Bitcoin entered the mainstream arena in 2009; the originator of the digitalized coinage loaded the cryptocurrency with ample perks and characteristics. Bitcoin dominated the vanilla marketplace by conferring the progression of online betting shores and forums. Later, bitcoin acquired the attention of sports organizations and healthcare industries; all the more, bitcoin resolved the complications confronted by these fellow industries.
The value of bitcoin towered in 2017, as bitcoin was widely accepted in the pro athlete and sports industry. Bitcoin and blockchain technology innovated a revenue-generating model in the sports clubs and organization industry by introducing fan engagement and crypto-assets. The perceived and alleged strong suit of blockchains such as widespread transparency, accessibility, unalterable intelligent contracts, and transaction records have fascinated the movie industry to adopt the idea.
Conferring proficient analysts and strategists of marketplace mainstream players, blockchain is the only permanent solution to complications and challenges confronted by the movie industry. Below mentioned are some of the decisive reasons how blockchain and bitcoin are potent of resolving these issues faced by the movie industry, let’s dive in.
What Are The Major Challenges Faced By The Movie Industry?
Internet TV series is dominating!
Everyone is aware of the severe impacts of COVID-19 on every aspect of life; the worldwide lockdown drastically shifted the interest of content consumers towards the virtual TV series and movie streaming platforms. These content streaming forums dominate day by day as they are pretty much convenient and easily accessible even in a pandemic.
Lacking Unique Content!
The global movie industry is almost following the same concept as there is an almost nominal movie and content framework releasing in the land-based cinema. However, the content streaming forums are consistently revealing unique originals on their platform. The entire movie industry is lacking a unique masterpiece; all the more, the edgy and over-sensitive content does not acquire the appropriate acknowledgment due to the domination of the centric players of the industry.
How Can Blockchain Resolve These Issues?
End Of Digital Piracy!
The emergence of vitality and the internet might have assisted the movie industry in the promotion of their content pieces and framework; however, it has correspondingly adversely affected the movie industry. Digital piracy is one of the prominent complications confronted by the movie industry, as ample movies are leaked on the internet or web services before the mere premier of the content.
According to few legit sources, the movie industry confronts a loss of billions of dollars per annum just due to the piracy complications. However, conferring the market specialist blockchain is claimed to be the mere solution to digital piracy. Smart contracts rendered by the blockchain are one of the sizzling features of this ledger. Smart contracts are basically utilized to record agreements between two parties, lease contracts, enhanced rental agreements, and many others.
The core notion why these smart contracts can assist in mitigating the complications of the film industry is the immutability and potential to hold a database. The blockchain models are widely distributed to every participant of the network, which makes it impossible to alter the information rendered in the ledger. The blockchain can assist in signaling the IP address from where the content is leaked, and legal actions can be taken.
Centric dominant third parties
The movie industry of explicit regions is extremely dominated by the centric third parties. Moreover, these third parties unintentionally diminish the existence of third parties in the market. However, the existence of blockchain can eradicate the dominance of these third parties and middlemen. Bounteous blockchain-based models are being introduced in the industry, which is meant for crowdfunding.
The blockchain concept will flourish the small and insignificant players of the marketplace and movie industry as the notion of crowdfunding will assist these small players in raising funding for the masterpiece they are about to produce. Moreover, the voting system will embrace the engagement of significant production houses to invest in the projects of this small production house.
These are some of the methods and mediums through which blockchain and bitcoin can resolve the complications confronted by the movie industry. Authentic platforms like Bit-Qt (official Site)will assist you in getting profitable results in your bitcoin journey.