How can the entertainment industry benefit from blockchain?

The decentralization of global infrastructure is already underway. We’re seeing the impact in finance, and now entertainment executives are starting to identify how it can impact their businesses. While not widely adopted, smart contracts, which are powered by the blockchain, could influence entertainment agreements, providing a secure alternative to traditional negotiations, ensuring reliable payment of creators, a more seamless way to work with the crew on global projects and eliminating the red tape that hampers many large projects. 

Utilizing Ethereum, artists can automate a large portion of the business administration work surrounding licensing, contracts, and payments. Once the contractual-based work, usually rife with intermediaries, is automated and performed at a fraction of the cost, creators can sell their work directly peer to peer. Blockchain-based marketplaces for digital content allow creators and consumers to interact without costly intermediaries.

It’s only a matter of time before blockchain technology becomes core to the way in which we interact with new media. The interest appears to be only growing. However, there remains a need to increase access and funding to diverse entrepreneurs and startups all over the world that often get lost in the background. Blockchain and crypto allow an opportunity for these individuals to come into the limelight in a whole new way.