Bitcoin is just the first one of the huge number of applications that blockchain technology allows. The invention of bitcoin allowed blockchain to showcase its potential. Satoshi Nakamoto not only created a fast and cheap payment method, but also the disruptive distributed ledger that can be used in a wide range of different industries. Blockchain technology can disrupt the music and art industry as we know it for example. Don Tapscott made this point in a new book that he published a few months ago, titled “Blockchain Revolution”.
Currently the music industry is experiencing a long period of crisis because of pirate streaming mostly. With all the musicians that struggle to get paid, the distributed ledger technology could be a solution that supports artists all around the world. Benji Rogers (PledgeMusic) for example, created dotBlockchain, a new startup that aims to apply blockchain technology to the music industry. According to him, the ledger is able to solve several music industry-related issues.
Blockchain Music Systems
Embedding this information to the music file, Rogers aims to avoid the common perils that we see today in platforms like YouTube. Blockchain music systems such as dotBlockchain will allow right holders, labels, licensees and streaming platforms to act directly on the blockchain, where information cannot be modified by anyone. This blockchain music system that dotBlockchain proposes, would provide a full open-source system of sound recording, publishing and performance rights and ownership.
Blockchain and Movies
Similar formats and systems could be used for movie files, but in the meantime, Hollywood has focused on a completely different facet of bitcoin and blockchain technology. Bitcoin reached Hollywood with a few documentaries, TV series and movies that introduce certain narratives about the world of blockchain. Unfortunately, the main narrative that Hollywood and other entertainment productions mention in their movies and TV shows, is bitcoin’s association with drugs and illegal activities.
Since 2012 there have been many cinematographic products that mention bitcoin. Short movies such as “Bitcoin in Argentina”, “Bitcoin in Uganda”, and documentaries like “Life in Bitcoin”, “The end of money as we know it”, “Deep Web”, “The rise and rise of Bitcoin” and “Dope” are a few examples. TV series have also focused on negative propaganda, including at least one episode dedicated to the digital currency. Shows like “The Good Wife”, “Almost Human” and “CSI Cyber”, are good examples.
Despite the bad Reputation…
Despite the bad reputation that Hollywood and the entertainment industry in general have helped to disseminate, blockchain could help the movie industry. Some companies started working on similar solutions for the movie industry, as the blockchain music system that dotBlockchain proposed for the music industry. Australian startup Veredictum is a good example. This startup aims to protect script ownership as well as intellectual property rights for other creative material sources in the movie industry among others.
This platform will not avoid the digital product from being downloaded but, as the blockchain is immutable. Material on it cannot be modified and the technology allows independent audits that will determine exactly who wrote the script and who should be credited with the intellectual property rights. This shows that Blockchain has an infinite potential number of use cases. Given that the technology is so new, we are bound to see many new startups and projects related to culture and arts based on blockchain.