From fast transactions to tracking credits in real-time, Canada is growing to become one of the leading players in blockchain technology. And analysts are describing it as the most widespread application. Describing cryptocurrencies such as Bitcoin as the most effective financial technology there is. For most, it is the decentralization of the technology that makes it more appealing, and for others, it’s the privacy, safety, and speed of transactions. However, instead of the financial sector, it is Canada’s entertainment industry that is showing potential for blockchain.
A Completely New Way To Conduct Business
Although a lot of producers and creatives may at first think that cryptos and blockchain is not a thing for the entertainment industry, studies from other countries and Canada has shown otherwise. According to research conducted by Cambridge University, over 8% of the application of blockchain is focused on entertainment, media, and gaming. This is the same result that was indicated by this study for those in the healthcare industry.
One reason why blockchain has proven fruitful in the entertainment field is that it eliminates the aspect of the use of an intermediary or any middleman. In the entertainment industry, blockchain is used for micropayments, automated billing, settlement of royalty payments, copyright tracking, and simplification right management. However, blockchain represents a totally new way of doing business, causing a lot of buzz in the industry, although it is only just evolving at this point. It has made transactions a lot easier to the point that instead of paper, people, and offices, transactions are fully automated and can be verified in real-time. This doesn’t imply that no one is in control of it, but rather that no single individual or organization, holds control over it.
The gambling industry is one of those sectors where blockchain is excelling. According to a statement made by the governor of Canada’s central bank to CNBC, Bitcoin is the heart of gambling in the country. There are a lot of online Bitcoin casinos emerging on a daily basis that by default accept major cryptos such as Bitcoin, Ethereum, Litecoin, Dogecoin, and a whole lot more for transactions, although these businesses still accept fiat payments. And as crypto gambling in Canada gains a foothold, players continuously find it very convenient to gamble using cryptos because it is private, safe, and secure to use.
Cutting Out The Middleman
With other forms of payment, there is value, and there are costs, and a lot of participants in the entertainment industry increasingly wonder if the fees for middlemen are worth it or not. And blockchain has proven to be the ultimate solution to any of such worries where contracts and transactions are completed very fast, with just a set of codes that are automatically generated but are very trusted, making the use of middlemen obsolete, saving entertainers additional cost.
With regards to the entertainment industry, a smart contract could mean that payment to all participants in the supply chain is done on time and fast, without any commissions or additional fees. Christine McGlade, during the Canadian Screen Week, made a statement about how important it is for the Canadian entertainment industry to be more value-oriented, than for money. In this case, if productions are profitable, budgetary items such as deferrals and contributions in-kind will become revenue flow.
Blockchain Solutions For The Canadian Entertainment Industry
Blockchain is fatly becoming a major development in the Canadian entertainment industry, with ventures such as Toronto’s Blockchain Research Institute (BRI), Vancouver’s BC Blockchain, and Montreal’s Blockchain Forum that brings start-ups together, with companies in the private sector like Accenture, and IBM, and many levels of the administration to set up a solid foundation for this new development.
Although Blockchain is a tool of the financial sector and its potential is supposed to be more in finance, many studies show that the entertainment industry in Canada is taking the lead when it comes to the blockchain instead of the financial sector.