Blockchain innovators want to change how the entertainment industry conducts business. In the future, blockchain integration has the potential to improve entertainment such as promoting fairness in content management and enhancing the experience of online gaming.
Ara hopes to revolutionize content sharing with its decentralized blockchain platform. An article from CoinCentral, Sony & Disney-Backed Littlstar Launches Blockchain Platform Ara Blocks, by Alex Moskov, discusses how Ara plans to help creators manage their content. Ara provides an alternative way for creators, such as artists and writers, to bypass the control of large corporations. As a result, Ara enables the content creators to connect directly with their followers.
Any device can join Ara’s global network. To earn revenue, users allow Ara’s network to access their device’s available processing, storage, and bandwidth capacities.
Advocates of blockchain believe that DLT (distributed ledger technology) solves numerous problems for developers and gamers. As a benefit for developers, the transparency and permanency of blockchain prevents fraud and hacking. For players, a decentralized platform enhances their gaming experience, such as allowing them to have true ownership of in-game properties.
XAYA is integrating blockchain into gaming platforms to avoid slowdowns and scalability issues. Using XAYA, games with multiple users unfold into a “game channel” that is similar to a Bitcoin payment channel. Only the starting positions and outcomes are recorded in the main network, which prevents cheating, saves storage space, and keeps transaction fees low.
Casinos are using blockchain to make online gambling transparent, which gives their customers confidence to make bets. MintDice reported that Bitcoin casinos are emerging internationally to take advantage of the promising technology. However, online casinos face ongoing challenges such as verifying their players and following gambling laws.
BitPokerStar explains that while betting with cryptocurrency isn’t specifically illegal in the United States, there are various state laws that prohibit gambling. For this reason, online casinos often base their organizations in countries that have more favorable gambling laws.
The successful integration of blockchain for managing content and improving gaming will advance the disruptive effects in the entertainment industry. In the long run, other areas in entertainment may see disruptions including:
- Film and Animation Rendering – A decentralized structure can utilize valuable resources for projects that require a large amount of processing power.
- Project Funding – A blockchain crowdfunding platform can eliminate the middleman and efficiently raise capital.
Looking ahead, innovators hope to disrupt the entertainment industry with the integration of blockchain. However, these new innovations must show results that maximize resources and reward participants.