blockchain primer
has the potential to revolutionize the way we store information and transact with each other. It is a digital ledger that records transactions and keeps a record of who owns what. The blockchain is used to make transactions more secure, transparent and efficient. It is also a powerful tool for the digital world and media industry to innovate, grow and create new products and services.
The technology underpinning cryptocurrencies such as bitcoin, is the latest trend in the world of digital media. It's potential to transform industries such as healthcare and finance is being talked about more and more. However, the extent to which blockchain will impact the media industry is yet to be seen. But, it’s only a matter of time before this technology becomes the norm in the media industry.... which is why it's important as a media practioner to understand it.
impact for the media industry
To fully understand the potential that blockchain could have on the media industry, one must understand how blockchains work. For starters, blockchains are immutable and transparent. In fact, they’re the only databases that are truly immutable—no one can alter the data once entered. This means that if there’s ever a dispute over the meaning of the data, anyone can come in and see exactly what is going on.
With the rise of blockchain technology, many of the media platforms have started linking their digital platforms to the blockchain to create a more seamless integration with their customers.
The most obvious potential application of blockchain technology in the media industry is to disrupt the content creation process. With the sheer volume of content being produced today, traditional methods of content production are no longer economically viable. Blockchain technology offers the potential to decentralize content creation, thereby removing the middleman from the equation and allowing for direct content distribution between creator and consumer.
Think about this for a moment, we are already seeing this as many digital media entrepreneurs are exploring the use cases of blockchain with their digital content - think about how the NFT trend is changing the way content is delivered.
While we are at the earlier stages of adoption, we can be rest assured that 'The Blockchain' is here to stay, and like the internet, it will become a part of the way we create and digest digital media.