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The Impact the Blockchain is Making in the Entertainment Industry

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The rise of the blockchain in recent years has been fascinating, as it has changed the way that we view things like investments and international payments. Yet could its biggest and longest-lasting impact be in the way that the entertainment industry works?

Royalties Can Go Directly to Content Creators by Cutting Out Third Parties

One of the most interesting things about the blockchain is how it allows peer to peer communication and payment. Music is an area where this approach could be particularly useful in the future. Imagine a situation in which you could listen to a new song knowing that the royalties go directly to the artist. With a record £810m in music royalties paid out in the UK in 2019, this is a huge industry where there are over 52 million paid subscriptions to streaming services like Deezer and Amazon Music in the US alone.

Opus is an example of the kind of blockchain-based platform designed to make things fairer in this respect. They state on their website that artists will get 90% of expected revenue, compared to around 20% on conventional streaming platforms. The same idea could be applied to areas such as film-making, TV shows and even books, as content creators can receive the money that their work makes directly.

This could also help to build a stronger bond between consumers and the artists. It would allow content creators to offer special deals directly to their most loyal fans too. Another area where this could make an impact is in sports. In 2020, fans of the Barcelona football club bought over $US 1.3m of virtual tokens to give themselves a bigger say in how the club is run while pumping money directly into Barcelona. The availability of blockchain internship opportunities should see more companies able to call on experts to implement schemes like this in the future.

Bitcoin and Other Tokens Are More Widely Accepted

The use of Bitcoin and other virtual payments has made life a lot easier for us in the last few years. Bitcoin reached a new record number of transactions in December 2017, when growing interest in the token meant a total of close to 500,000 transactions in a single day. While the number has dropped off since then, it is clear that a lot of people are now used to making payments or sending money in this way.

Some of the things that you can pay for online with BTC include internet services such as cloud storage and paying the cost of VPNs like CyberGhost. You can pay directly using Bitcoin on the Xbox and PlayStation networks, and while Steam stopped accepting Bitcoin payments in 2017 due to the volatility and fees involved, you can use other games providers to obtain a Steam key in this way. While some sites offer free Steam keys for free games, you can pay using Bitcoin for games that cost money.

Cryptocurrency payments are also accepted by some online casinos, which can help players to include this as part of their overall money entertainment budget. Beyond that, this isn’t the only change seen in online casinos recently due to changes prompted by technology. Just like cryptocurrencies, live-stream games have seen a similar boom in popularity due to technological advancement that has made such sites easily accessible. For example, the Betway site confirms the presence of live-streamed games many of which can be accessed anywhere from PC or mobile with real human dealers. Titles such as Live Mega Roulette, Live Baccarat and Live Dragon Tiger offer a variety of ways of playing with a human dealer. These games are combined with more traditional slots for a varied casino experience.

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Smart Contracts Make Payments More Transparent

We are now spending more on entertainment services than ever before. Between the likes of games, music and movies, this has become a hugely important part of the global economy, as we can see in the fact that American entertainment companies spent more than $US 120 billion on original content in 2019. Meanwhile, the Digital Entertainment Group pointed out that the $US 26.5 billion spent on digital entertainment in 2020 was over 32% greater than the total from the year before.

All of this means that a huge volume of money is being spent every day on these different forms of entertainment. This is why the transparency that comes with the blockchain can be beneficial. Every single transaction that is made is recorded on the blockchain, where it will remain and can’t be altered. The increase in the popularity of blockchain training in Chennai and elsewhere helps to reveal how important this technology is becoming.

This allows consumers to make purchases and companies to offer services with complete confidence. According to Valuates Reports, the smart contracts market is expected to reach as high as USD 345.4 million by the time 2026 comes along, with a CAGG of over 18% from 2021 onwards driving this increase. To get started, you can buy Bitcoin on exchanges like Binance.

All of these factors help to explain why so many people believe that the blockchain will carry on growing until it becomes ever more important in the global entertainment industry and for students looking to get started on a new career. Certainly, all the signs are that the next few years show see its growth rate continue to be as impressive as it has been lately

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Bitcoin

Bitcoin not the best for the Web – But Blockchain is

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Bitcoin and the technology behind it is as much a fantasy as a reality. It’s a borderless, decentralised currency that operates on an incorruptible ledger – the blockchain.

bitcoin

For all the wonders it has done for the popularity of cryptocurrency around the world, the case for using bitcoin in business is an increasingly difficult one to defend. Its infamous volatility, a limited number of possible coins, and painful transaction costs could soon spell problems for companies invested in the original cryptocurrency, although it still has major supporters as Forbes covered recently.

Access to Markets

Thanks to the internet, businesses are global almost from the point of inception. The major barriers to this position are often things like postage costs and import/export taxes rather than access to foreign markets. Even personal endeavours, like those on Etsy and eBay, sell to clients overseas. However, businesses with a small physical footprint, such as entertainment sites, have arguably benefitted the most from the internet’s vast reach.

