Blockchain could support the content creators in digital world by securing the copyrights and monetization, by creating a network between consumers an
Blockchain could support the content creators in digital world by securing the copyrights and monetization, by creating a network between consumers and creators, by inciting content creation. As we can interpret blockchain as a public database, it could store detailed information about certain piece of content, like author, date of creation. At the same time it will share it with the other participants on the network, but they won’t be able to change anything of the information or content.
Blockchain will take care of the copyrights of a digital content. Every digital creation is timestamped and stored with a unique ID. It is visible to every person involved in the blockchain but it remains unchangable. This is the biggest difference between blockchain-contents and other digital contents, which can be downloaded and then changed. The most important feature of this technology is transparency. The participants will see not only the content, but also the copyrights it is protected by.
Directly connected to the copyrights is the monetization. Here blockchain offers another facilitation – smart contract. They are based on cryptography as well and are activated by a certan users’ behaviour. Then a validation by all other computers on the network follows. In this way each content creator can protect their work by set of smart contracts depending on the usage’s purpose. When a user wants to do something with the content the corresponding smart contratct will be activated and the creator will receive their profit. As the blockchain is inseparable part of cryptocurrencies these payments occur immediately without any additional costs for transactions.
Another benefit of using blockchain in creative industry is establishing a direct connection between authors and users. In this way the middleman in payment, content distribution and copyrights management is eliminated and all benefits go to the creator.
Last but not least, creators can add specific metadata to their work, which will increase the level of discoverability and shareability. As a part of copyright management this function will allow participants on the blockchain to customize their search by using this metadata or to use a certain piece of content as a basis for creating a new one.
The potential of the blockchain has still not been 100% used. It has been estimated that using of blockchain will cut costs up to $20 billion annually. Another benefit is saving time by simplifying the paper-work and also eliminating the heavy expensive and logistic systems. Realizing these core benefits of using blockchain more and more companies invest in building and developing blockchain suitable for their business.