Enforcing accountability in media. How blockchain technology can work for media and entertainment

Consider blockchain in the media and entertainment industries.

• The industry's digital revolution paved the way for new players and new business models. According to Jodeler, new rules may be established for how data is disclosed and shared, as well as how costs and benefits are assessed.
• Blockchains have the potential to increase openness and confidence in the M&E business.
• Blockchains might assist M&E firms in operating much more efficiently inside their corporate networks.
• Consensus, provenance, immutability, and finality are all supported by blockchains. 
• They also help to improve data quality, boost confidence, and reduce or eliminate conflicts.
• The technology's primary qualities include ease, precision, and ingenuity.

The perspectives of M&E executives on blockchain

According to the M&E study, blockchains will help cut transaction costs and improve data integrity. Advertisers and publishers are still concerned about digital ad fraud. According to 62 M&E respondents, collaborating is critical to moving forward with blockchain technology.

We believe that blockchain will have the largest influence on businesses in three areas:

• Improving media supply chain processes: Blockchain is being used largely to increase supply chain efficiency, both internally and with external parties.
• Developing blockchain-based services and income streams: Developing a blockchain-based digital advertising platform
• Enabling additional functionality and value-added digital services based on blockchain: Creating a partner federation and an efficient advertising exchange.

Improving the media supply chain's processes

• Smart contracts on the blockchain allow M&E businesses to simplify many elements of their operations.
• This increases their cost-effectiveness and speed, as well as their reliability, scalability, and transparency.
• It is most likely to have the biggest influence on the foundation processes of the industry.

Developing blockchain-based services and income streams

• Blockchain technology may be leveraged to provide new features and differentiate value-added digital services. Micropayments, for example, can enhance income from low-cost material such as individual song tracks, articles, or photographs.
• Content distribution, content revenue assurance, and haiku are some of the other topics that may be explored.
• Content distribution, content revenue assurance, and client data processing are all possible sectors.

Creating a digital advertising platform based on blockchain

• Many intermediaries now dominate the advertising supply chain, at the expense of brands, advertisers, and publications.
• Advertisers, businesses, and publishers must stand up to the internet giants' monopoly and the plethora of intermediaries in the digital advertising arena.

Real-time bidding exchange using “blind matches”

• Because it enables transparency, data privacy, and trust throughout the ecosystem, blockchain functions as a facilitator of such a platform play.
• Unlike the existing dominating platforms, it gives all parties participating in the platform accessible, trustworthy, and transparent access to relevant and validated data.

The following is how a blockchain-enabled trading platform might tackle the problem:

• Advertisers provide demand and media strategies, while publishers submit supply with customer names concealed.
• Data are pooled into a communal exchange, and AI uses predictive algorithms to group viewers. Without individual actors viewing private data supplied by each partner, in-flight ads are improved utilizing pooled data sets.
• Participants in smart contracts are compensated according to agreed-upon terms.

We propose taking the following basic actions to start reaping the benefits of blockchains:

• Spend time with a blockchain lead partner to learn about business models and technology, as well as early use cases, proof points, and new solutions.

• Examine the current state of blockchain technology, the different blockchain providers and the variations in their technological and policy approaches, and the extent to which standards and laws are – or will be – successful across nations and types of corporate activities.

• Invest in brainstorming future prospects, such as identifying places where blockchain may be beneficial.