Blockchain ushered in Web 3.0, the sequel to the complex World Wide Web. As the popularity and adoption of blockchain has grown, there has been a record of heavy investment in blockchain and the resulting asset classes such as cryptocurrencies and NFTs. This surge of investment did not escape the big names in Hollywood. Shawn Mendes, Snoop Dogg, Floyd Mayweather, Jim Carrey, Paris Hilton, Eminem, etc. Invest in blockchain-powered asset classes.
The financial industry is arguably the largest industry Adopters of blockchain technology, everyone from private financial companies to central banks across nations are adapting their processes to integrate blockchain. But blockchain has potential and can be adapted to any industry.
Deepak Thaplyyal is CEO of Chain, a company dedicated to institutionalizing blockchain. “Blockchain is undoubtedly the future of mainstream finance, but it has many uses beyond monetary transactions,” he says Thaplyal. “To get the most out of blockchain, you have to scale down, not up.”
Hollywood data threat is hurting the industry
From hacking unpublished content to extorting production funds, security breaches in Hollywood are more common than some might think.Major production studios and companies such as Disney, Sony, and Netflix
One reason for this is that Hollywood production houses prefer to outsource much of their work to vendors, fighting to deliver the highest quality results at competitively low prices. From creating compelling, eye-catching trailers to top-notch editing and his 3D visual effects, work from Hollywood’s biggest studios is often the lifeblood of these vendors and a big boost to their portfolios. increase.
Thaplyyal reveals that the regular exchange of sensitive information between studios and vendors exposes huge cybersecurity loopholes, especially on the vendor side. “These third-party production companies often do not have as robust network security measures as the big studios, and hackers know this, so they typically attack these vendors to extract unpublished sensitive content. and release it on a torrent site or demand a ransom from the studio.In either case, such a hack would result in huge financial losses for the studio.”
This sentiment is especially consistent with the Disney and Netflix hacks. Netflix orange is the new black, and Disney’s Pirates of the Caribbean Both sequels were hacks that occurred at post-production facilities, and there have been numerous hack attempts at major studios over the years, all the way back to the Sony Pictures hack in 2014. rice field.
“In entertainment, an unscheduled early release of a movie or documentary could set off the weekend box office forecast by more than $15 million. This is the world of guaranteed data security across a given supply chain.” Thaplyyal’s Chain has been working with the giant NASDAQ
Blockchain as a Solution; Only Small
Blockchain technology uses a “power of numbers” approach to security. Its decentralized ideology means that records on the blockchain are immutable, as records of every transaction on the chain exist across hundreds of thousands of devices in a linked peer-to-peer network. Blockchain is anonymous, open source, and permissionless, giving users complete freedom to conduct transactions securely and anonymously. But it also allows users to perform malicious activities on the network, much like ransomware used Bitcoin.
Thaplyyal does not believe that this iteration of blockchain is a one-size-fits-all solution for securing data and financial transactions.According to him, “Public blockchains like Ethereum
A private blockchain has no public access, no public miners, and users are not anonymous. “It may sound counterproductive for us to advocate for the adoption of private blockchains, especially since on the surface it seems to go against the basic principles of security, privacy protection and transparency.” he admits Thapliyal. “But it’s not.”
The main difference between customized and public blockchains is the level of access. Companies and institutions need to keep sensitive corporate and customer information safe at all times, and it doesn’t make much business sense to leave it at the mercy of a public blockchain.
“In any major commercial transaction, the identities of all parties must be known, transactions must be verified by a trusted and trusted central authority, and traceable across the network. , transaction records are also distributed across blocks within a private network, and cannot be manipulated by any party.When none of the parties are anonymous, it helps build trust and foster strong partnerships. We operate under different policies and have different client needs, so we need a regulated blockchain developed to accommodate those needs and adhere to our policies and spirit.”
There is also a debate about efficiencies between private and public blockchains. Mining on public blockchains is an extreme sport in terms of energy consumption. For example, 1 second is enough to complete about 7 Bitcoin transactions. The speed is caused by too many users initiating too many transactions on the public blockchain. Just compare this to the transaction speed of private blockchains like Hyperledge and Ripple. They can process and validate thousands of transactions per second. Fees and energy costs of private blockchains will also be significantly reduced, allowing businesses to create their own tokens and digital goods, conduct financial transactions, transfer sensitive documents, and control their own security parameters in a manner consistent with their best interests. can be constructed.
Once custom blockchain adoption becomes mainstream, not only will it help Hollywood curb piracy and hacking problems, the economic gains could be disruptive on a global scale.
https://www.forbes.com/sites/joshwilson/2022/10/15/financing-entertainment-of-the-future-should-hollywood-have-its-own-blockchain/ Should Hollywood Have Its Own Blockchain?