Mohammad Mahdi Mowlaei; Seddigheh Sakhaei
Abstract
Abstract
One of the emerging technologies that has significantly impacted our lifestyle over the past decade is blockchain technology, which enables a revolution in the way society ...
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Abstract
One of the emerging technologies that has significantly impacted our lifestyle over the past decade is blockchain technology, which enables a revolution in the way society conducts business and interacts. Blockchain is a distributed peer-to-peer database that facilitates the decentralization of systems, ensuring the distribution and storage of data and transactions. This technology holds great potential for development in the media and entertainment industry, which can be transformed by it. These transformations encompass mechanisms of production, content verification, digital rights management, as well as issues of censorship and user security. Current studies on this topic are still in the early stages. Among the benefits that can be attributed to blockchain are the creation of transparency, the establishment of financial facilitation platforms, the elimination of intermediaries, increased trust and security, decentralization, and immutability. In this research, the environmental scanning method was used to identify the applications of blockchain in the media and entertainment industry from a futures studies perspective. As a result of analyzing the obtained themes, twelve applications of blockchain in the media and entertainment industry were identified, which include the following: 1. Combating fake news and rumors; 2. Eliminating advertising bots; 3. Ensuring the free flow of information; 4. Addressing plagiarism; 5. Enhancing user security; 6. Facilitating crowdfunding; 7. Removing intermediaries in the media industry; 8. Enabling international financial transactions; 9. Audience authentication; 10. Realizing metaverse ideas; 11. Creating social media platform infrastructure; 12. Enhancing audience loyalty through fan tokens.
Extended Abstract:
Introduction
One of the emerging technologies that have had a great impact on our digital life in the last decade is called blockchain technology, which provides the possibility of creating a revolution in the way of business and social interaction. Blockchain is a distributed peer-to-peer database that provides the technology to decentralize systems, ensuring the distribution and storage of data and transactions. This technology has great potential for development in the media and entertainment industry and will bring transformation in this industry. These developments include production mechanisms, content assurance, digital rights management, and discussions of censorship and user security. Among the advantages that can be described for blockchain are transparency, financial facilitation platforms, elimination of middlemen, increased trust and security, decentralization and non-manipulation.
Methodology
Using several methods, this research aims to study the future of blockchain in the media and entertainment industry. It identifies potential blockchain applications by examining global studies, literature, and news from a specific period.
To analyze the news, we first selected four popular websites in a targeted manner. Related news was searched over a three-year period (2019 to 2022). After an initial evaluation of these four websites, due to duplicate news and existing restrictions in Iran for fully accessing the content of the other selected sites, only Cointelegraph.com was ultimately chosen as the reference site. Related news was searched using keywords in the media and entertainment sections. News with technical and specialized topics were removed, and the remaining news was subjected to content analysis. In this way, 320 news items were examined for the keywords considered in the media and entertainment sections. After removing the technical and specialized news related to media topics, 75 news items remained. Thematic analysis was then performed on these media contents as well as on related scientific articles and reports.
Results
As a result, twelve applications were identified in the media and entertainment industry, which include: 1. Combating fake news and rumors; 2. Removing advertising bots; 3. Ensuring the free circulation of information; 4. Addressing plagiarism; 5. Improving user security; 6. Facilitating crowdfunding; 7. Eliminating intermediaries in the media industry; 8. Enabling international financial exchange; 9. Audience authentication; 10. Realizing metaverse concepts; 11. A platform for creating social media; 12. Improving audience loyalty through fan tokens.
The analysis of news articles reveals that combating fake news is currently the most prominent application of blockchain in the media and entertainment industry, surpassing other potential uses. Conversely, improving user security and enabling international financial exchange have received the least attention, followed closely by authentication and facilitating crowdfunding. This suggests the industry prioritizes truthfulness and credibility but may be underutilizing blockchain's potential for secure transactions and authentication protocols. Further research is needed to explore these underdeveloped applications and optimize blockchain's capabilities in the media and entertainment sector.
Conclusion
Blockchain, as a new technology, has great potential to transform various fields, including the media and entertainment industry. The diffusion of innovation theory helps to further understand the subject, showing that new technologies are adopted by different groups at different stages. In the case of blockchain in this industry, early adopters may be content creators seeking greater control over their work and increased revenue streams. Over time, more people are likely to use blockchain-based platforms to create and distribute content. Blockchain has the potential to revolutionize the media and entertainment industry by enabling greater collaboration among creators, distributors, and audiences while reducing reliance on centralized intermediaries. As adoption increases, new business models may emerge—models that provide better services to all stakeholders in this ecosystem.
The findings of the research, which are the applications of blockchain in media and entertainment, can be grouped into three categories based on their current stage of realization. First, identifying applications that have already been implemented in a practical and technical manner. Second, identifying applications that are currently in a practical and technical experimental stage globally and are likely to expand further in the future. Third, identifying applications that have not yet been practically and technically tested worldwide, where only research has been conducted. It is expected that these applications will first be implemented on a trial basis, with full implementation anticipated within the next ten years.
