When most people hear the term “Blockchain” they immediately think “Bitcoin” or some other digital currency, but the blockchain is much more than that. A blockchain is a decentralized, immutable ledger which spans across the entirety of a peer-to-peer network. It’s beginning to impact our world in ways that reach far beyond simply fund transfers; it’s also allowing companies to track products and assets in ways they’ve never been able to before.
This incredible ability to track products or assets all the way back to their place of origin, also known as “provenance”, has the ability to save billions of dollars every year. It can streamline supply chains, potentially end piracy across the Media & Entertainment industry, and even save lives when it comes to pharmaceuticals or food and agriculture, through the transparency and traceability that blockchains distributed ledger offers.
In the Media & Entertainment industry alone, some estimate that over $12.5 billion a year is lost to piracy. Whether consumers think about it or not, this greatly affects our economy by costing thousands of people their jobs as studios and networks struggle to make their bottom line, but thankfully with the introduction of blockchain this could soon be an issue of the past.
“No Postage Necessary” will be the first movie to be released with the help of blockchain technology.
BeBop Technology, which is comprised of many longtime Media & Entertainment industry leaders, is well aware of the challenges the industry faces and has already begun to implement Blockchain solutions into our cloud-based post-production platform. This will not only improve the way studios and artists work, allowing them to be more flexible and nimble in their approach, but also provide them with a level of security like no other existing workflow currently does.
But, this is just the beginning, so keep your eyes peeled, because some very exciting things are on the horizon!