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What Is Blockchain Technology And How Can The Entertainment Industry Use It

March 01, 2019 / Bryan Sullivan

At its core, blockchain technology is a decentralized and transparent way of exchanging information. Each “block” is a recorded transaction, which is shared on a peer-to-peer network consisting of “nodes.” A node is a device, such as a computer, that contains a history of all transactions for a particular blockchain, i.e. all the blocks in that chain. In order for a new block to be added to the chain, all the nodes in its network must verify it. Once added to the chain, information cannot be modified or removed, ideally creating a trustworthy, transparent record of transactional information.Blockchain and “The Industry”The entertainment and media sectors are just beginning to test out blockchain and uncover its amazing potential to solve some of the industry’s key problems.One of the biggest problems that has plagued creative industries since inception is the issue of ownership and rights: who created what, and who has the full right to control...