How Enterprise Blockchain Can Revolutionize Creative Industries
Despite blockchain’s origins in the financial sector as the technological foundation of Bitcoin, it is now being tested in different industries for its potential to securely and independently manage and improve other digital systems and processes. Several sectors, including healthcare, supply chain management, retail and aviation, among many others, stand to be shaken up by this decentralized technology.
There is a significant amount of untapped potential for the implementation of blockchain technology in a variety of settings across a wide range of sectors. Blockchain is a distributed and open ledger that registers transactions between participants and eliminates the need for any third-party intermediary.
Because of this, blockchain technology can be utilized in a wide variety of contexts, and when used by companies for large-scale operations, it becomes enterprise blockchain. To emphasize the significance of enterprise blockchain in many sectors, SmartLedger, one of the world’s top blockchain distribution channels, hosted an exclusive educational luncheon as part of the Southern California Blockchain Summit.
“The key takeaway that is most important for me is that we’re starting to differentiate between crypto (assets) and blockchain. I think it’s key to understand that blockchain technology is the extremely disruptive part of the crypto side,” Shawn Ryan, co-founder and CEO of SmartLedger, said.
“So, I think the most important thing and takeaway to come back from today is that the underlying technology is secure, scalable, cost-efficient, and it pretty much can disrupt any industry,” Ryan added.
SmartLedger partnered with Switzerland-based Bitcoin Association, a global industry group that promotes BSV Blockchain adoption worldwide. The BSV blockchain’s limitless scalability makes it suited for enterprise platforms demanding bigger blocks, high transaction rates, and cheap and predictable fees. Its powerful technology enables micropayments, smart contracts, tokenization, IoT device administration, computing, and more.
With its wide range of capabilities, enterprise blockchain is now also being used within the creative industry. Utilized to automate agreement execution without intermediaries or time loss, smart contracts, which are blockchain-hosted computer programs that run when specific conditions are met, can be used to fairly distribute profits and manage intellectual rights. With this, smart contracts can replace traditional contracts, which can give creatives little control over how their work is marketed and sold.
Writers, composers and performers can also arrange royalties to be more egalitarian. A smart contract is tied to each musician’s uploaded song, allowing the service to divide earnings fairly. Smart contracts can also execute pre-programmed activities and fulfill contractual obligations, as well as handle expense reimbursement, compensation and profit distribution.
Additionally, enterprise blockchain can also be used to set up peer-to-peer transactions that are open to everyone through a public ledger. All of the transactions made for a creative work could be seen and verified, including who accessed the work and how much money it is making at any given time. This will give everyone a better idea of how much the creative work is worth as a whole.
The effects of enterprise blockchain on the arts and entertainment industries are still in their infancy. However, companies that are quick to innovate will benefit greatly from early adoption and help in fostering a new level of cooperation and trust in the industry.
Register for the London Blockchain Conference, which will take place from May 31 to June 2 at the Queen Elizabeth II Centre, to learn more about what exactly enterprise blockchain can accomplish.
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