While it’s likely a coincidence, what many of these companies have in common is that they don’t accept Bitcoin. For example, Amazon and Netflix have both shunned the cryptocurrency, while gaming site William Hill relies on a mix of traditional and high-tech options like Visa, MasterCard, and Skrill for deposits and withdrawals. The latter site has also expanded into 13 countries using these payment methods, a situation that emphasises the versatility of non-crypto options.

Digital Possessions

It’s worth noting that, while Bitcoin cannot exist without the blockchain, the reverse is not true. The latter technology provides a number of benefits that simply cannot be replicated by related software and hardware. Sticking with entertainment, the recent growth in NFTs for sale – digital possessions like videos and albums stored in the blockchain – potentially points to a change in how the ownership of assets could change in the future.

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BlockChain

The Best New Careers in Technology

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The latest advances in technology benefit our lives and careers in many ways. Perhaps the most interesting aspect of living in such exciting times is that the technology-related jobs market is constantly evolving to reflect the new opportunities that arise.

What are some of the best new careers in technology that simply didn’t exist in the past or that have become far more widespread than before? The following are some of the jobs that have become far more common and seem certain to carry on growing in the near future.

 

blockchain engineer

Source: Pixabay

Blockchain Engineer/Developer

This new industry has exploded in popularity in the last few years. Research carried out by The Block in 2019 showed that over 40% of people working in the blockchain industry were employed by crypto exchanges. However, many banks, governments, and other organisations are also starting to use this type of cutting-edge technology to improve their processes.

There is a variety of types of roles in the industry, with blockchain engineer one of the most appealing. This is a job that involves creating or improving blockchain applications, with some of the main skills needed being web development, data architecture, and a cryptography background. One of the most interesting aspects of the blockchain industry just now is the lack of skilled workers ready to take on the growing number of roles becoming available.

This is why blockchain training has become such a hot subject lately, and why it is one of the best-paying roles in the technology world.  Reports of the average UK salary vary, with a figure of around £50,000 most commonly stated. In the US, a salary of $150,000 upwards is quoted as the average.

Data Scientist

This is a job that involves bringing together and then analysing huge volumes of data, to improve the company’s decision making. It requires a variety of skills, such as data visualisation, statistics, reporting, data mining, and communication. The overall aim is to gain valuable insights through a better understanding of large quantities of data.

The reason that this role has come to the fore in recent times is that many businesses have identified the power and importance of workers with knowledge of big data in the modern business world. The role of data has grown enormously in the last few years, as more sophisticated ways have been found to use it wisely.

The top country in terms of numbers of data scientists being recruited is the US, followed by India in second place. This means that the average salary on offer in these countries is steadily increasing. Most major companies now have data scientists working for them, while even more modestly-sized firms can see benefits from doing this.

Game Developer

The huge scale of the gaming industry can be seen in the fact that a 12% compound annual growth rate is expected between 2020 and 2025. The increasing importance of virtual reality and the blockchain are a couple of the main reasons why this is such a vibrant industry. In terms of video games, there are top companies located all over the world, such as Nintendo in Japan, Valve in the US, and Ubisoft in France.

In 2017, it was noted that about 2,500 companies in this industry directly or indirectly supported 220,000 jobs in the US. Another area with interesting prospects is the casino games industry, with the online gambling market predicted to grow from $US58.9 billion in 2019 to over $66.5 billion in 2020 according to ResearchandMarkets.

The VegasSlotsOnline site shows that top slots developers include names such as IGT, Bally, Playtech, and Red Tiger. It is noted that they each have their brand style and create many new games each year. Some of these firms are based in the UK, the US, and Malta, while other locations for the biggest companies in this industry include Sweden, Costa Rica, and Estonia. As such, the location shouldn’t be a limiting factor.

data scientist

data scientist

Source: Pixabay

Platform Engineer

There is currently some debate over whether platform engineer is a completely new type of role, or if it is simply the type of job previously carried out by site reliability engineers in an infrastructure team. The truth is that it doesn’t particularly matter, as it remains a highly attractive and challenging job with excellent salary prospects all over the world.

Part of the reason for the lack of clarity mentioned earlier is that there are differing opinions on what these people do. The general scope of this role is to make it easier for end-users to get hold of the software the company provides, but the exact duties can vary widely according to the specific needs of each company.

This can mean that the platform engineers control how they shift over to a new system, or how they roll out a new application to their customer base. As with all of these roles, the experience and skills required by employers will vary according to their needs, but programming, research, and communication are three of the key areas to expect in just about any position of this type.

As the business world continues to take advantage of the latest types of technology, we can look forward to more exciting opportunities, such as those above, appearing all over the planet.

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