Blockchain is a technology that is generating significant interest within the video industry. This paper outlines the steps being made in applying this technology to the video value chain.
It starts with an introduction to the basics of blockchain and then discusses two potential revolutionary use cases for blockchain in the video industry. The most radical application could be in significantly redrawing the distribution part of the video value chain, but a more imminent application is in addressing many of the key problems associated with video rights licensing.
While blockchain-based solutions are already being developed for video rights, the most utility will be gained from major industry players working together and coalescing around one global rights blockchain, which will benefit the industry as a whole (and individual media companies) to a far higher extent than any collection of point blockchain rights solutions ever could.
For the general public, blockchain is associated primarily with Bitcoin and the wild frontiers of cryptocurrencies, but there are numerous articles and academic papers that tip blockchain technology to profoundly disrupt many industries over the next decade.
Some go further – Heltzel argues that in the next two years blockchain will “become the disruptive standard in modern commerce”, while Krause cites a Gartner estimate that blockchain delivered $4bn in business value-add or technology innovation in 2017, with that number forecast to grow to $21bn by 2020 and $3.1 trillion by 2030.
Blockchain is also starting to generate significant interest within the video industry, and this paper outlines the steps being made in applying the technology to the video value chain. It starts with an introduction to the basics of Blockchain and then talks about two potential revolutionary use cases for the technology in the video industry.