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Last January I wrote about how blockchain could make waves of media and entertainment in 2018. & nbsp; Here is an update, based on my research, on participation in conferences and on research by others. It's as punctual as last week we saw bitcoin criptovaluta, & nbsp; the most popular application of blockchain technology, stumbled under the price of $ 4000 for the first time since September 2017. What is the potential of blockchain in the non-encrypted world, and in media and entertainment in particular?
In short, there are many and & nbsp; early versions of blockchain-based platforms, but there is still a lot to be done regarding complete development and adoption. Allow me to focus on applications in the media and entertainment that I consider innovative or sufficiently developed to attract potential customers and even start generating revenue.
The potential
Compared to existing technologies, the potential of blockchain-based platforms is based on the ability to record and distribute a single, unchangeable single version of truth. This is particularly useful for improving the efficiency and effectiveness of an industry's value chain.
In most business-to-business transactions, companies spend a large part of their money, time and effort to make sure that data sent from another company is legitimate and accurately reflect the facts and history of transactions and agreements between them. What would happen if all companies in a value chain had the same version of the facts and contractual agreements and everyone knew that others are looking at the same version, including updates to & nbsp; In such a transparent business environment, attention can be paid to & nbsp; doing business and adding value, rather than checking the facts and settling the transactions.
Because data is replicated, validated and protected between parties through complex cryptographic consent mechanisms, a blockchain infrastructure is relatively expensive and less efficient, so a minimum profitability threshold is if it adds & nbsp; value over & nbsp; which traditional technological infrastructures can provide today. & nbsp;Keith Montgomery, blockchain and business transformation expert, simply said: "If a non-technological business man is not able to understand the practical value of a blockchain use case, then what hai is a technologically elitist group that creates a system that only they understand and risk creating a solution in search of a problem. "& nbsp; I see the potential blockchain to solve problems in funding creative projects, digital advertising and piracy (among others).
Creation of contents and financing
In the production of creative content & nbsp; there are more parties involved including investors, artists, producers, directors, crew members, fans and others. Today, the process to ensure that all these parts receive & nbsp; their fair share of future revenues from licenses or consumption is cumbersome, often manual and incomplete. Imagine, for example, the complexity for holders of music rights to collect and distribute royalties from subscription services based on billions of song streams from around the world.
Follow the production process of creative content. The co-founder of iProdoos Cameron Casey and I participated in a panel on blockchain at Loyola Marymount University & # 39; s TechTainment event in November. His business model is focused on creating content supported by fans. Today, fans of artists, brands and creative content can support projects through crowdfunding platforms, but often their only reward is the satisfaction of enjoying the finished product. The iProdoos platform tracks fan contributions for creative projects and allocates and distributes their revenues from the content consumed on their platform. Its consumer-nbsp platform; will reach the second beta in mid-December and are working with client partners to test and improve the platform.
I learned to know FilmChain as a guest and moderator of & nbsp; the & nbsp;Blockchain Conference& nbsp; at the American Film Market in November. FilmChain is & nbsp; a collection service that & nbsp; Assign and analyze revenue for all participants invested in a film, including& nbsp; producers, financiers, sales agents, cast members and crew members. The platform is active and functioning in the private alpha phase, has some customers and is supported by awards and recognitions & nbsp; including & nbsp; "Founder of the Blockchain year", awarded last week to co-founders Irina Albita and Maria Tanjala from the UK Tech Founder Awards.
Digital advertising
The digital advertising ecosystem is inefficient and opaque. The two main publishers, Google and Facebook, hold the lion's share of the market, and there is little transparency for advertisers about who looks at advertisements, with fraud or through bots that replace human eyes or through fake websites publication. & Nbsp; In addition, much of the advertising spend goes to digital intermediaries that automate ad routing from & nbsp; from origin to origin.
Digital advertising is ripe for blockchain solutions that increase transparency in reporting transactions and ad placement agreements. NYIAX, that me reported on at the beginning of 2018, it allows the trading and the execution of advertising contracts between advertisers and publishers, with greater transparency for advertisers and less taxes since the transactions are direct. & nbsp; The platform is powered by NASDAQ partner technology, which helps to explain why its initial market is already in production with over 100 buyers and sellers in various quotation phases. & nbsp;
Lucidity provides a blockchain-based platform to track ad impressions, minimize fraud and improve ad effectiveness in the complex programmatic advertising distribution chain. Use & nbsp; sophisticated techniques to address scalability in order to manage the thousands of transactions required in a digital advertising campaign.
