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A Primer for the Entertainment Industry on the Use of Blockchain Technology
Many entertainment industry artists and creators believed that the rise of digital content distribution would result in more direct and accurate financial accountings. But the complexities only increased. Still, content creators hopes were raised recently when DotBlockchain Music announced its partnership — for an open source, cryptocurrency method of tracking income — with the independent music distributor CD Baby, digital rights firm FUGA and Canadian performance rights organization SOCAN. Hollywood producers also see digital cryptocurrency as a fundraising avenue with significant potential to get projects off the ground.
With that in mind, this article familiarizes lawyers with cryptocurrency and, particularly, the enabling blockchain technology, methodologies and systems. It also introduces blockchain's current and future uses, and points to resources to learn more about this profoundly disruptive and promising collection of technological advancements.
Bitcoin and other cryptocurrency transactions depend upon the transactional trust enabled by blockchain, a distributed system using open source digital protocols with cryptographic security, and the operation of a distributed shared ledger within which chains of blocks of data from individual transactions are analyzed or “mined” for validity. Uses of the term “blockchain” range to include and reach beyond its technical reference to these chains of data blocks. Collectively, blockchain is the technology that enables peer-to-peer (P2P) payment to occur between individuals or companies without the involvement of a bank or other trusted intermediary. The use of blockchain and blockchain-leveraging systems is fueling these P2P financial exchanges and is beginning to enable so-called “smart contracts” and a host of other transactions, innovations and industries well beyond the financial sector.
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