Media and IT Developments in Cryptocurrency

Will it start making appearances in entertainment and information technology?
July 14, 2021
4 mins read

Blockchain is a system of operation that is widely used in cryptocurrency because of its many advantages, which include transparency, minimal to no interference from external governing units (for example, banks and government) and its security. It encompasses many multiple transactions that are then spread out across the entire networks of computer systems. Currently, social media is one of the avenues that help cryptocurrency to flourish, as per Forbes Report of June 25.

Over a long time, the entertainment and media industries have suffered from an inability to completely protect intellectual property and as a result, involved parties have suffered financial and asset losses.

As much as blockchain technology is still in its very infant stages of development, media and entertainment houses could use it to both protect intellectual property as well as monetize this property. Blockchain will see to it that production, distribution and consumption of content made by content creators are done in a totally different manner from what has been witnessed before.

In regards to trading crypto, the IT world has not been exempted from the fast-growing trade in bitcoins and other kinds of cryptocurrency. Just like other social media platforms, Bitcoin Circuit is a platform that offers an automated approach to the crypto trade by getting data insights through analyzing complex data sets.

How It works

As an encrypted or coded database, blockchain technology incorporates transactions, recording verification and storage in a way that all participants can access.

Being that cryptocurrency and blockchain technology works hand in hand and it is not very easy to separate them, media and information technology entering the bitcoin trade could be the next big thing, especially if the media and IT world end up incorporating it into their day-to-day functions.

Potential applications

In the past music and content creators have suffered endlessly from the inability to earn revenue and fully realize their potential worth, often because of intermediaries who have traditionally acted as a go-between between the content creators and the intended consumers. This resulted in huge losses that can now be eliminated by blockchain technology.

The brokers can now be effectively bypassed and content delivered directly to the consumers in a safe and original fashion.

In another light, the implementation of smart contracts in the music and media production industries could see to it that speed, trust and precision become characteristic of the production process. Therefore, royalty payments that arise from a song’s use are redeemed quickly and contracts between parties interested in a certain commodity cannot be easily breached.

According to CNBC, media personalities like Jamie Fox, Paris Hilton and Floyd Mayweather are getting into the crypto trade. Even suggestive statements from individual celebrities, even without their actual participation in crypto, means that investing in crypto will surge. This is expected as crypto can be volatile.

With a projection that cryptocurrency prices could rise to $200,000 in the next decade with financial business also getting involved, it is only possible that even media and information industries could be involved too.

Bitcoin’s incorporation in the media and IT industries could also see to it that an interaction between the original content creators and the clients is maximized and on a one-to-one basis. This also means that the general public will be able to invest in the trade as intermediaries will have been eliminated. Therefore, a maximum potential of return on investment is assured. Changing the ownership of tokens will also be affected by the snap of a finger, all thanks to blockchain technology.

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