Blockchain use cases

Media and Entertainment

Media and Entertainment

Blockchain technology is already being used by media firms to combat fraud, cut expenses, and even safeguard the Intellectual Property (IP) rights of material, such as music recordings. MarketWatch projects that by 2024, the worldwide market for blockchain in media and entertainment will be worth around $1.54 billion.

UseCases

Refund

We’ve seen in the Covid that concerts were canceled, and getting a refund or using the ticket for another event was a problem.

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Problem

We’ve seen in the Covid that concerts were canceled, and getting a refund or using the ticket for another event was a problem. Another concert issue is the security of holding cash and credit cards, which makes theft a problem.

Solution

We can use blockchain to put up a smart contract to verify data and immediately cancel the event if covid patients reach a particular amount, as well as automatically reimburse customers who purchased event tickets.

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UseCases

Copyright

Although copyright is a crucial component of our global economy, no modern technology business has been established to make digital copyright effective and/or usable. It can be quite challenging to determine who owns the copyright to a file that is posted online, and any dispute will need to be resolved offline, oftentimes by actors that struggle to understand the nuances of digital content.

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Problem

Although copyright is a crucial component of our global economy, no modern technology business has been established to make digital copyright effective and/or usable. It can be quite challenging to determine who owns the copyright to a file that is posted online, and any dispute will need to be resolved offline, oftentimes by actors that struggle to understand the nuances of digital content.

Solution

Without requiring the assistance of authorities or other third parties, blockchain technology can be used to create a database of works that are copyright protected and to transfer rights through smart contracts. This is because a blockchain-based database offers greater security, stability, transparency, and tamper protection than a traditional database. Furthermore, next to more database-like solutions provided by blockchain ledgers, NFTs can be used to easily embed and transfer copyright for any type of media.

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UseCases

Funding/Investment

In the music business, finance is a challenge for producers, writers, and performers on a global scale. Due to the ease with which businesses and startups can acquire money in a reasonably priced and straightforward manner, crowdfunding is growing in popularity. Additionally, it has always been the main method of funding for nonprofit organizations.

However, despite this, a number of issues, including investor exploitation, security concerns, and even unlawful transactions, afflict crowdfunding platforms. Investors get fearful as a result of all this, leaving crowdfunding platforms.

As a result, the way things are now conducted is causing problems for both the organizations and the investors.

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Problem

In the music business, finance is a challenge for producers, writers, and performers on a global scale. Due to the ease with which businesses and startups can acquire money in a reasonably priced and straightforward manner, crowdfunding is growing in popularity. Additionally, it has always been the main method of funding for nonprofit organizations.

However, despite this, a number of issues, including investor exploitation, security concerns, and even unlawful transactions, afflict crowdfunding platforms. Investors get fearful as a result of all this, leaving crowdfunding platforms.

As a result, the way things are now conducted is causing problems for both the organizations and the investors.

Solution

Blockchain can provide a digital marketplace for artists and songwriters to both easily monetize and share a percentage of a song’s royalties to fans and brands for royalty-based financing through an Initial Song Offering® (ISO™).

The Initial Song Offering includes a particular date and time when royalty rights will be made available to the public. Just as ticket sales for a popular artist may sell out in minutes, an ISO creates a focal point for awareness, demand, and opportunity.

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UseCase

Theft

Another event issue is the security of holding cash and credit cards, which makes theft a problem.

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Problem

Another event issue is the security of holding cash and credit cards, which makes theft a problem.

Solution

With the help of blockchain technology, event goers can buy coins. When buying coins, users first need to authenticate themselves by inserting their own ID card in the ATM or by giving it to the cashier; this allows the system to determine the class to which each coin buyer belongs. After authentication, buyers get the coins upon inserting into the ATM or giving to the cashier the corresponding amount of money.

Second, also in the context of cash-back users need to authenticate with their ID card to make sure the appropriate amount of money is given back, considering their role and privileges.

Third, during the event, every shop clerk keeps track through the Blockchain system of the sales of products and the coins received.

Such check is performed with respect to costs of products being sold during the event, as well as the overhead to cover all event organisation and management expenses. Note that reasoning and evaluating these aspects is beyond the scope of the exercise.

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