How Blockchain can transform digital media

In an era of digital triumphs, evidence and security breaches, 2018 has simultaneously become the best and worst time to be a content maker in the digital media space.

While it is easier than ever for writers and artists to share their work with the world, either by publishing an e-book on Amazon or uploading music to a streaming platform like Spotify or Apple Music, it is precisely these same platforms doing it too is difficult for content creators to profit from their work.

But the profits from digital media platforms can not reach creators. In recent years, downloads of music, movies, books and more have all grossed large commissions for online sellers and stores, with some retailers such as Amazon holding up to 65% of e-book royalties and Spotify executives earn seven -fold salaries – meanwhile, song streams earn only $ 0.00397 per stream.

These payments also require a notoriously long time to be sent to the content creator. In the case of Spotify, it can take the music platform up to three months to report earnings to distributors, while quarterly earnings may not appear until the next quarter. Profits are often shared with other intermediaries, such as payment processors or content distributors, creating even lower profits for the creators themselves.

For many content creators, especially for independent artists, this money can be too small and too late.

Removal of the Middle Man with Blockchain technology

The potential of blockchain technology has already been explored as a way to make pioneering changes in many areas, from finance to health care. As in many areas of modern life, blockchain has applications for digital content creators to regain power in this transaction. Such as? It's simple: through blockchain payment methods, creators can guarantee that their fair share is paid.

Blockchain technology, which creates growing lists of data (including transactions and wire transfers), can create instant and unalterable payments. Through this process, the author of the content can directly access their payments in real time. Payment is settled within five seconds and its transfer in to fiat the currency only requires a question of days instead of months. The introduction of smart contracts it also makes it easier to facilitate royalties payments between interested parties without the need for intermediaries.

Not only can blockchain make payments to artists faster, but automatic transparency also allows creators to see when and where transactions are happening. New open source solutions like DCore are creating applications for this purpose, allowing creators to immediately share revenue with all authors after each purchase. The amount that each author receives can be decided at the time of publication of the content, or at a later time – all this makes it easier than ever to distribute the profits fairly and ensure the right share for everyone.

An interesting test of this technology will come in 2019 with the release of ALAX, which will ensure uninterrupted distribution of the game by granting access to the accounts of developers where they can load and update the games, monitor the game statistics and instantly access the revenue.

Real reviews, real buyers

Blockchain-based media services not only benefit creators' portfolios. The obsolete rate and review systems currently existing on all multimedia platforms could finally find a real solution in the blockchain.

At present, audit systems are often misled by fake reviews that can be easily created and validated on any review platform, be it Yelp, Amazon or any other system. Unfortunately, for both buyers and sellers, it is incredibly difficult to determine whether a review is false or not, as they often seem substantial and almost indistinguishable from reality.

But, as a CNET writer recently noted on Amazon: "Thirty-seven reviews five-star – but this thing was undeniably a lemon, what the heck? Mystery solved: every single review was a fake."

Enter the blockchain technology. By only allowing reviews of real customers who are registered on the blockchain and have been shown to purchase the product, the creators and sellers can finally make sure that their content is judged by real reviews and that they can eliminate trolling in the process.

As a bonus, creators can also receive digital fingerprints and a digital identity, ensuring that their content is secure and can not be changed or altered from its original form. Because security breaches and content escapes remain a greater threat than ever before, this could be an essential tool for creators wishing to maintain the integrity of their work.

A new era for digital media

The embrace of blockchain-supported technology could not have come at a better time for content creators in the digital media space. The current digital status quo that has been set by digital media giants is bound to crumble as more artists and creators begin to demand their fair share of profits, and it is not a question of "if" but rather "when". as Tool, Beyonce and Yoko Ono continue to boycott the streaming services in an act of solidarity for all the musicians, as well as the critique of royalty that continue to plague the sector.

As the creators continue to struggle to get the payment of the quota in a complete and timely manner, the transparency and practicality of the blockchain can not be overestimated. The digital media industry needs a review and, if fully and properly adapted, could find this transformation necessary within the blockchain.

If the media industry starts selling and distributing digital media content through a blockchain-based system, content creators will have an incredible new opportunity to recover from the big platform vendors and finally receive their fair share of profits, distribute their work safely, and maintain the integrity of content reviews.

The key components of blockchain technology are already available in the world of media consumption. Watch songwriter Bjork, who recently released an album in collaboration with Audiocoin, and gave customers a share of the emerging cryptocurrency, giving way to the interest in blockchain-based media. Or the example of the Grammy-winning DJ RAC, who launched his new album using the UJ blockchain platform, built on Ethereum. Now, the biggest media industry must also start adopting these strategies if they want to see change in the multimedia streaming ecosystem.