break down the walls of exclusivity in the film industry, an approach must be used that bypass traditional fundraising methods and directly addresses the audience. By allowing those purchasing tickets at the box office to approve and support a film, filmmakers democratize and diversify the industry, wresting control away from the film industry’s central forces. Additionally, the possibilities are limitless. Small businesses already provide this kind of opportunity.
By the People, For the People
With the introduction of the blockchain, cinephiles from various regions and walks of life will be able to evaluate the genuine value of a piece of material and pay an agreed-upon price. Additionally, blockchain technology will enable consumers to be a vital and critical part of the entertainment industry, rather than just a content market.
The immutability and authenticity inherent in blockchain technology will aid in shaping the creative process and enable distribution to micro-niches that would have been difficult to address under the current frameworks in place.
Fans who support creators will be able to set the agenda and profit from their devotion. The first weekend, the approach can facilitate unfettered interaction and participation between film industries from different nations, bypassing middlemen and consisting solely of producers and customers.
By relieving the cinema community of the risk constraints associated with enormous expenditures and intensive scrutiny, consumer-driven distribution methods might foster the development of truly avant-garde work that is not developed solely for commercial gain. The game will no longer be about quantity alone but also quality.
Cycles of Content Engagement Are Shortening
While such a utopian goal has always united filmmakers and cinephiles, it is now possible to make it a reality with modern technology. Log into any social media sites to discover a profusion of fresh content from various genres, categorized according to your preferences and confirmed by your peer group.
With the advent of social media, any creation may suddenly become viral, reaching millions of people worldwide, a feat previously unthinkable. However, its primary contribution is to strengthen the community’s role in judging whether material is successful or unsuccessful.
Through rapid interactive options such as “like,” “share,” and “subscribe,” social media technology enables producers to engage with their audiences and gauge their reactions rapidly. However, social media distribution has yet to solve the classic entertainment industry dilemma of ensuring a transparent and equitable revenue distribution to producers.
The Bottom Line:
The antiquated technologies that have supported the thriving entertainment business for decades are at a crossroads today and are certainly past their prime! The business has awoken and is currently confronting a slew of challenges, including numerous middlemen, piracy, a lack of transparency, insufficient protection against intellectual property rights violations, involvement of black money, and a protracted process for the ultimate settlement of payments.
The information flow is neither credible nor timely, resulting in distortions of work’s true worth. Additionally, it conveys a hazy picture of the content’s potential market, jeopardizing its funding possibilities. In the long term, this results in the suffocation of original thought within the sector.
A significant infusion of alternative technology-driven operational structures, powered by new-age technologies like data analytics, machine learning, and, most significantly, blockchain, is required immediately to maintain the smooth operation of one of the country’s most revenue-generating businesses.