Anindya Ghose, a professor at New York University and a consultant at Lucidity, spoke of a recent & nbsp; successful case of several have had with beta clients: "Lucidity, Toyota and Saatchi & amp; Saatchi worked together to achieve transparency in a three-week digital ad campaign, which produced about 10 million impressions of Toyota's ads in the United States. Lucidity was able to identify advertising fraud or computer fraud to move expenses to higher-performing websites. As a result, the campaign resulted in a 21% increase in visits to the Toyota website compared to purchases of similar ads made without Lucidity. "& Nbsp;
Piracy
A blockchain platform can not solve the privacy problem simply by recording transactions, but it can mitigate piracy if the platform itself & nbsp; delivery & nbsp; content so that streaming transactions can be traced securely. & nbsp; But since blockchain platforms rely on cryptographic consent mechanisms to validate new transactions, it is a challenge to develop a platform that is robust and fast enough to deliver content globally and simultaneously record billions of consumer micro-transactions.
Michelle Munson decided to solve this problem and co-founded Eluvio, the blockchain and artificial intelligence platform that demonstrated at & nbsp;Hollywood Innovation and Technology Summit& nbsp; in September and a Demuxed 2018 in October. You say, & nbsp;"We will provide the first version of the Eluvio platform in 2019, designed specifically to deliver content in a scalable, low-cost environment."
It's very different from the technological point of view compared to today's cloud stacks, but we think it's a next-generation platform that takes advantage of the blockchain for content access and monitoring of consumption history, and providing content via a & # 39. Artificially intelligent decentralized network architecture for optimal storage, rendering and addressing of content. Munson adds: & nbsp; "Our platform can make digital content on demand, with rapid media authorization, content protection, certification and traceability of the media history, users have control over their attention and data disclosure , while marketers and content providers have direct access to consumers. "
Reflection
The blockchain revolution is still in its preliminary stages, and until now in 2018 we see more ripples than waves in actual application. One obstacle so far is that blockchain solutions tend to be slow because of its distributed consent mechanism to validate transactions. Ghose reflects on a recent one Article of Harvard Business Review& nbsp; on the blockchain in marketing: "The key roadblock that needs to be solved is the speed of transactions … to date, [blockchain] it can not validate high-tech transactions (occurring in milliseconds) fast enough. "
Nevertheless, I am more convinced than ever that the blockchain will cause a substantial transformation in the sector over the long term. The advertising campaign will stabilize, the technology will mature and the real applications will emerge. 2018 and 2019 will be remembered as years in which the main applications of the blockchain in the media and entertainment have emerged from the package and has not looked back.
Professor Andranik Tumasjan from the Johannes Gutenberg University in Mainz, Germany, & nbsp;published in the September issue of MIT Technology Review& nbsp; a study of 20 startup blockchains on average and & nbsp; entertainment, with co-authors Andre Dutra and Isabell Welpe. I agree with his conclusion"Because of the very early stage of blockchain technology development, startups today can not challenge big players like Facebook, Spotify or Netflix, which serve billions of users with millions of content titles. exactly the point of disruptive innovations: established players can underestimate these emerging niche market projects until it may be too late to protect themselves. "
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Last January I wrote about how blockchain could make waves of media and entertainment in 2018. Here is an update, based on my research, on participation in conferences and on research by others. It is as punctual as last week we saw bitcoin cryptocurrency, the most popular application of blockchain technology, stumbling under the price of $ 4000 for the first time since September 2017. What is the potential of blockchain in the unencrypted world, and in media and entertainment in particular?
In short, there are many early versions of blockchain-based platforms, but there is still a lot to do with regards to complete development and adoption. Allow me to focus on media and entertainment applications that I think is fairly innovative or developed to attract potential customers and even start generating revenue.
The potential
Compared to existing technologies, the potential of blockchain-based platforms is based on the ability to record and distribute a single, unchangeable single version of truth. This is particularly useful for improving the efficiency and effectiveness of an industry's value chain.
In most business-to-business transactions, companies spend a large part of their money, time and effort making sure that data sent from another company is legitimate and accurately reflect the facts and history of transactions and agreements. among them. What would happen if all companies in a value chain had the same version of the facts and contractual agreements and everyone knew that others were looking at the same version, including updates? In such a transparent corporate environment, the focus may be on doing business and adding value, rather than on factual verification and settlement of transactions.
Because the data is replicated, validated and protected between the parties through complex mechanisms of cryptographic consent, a blockchain infrastructure is relatively expensive and less efficient, so a minimum threshold of profitability is if it adds value beyond what the infrastructure traditional technology can provide today. Keith Montgomery, blockchain and business transformation expert, simply said: "If a non-technological expert business man fails to understand the practical value of a blockchain use case, then what you have is a group technologically elitist that creates a system that only they understand and run the risk of creating a solution in search of a problem ". I see the potential for blockchain to solve problems in funding creative projects, digital advertising and piracy (among others).
Creation and financing of contents
In the production of creative content there are more parties involved including investors, artists, producers, directors, crew members, fans and others. Today, the process to ensure that all these parts receive their fair share of future revenue from licenses or consumption is cumbersome, often manual and incomplete. Imagine, for example, the complexity for holders of music rights to collect and distribute royalties from subscription services based on billions of song streams from around the world.
