The film industry is a well-known and profiting industry with hundreds of movies released and millions of movie lovers joining and enjoying themselves. Whether it is a theatre, home theatre, or online streaming, the film industry has roots in every possible streaming medium ready to be watched.
And now, a revolution has been observed in the film industry with the introduction of Bitcoin. In 2007, Bitcoin was the first cryptocurrency introduced into the international market. Since then, it has been expanding its domain to various industries and market sectors, and now the film industry is the next goal of accomplishment Bitcoin has been getting onto.
Alongside the introduction of cryptocurrency, blockchain technology is a complex and efficient artifact of technology at its finest. Check authentic websites like Granimator for a profitable guide to cryptocurrency trading. This property of Bitcoin makes it a part of the film industry and provides the benefits it ought to provide, which is known to many investors and the industrial sector. As mentioned will be the benefits film industries achieve from the adaptation of Bitcoin.
The decentralization of the Film industryβs business
The emphasis on Bitcoin being the payment medium in the film industry is thanks to its decentralized properties, which prove profitable. For example, it will be effective in ticket booking as Bitcoin as the payment medium, will provide a secure and serialized ticket booking. Prevent any unauthorized or illegal ticket counterfeit, which results in a loss in profit value of production houses because of Bitcoin’s encrypted transactions.
Bitcoin’s adoption as a payment medium is also time-effective, thanks to fast verification and transactions provided by its blockchain technology. It may also develop movie tickets into a virtual token automatically generated by the blockchain and provided by encrypted Bitcoin transactions.
Bitcoin’s transactions also are monitored thanks to its transparency which helps authenticate the correct owner of transactions made. The problem with the traditional medium of exchange is that the content rights of the movie are sometimes leaked due to the existing management system. With the security and transparency of blockchain technology provided by Bitcoin, this digital piracy act, one of the major problems the film industry faces, will be diminished.
Benefits of Bitcoin Technology Adoption in Film Industries
The significant advantage of Bitcoin over the existing payment medium is blockchain technology. In this, information is divided into blocks or interconnected segments, which can only be accessed if the previous block was accessed and verified, meaning no in-between information can be accessed by anyone without verifications or authentication.
It benefits the film industry, where content making or creating visual artifacts of a movie is quite challenging. Any leak of these parts before the movie’s release could devastate the production houses. It also gives the production teams the official right to the movie content they store in this blockchain medium, which minimizes the risk of unnatural digital piracy.
All information stored on blockchain security is converted into a 256-bit encryption format without alteration. To illegally access this information, this code of 256 bits must be cracked, which, mathematically, will be millions of years. All authorized accessors are provided with a key to access this encrypted information freely.
How Bitcoin Adoption will affect the Movie Industry
Traditionally, the film industry comprises the middle man and third-party groups, which costs production houses money for content sharing. This middleman also prevents the uprise of new production houses or start-ups by unfair interference and measures. It also affects the consumers who obtain the content through illegal piracy and unfair practices.
With the establishment of Bitcoin, these middlemen will not be present, and a platform of direct and transparent participation will be there. Many regionally distant production houses will be able to work together, and the quality of work will improve because of a universal medium of payments and such.
Bitcoin has been implemented in several industrial sectors. They all embrace its positive aspects and the qualitative working platform it generates upon full implementation and acceptance by consumer and creator parties.