The pandemic has had a significant impact on the media and entertainment industry. The rise of social media platforms has created new challenges for digital content creators. It might be managing their rights across multiple platforms or receiving proper compensation for their work. Fortunately, blockchain technology offers a solution to these problems through digital rights management (DRM).
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But, what is DRM?
Let us explore the in-depth analysis of DRM throughout this blog.
𝐓𝐡𝐞 𝐆𝐫𝐨𝐰𝐢𝐧𝐠 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐑𝐢𝐠𝐡𝐭𝐬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭
The global DRM market has experienced tremendous growth, reaching $5.75B in 2022. This is due to the increasing demand for content protection solutions and the adoption of cloud-based technologies. According to Statista, there has also been a tenfold increase in content consumption over the past decade. Thus, it highlights the need for effective DRM solutions.
𝐖𝐡𝐚𝐭 𝐚𝐫𝐞 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧-𝐛𝐚𝐬𝐞𝐝 𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭𝐬 𝐚𝐧𝐝 𝐑𝐢𝐠𝐡𝐭𝐬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐒𝐲𝐬𝐭𝐞𝐦𝐬?
Blockchain-based contracts and Rights Management System (bCRMS) is a blockchain-based platform designed to cater to the media and entertainment industries. This platform leverages blockchain forensic watermarking and content hashing to create do-it-yourself chains. Artists, managers, and other stakeholders can use this to ensure transparency, accountability, and trust between them.
𝐃𝐑𝐌 - 𝐓𝐡𝐞 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬
DRM technology allows content creators to control their work, protect against copyright infringement, and ensure they receive proper compensation. However, DRM has been a significant challenge in the media and entertainment industry. It includes a lack of visibility and transparency, across the media flow, manual contracts, cumbersome validations, and revenue loss due to contract breaches or disputes related to royalty amounts.
𝐇𝐨𝐰 𝐂𝐚𝐧 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 𝐇𝐞𝐥𝐩?
Blockchain technology provides a digital ledger that can record transactions and store data. The blockchain runs a network of computers called nodes. Each node communicates with the other to verify the validity of transactions. Also, it stores its copy of the blockchain and receives updates from other nodes as they happen.
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𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 𝐓𝐡𝐫𝐨𝐮𝐠𝐡 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧-𝐛𝐚𝐬𝐞𝐝 𝐃𝐑𝐌
Blockchain can revolutionize DRM by creating smart contracts. These smart contracts automate the process of verifying rights and royalty payments. This innovative technology can also ensure transparency across the media flow, which reduces revenue loss due to contract breaches or royalty disputes. By implementing blockchain technology, content creators can rest assured that their work is protected and are fairly compensated.
𝑪𝒍𝒐𝒔𝒊𝒏𝒈 𝑾𝒐𝒓𝒅𝒔
DRM is a critical area of concern for both artists and consumers. Also, as I said earlier, the implementation of blockchain-based contracts and rights management systems ensures transparency, accountability, and trust among all stakeholders. The increasing demand for digital rights management, coupled with the effectiveness of blockchain technology, will undoubtedly transform the media and entertainment industry.
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