Media, especially the movie and music industry, has a lot of artists involved in the production of a movie/album: original creators of content, aggregators, set providers and handlers for royalty payments. With advances in blockchain technology, the media industry structure can benefit significantly.
Using blockchain technology, movie industries can bypass all the third parties to a great extent. How would this benefit the industry? By reducing the power distributed to copyright owners.
Copyright issues have plagued media since the time someone shared a piece of art via the internet. Censor board leaks, editing leaks and content sharing are some of the most common ways in which movie producers have lost control over their piece of work. While placing the entire chain of work on blockchain technology platforms may seem a little unrealistic today, further advances in technology are happening at the moment that can completely transform the production chain.
The most profitable application of the blockchain technology is in payment related use-cases. This feature of blockchain technology has already been proved effective by the massive amount of cryptocurrencies in circulation today.
The media copyright sectors are already seeing an influx of blockchain based smart contracts, escrow services and payment wallets. The smart contract features especially have a major impact on advertising, revenue sharing and royalty payments. There is no need for a central collector of payments in the royalty sector as all money transfers done on blockchain technology based platforms would ensure payments through enforceable smart contracts.
The transactions on blockchain platforms are cost effective, easy and completely secure. Media content can also be shared safely via the blockchain technology, thus reducing the risk of plagiarism and content leaks.
How Feelium could protect creators and artists
Feelium is a tokenized platform that can be used to facilitate smart contracts and escrow services. Feelium also has an inbuilt wallet for P2P transfers.
Imagine that a writer wants to share his content with a new advertising agency. He logs onto Feelium, purchases tokens and deposits the tokens in an escrow account. The author then chooses a smart contract from the pre-prepared set of contracts on the website and sends a copy to the agency. The agency then validates the contract and places the payment for the content on the Feelium escrow account.
The author then sends his content to the agency; the agency approves the content and the payment is released to the author. In this way, both parties are satisfied before the content is shared or the payment is processed.
Feelium has numerous other uses in the media industry and numerous other industries as well. Visit www.feelium.co to know more and to purchase Feelium tokens. The token pre-sale is live and costs just $1 USD today!