Follow the production process of creative content. IProdoos co-founder Cameron Casey and I attended a panel on the blockchain at the TechTainment event at Loyola Marymount University in November. His business model is focused on creating fan-backed content. Today, fans of artists, brands and creative content can support projects through crowdfunding platforms, but often their only reward is the satisfaction of enjoying the finished product. The iProdoos platform tracks fan contributions for creative projects and allocates and distributes their revenues from the content consumed on their platform. Its consumer-side platform will reach the second beta in mid-December and are working with client partners to test and improve the platform.
I learned about FilmChain as a guest and moderator at the Blockchain conference at the November American Film Market. FilmChain is a collection service that assigns and analyzes revenue for all the participants invested in a film, including producers, financiers, sales agents, cast members and crew members. The platform is active and running in private alpha stage, has few customers and is backed by prizes and awards including the "Blockchain Founder of the Year", awarded last week to co-founders Irina Albita and Maria Tanjala from the UK Tech Awards of the founder.
Digital advertising
The digital advertising ecosystem is inefficient and opaque. The two major publishers, Google and Facebook, hold the lion's share of the market, and there is little transparency for advertisers about who watches the ads, with fraud or through bots that replace human eyes or through publishing sites false. In addition, much of the advertising spend goes to digital intermediaries that automate the routing of ads from the origin to the impression.
Digital advertising is ripe for blockchain solutions that increase transparency in reporting transactions and ad placement agreements. NYIAX, which I reported at the beginning of 2018, allows for the trading and the execution of advertising contracts between advertisers and publishers, with greater transparency for advertisers and less taxes since the transactions are direct. The platform is powered by NASDAQ partner technology, which helps to explain why its initial market is already in production with more than 100 buyers and sellers in various quotation phases.
Lucidity offers a blockchain-based platform to track ad impressions, minimize fraud and improve ad effectiveness in the complex programmatic advertising distribution chain. It uses sophisticated techniques to address scalability in order to manage the thousands of transactions required in a digital advertising campaign.
Anindya Ghose, a professor at New York University and a consultant at Lucidity, spoke of a recent successful case on several of them with beta clients: "Lucidity, Toyota and Saatchi & Saatchi worked together to achieve transparency in a three-week digital advertising campaign, which produced about 10 million impressions of Toyota's US ads. Lucidity was able to identify advertising fraud or computer fraud to shift expenses to websites with higher performance. As a result, the campaign resulted in a 21% increase in visits to the Toyota website compared to purchases of similar ads made without Lucidity. "
Piracy
A blockchain platform can not solve the privacy problem simply by recording transactions, but it can mitigate piracy if the platform itself provides the content so that streaming transactions can be traced securely. But since blockchain platforms rely on cryptographic consent mechanisms to validate new transactions, it is a challenge to develop a platform that is robust and fast enough to deliver content globally and simultaneously record billions of consumer micro-transactions.
Michelle Munson decided to solve this problem and co-founded Eluvio, the blockchain and platform based on artificial intelligence that demonstrated to the Hollywood Innovation and Technology Summit in September and at Demuxed 2018 in October. You say, "We will make available the first version of the Eluvio platform in 2019, designed specifically to deliver content in a scalable, low-cost environment."
It is very different from the technological point of view compared to the current cloud stacks, but we think it is a new generation platform that uses the blockchain for access to content and monitoring the consumption history and providing content via a & # 39 • Artificially intelligent decentralized network architecture for archiving, rendering, and addressing content. Munson adds: "Our platform can make digital content on demand, with rapid media authorization, content protection and certification and traceability of media history – users have control over their attention and disclosure of data, while marketers and content providers have direct access to consumers. "
Reflection
The blockchain revolution is still in its preliminary stages, and until now in 2018 we see more ripples than waves in actual application. One obstacle so far is that blockchain solutions tend to be slow because of its distributed consent mechanism to validate transactions. Ghose reflects on a recent Harvard Business Review article on blockchain marketing: "The key roadblock that needs to be solved is the speed of transactions … to date, [blockchain] it can not validate high-tech transactions (occurring in milliseconds) fast enough. "
Nevertheless, I am more convinced than ever that the blockchain will cause a substantial transformation in the sector over the long term. The advertising campaign will stabilize, the technology will mature and the real applications will emerge. 2018 and 2019 will be remembered as years in which the key applications of the blockchain in the media and entertainment emerged from the package, and did not look back.
Professor Andranik Tumasjan of the Johannes Gutenberg University in Mainz, Germany, published in the September issue of MIT Technology Review a study of 20 startup blockchains in the media and entertainment, with co-authors Andre Dutra and Isabell Welpe. I agree with his conclusion: "Because of the very early stage of blockchain technology development, startups today can not challenge big players like Facebook, Spotify or Netflix, which serve billions of users with millions of content titles, but this is exactly the point of disruptive innovations. : Established players may underestimate these emerging niche market projects until it may be too late to protect themselves. "
