Could Blockchain Technology Fix The Problems In The Media?

Blockchain technology proved to be among the best inventions that the world has ever seen. From financial institutions to the military sector, the blockchain can be used in a ridiculously large amount of areas so why not the media as well. The main question is, whether this technology can help make the media more independent and transparent or contribute to a greater freedom of speech.

As with any technology, we would be foolish to believe that this too a flawless one and also we can’t expect for it to solve all the possible problems that the media faces. Despite most media giants being interested in this technology (Facebook, Warner Bros etc.), they don’t claim that this is remotely possible. Media giants such as these want to solve these issues and thus help develop this technology even further.

Big corporations have a lot of institutional problems when they decide to adopt a new technology. This is why this technology works best for small startups and businesses because they don’t waste any time. For example, Comcast is investing in blockchain startups millions of dollars, and also they work on a platform to enable a platform for data exchange in the United States for media companies. Warner Music is trying to implement blockchain technology in order to easily manage its assets. Of course, the next logical music media giant, Spotify saw the opportunity and showed interest in the application of blockchain technology in the music industry.

This technology will help media to have a better, cost-effective way of functioning and will also help protect content rights. Users could earn tokens for sharing and commenting on any type of content and the tokens will later be used to purchase other content.