Despite blockchain’s origins in the financial sector as the technological foundation for Bitcoin, it is now being tested in various industries for its potential to securely and independently manage and improve other digital systems and processes. Several sectors, including healthcare, supply chain management, retail and aviation, among many others, are set to be shaken by this decentralized technology.
There is a significant amount of untapped potential for the implementation of blockchain technology in a variety of settings across a wide range of sectors. Blockchain is a distributed and open ledger that records transactions between participants and eliminates the need for third-party intermediaries.
Because of this, blockchain technology can be used in a wide variety of contexts, and when used by companies for large-scale operations, it becomes enterprise blockchain. To emphasize the importance of enterprise blockchain in many sectors, SmartLedger, one of the world’s top blockchain distribution channels, hosted an exclusive educational luncheon as part of the Southern California Blockchain Summit.
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“The key that’s most important to me is that we start to differentiate between crypto (assets) and blockchain. I think that’s the key to understanding that blockchain technology is the extremely disruptive part of the crypto side,” Shawn Ryan, co. -founder and CEO of SmartLedger, said.
“So, I think the most important and important takeaway from today is that the underlying technology is secure, scalable, cost-effective, and it can pretty much disrupt any industry,” Ryan added.
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SmartLedger partnered with Switzerland-based Bitcoin Association, a global industry group promoting BSV Blockchain adoption worldwide. The unlimited scalability of the BSV blockchain makes it suitable for enterprise platforms that require larger blocks, high transaction rates, and cheap and predictable fees. The powerful technology enables micropayments, smart contracts, tokenization, IoT device management, computing and more.
With its wide range of possibilities, enterprise blockchain is now also being used in the creative industry. Leveraged to automate contract execution without intermediaries or waste of time, smart contracts, which are blockchain-based computer programs that run when specific conditions are met, can be used to fairly distribute profits and manage intellectual property rights. With this, smart contracts can replace traditional contracts, which can give creatives little control over how their work is marketed and sold.
Authors, composers and performers can also arrange royalties to be more egalitarian. A smart contract is attached to each musician’s uploaded song, allowing the service to share revenue fairly. Smart contracts can also perform pre-programmed activities and fulfill contractual obligations, as well as handle expense reimbursement, compensation and profit distribution.
In addition, enterprise blockchain can also be used to set up peer-to-peer transactions that are open to everyone through a public ledger. All the transactions made for a creative work could be seen and verified, including who accessed the work and how much money it is making at any given time. This will give everyone a better overview of how much the creative work is worth as a whole.
The effects of enterprise blockchain on the arts and entertainment industry are still in their infancy. However, companies that are quick to innovate will greatly benefit from early adoption and help foster a new level of collaboration and trust in the industry.
Register for the London Blockchain Conference, which will take place from 31 May to 2 June at the Queen Elizabeth II Centre, to learn more about exactly what enterprise blockchain can accomplish.
Image taken from Shuttertock
This post was written by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. This content contains sponsored advertising content and is for informational purposes only and is not intended to be investment advice. Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose. New token launches and coins with small market capitalization are inherently riskier than cryptocurrencies with large capitalizations. These tokens are subject to greater liquidity and market risk.
