I converse with Chatgpt both for research and to improve my work. ChatGpt modified this article quality to enhance its contents. Adding a little bit of more information for AdiTech readers. I urge everyone who comes across this piece to take time in checking it out. Knowing it clearly affects creators especially here in Africa and some parts of the world still unseen. Actors, actresses, writers, musicians, producers, editors and so on. For the work we put in our loving time and efforts into we clearly deserve what we deserve.
The real insurance
Blockchain technology has truly transformed royalty distribution for the creative industry. In Africa, creators go undiscovered for long. Most of the time due to their low quality work, Some of the time it’s due to other circumstances. These circumstances includes distribution of the art. Sometimes deprived from getting to the right audience. These include artists in the music industry, writers and other creative minds from different creative industries. Issues tackled by Blockchain and it’s innovative techniques of operation and distribution .
Why this has Happened
Due to the lack of proper channels not set up for artists and creators in the past. Some creators feel drawn away from their art. Some are drawn to other activities unidentifiable to them still. But all this has happened for reasons which blockchain has fixed. This article explains why it is necessary to support adption of digital innovations. The article highlights the importance of investments, especially those operating under the blockchain industry. I encourage the idea of blockchain royalty generation and distribution with creators in mind. A technology that focuses on the transparent way of distributing generated revenues. Blockchain technology can track activities and engagements on the internet. It records reads for books or articles. It also tracks views if itās about graphical images or videos created. All this data tracked is being converted and distributed with the right setup.
Ever think of the Issues in Traditional Techniques ?
1- Unclear Process of generation and distribution
Knowing how rapid the different creative industry has grown in Africa. Not excluding other parts of the world of course. The point is creators struggle with issues that lead to not just generating revenues. They also have to struggle with fair distribution of the revenues generated. Although we can never disregard the traditional techniques of revenue generation and distribution. But truly blockchainās technique obviously stands out. Cause at this point i would say the idea is to leverage Innovative techniques and technologies for Business growth.
Besides, a lot of artists and creators believe it has become a way to make things transparent. Although this change has occurred since the introduction of digital currency to the creative industries. Not to talk of the space available to a large number of participants. But a lot of industries still withhold adopting a technique such as this.
2- Long list of intermediaries involved
My findings came back with t raditional models of royalty distribution filled with unclear processes. They often result in creators receiving only a fraction of what they are due. I think the development of Blockchain technology has helped significantly. With more involvement of investors and improved development by developers, we have embarked on an impactful journey. This journey is redefining the future approach of compensating artists and creators for their work.
Under the traditional method of royalty generation and distribution, these intermediaries include publishers and record labels in the creative industry. These entities track how often contents are accessed or played for by users using their traditional methods. They track these datas from different platforms, whether itās streaming services, radio, or live performances. However, the process is often slow, complex along the way. Moreover, the lack of transparency means that creators and artists rarely see how their royalties are calculated. This situation leads to dissatisfaction not just on one party.
Ideas gotten from Researching Blockchain and Defi technology
This research and information hunt has thought me to see how much solution these challenges require. Enabling a decentralized and transparent system for tracking views on written content is an amazing idea. Tracking the number of plays on music or video platforms is also innovative. This helps in distributing royalties effectively. It’s exciting to consider how invested the future will be for creators.
What makes the Blockchain technique really insured
Blockchain creates an immutable ledger. Keeping every play or view of a song video, or written piece tracked in real time. This means that once a song is played, the information is permanently recorded on the blockchain. When an article or book is accessed online after publication, every single view is recorded. This ensures accurate accounting of interactions.
Smart Contracts
Smart contracts are self executing contracts. They are contracts directly written into code to be executed on the blockchain. They can automatically distribute royalties based on the defined terms. For instance, if a song is streamed multiple times on a platform, the smart contract will automatically calculate the earnings. It will then distribute them to all stakeholders. These stakeholders can be artists, producers, directors, or songwriters. Similarly, if a book or article is viewed a certain number of times, it would involve writers, editors, or publishers. This distribution is based on the agreed upon percentages. The idea is Blockchain Solving the Issues of this business with new techniques.
Reducing Intermediaries
By using blockchain, creators and artists can reduce any or many traditional intermediaries. This reduction allows for a more direct relationship with audience. Speeding up processes that involve hands input and time consumption. It ensures all parties involved in any business of art and creation, gets a fair share. Mostly of the revenue generated from their work.
Global Reach
Blockchain operates on a global scale, which is particularly beneficial for everyone around the globe. This article was put together in reference to African creators and artists who want to reach an international audience.
With blockchain technology, creators easily generate through distribution platforms. For all industries up and coming blockchain integration is necessary . Industries like the music industry.An example is Audiomack and Spotify for creators in music industry. For writers and editors, platforms like Medium, Patreon, and others are used. Additionally, YouTube serves video directors and producers. Everyone can receive payments in digital currencies. Easily convertible and accessible to local currencies. Some might face other issues but everything related to cross border payments and currency conversion would be clear.
RealWorld Examples from Streaming service
Listed above are several platforms already utilizing blockchain to address the inefficiencies in the creative industry. Audius App is a decentralized music streaming platform also. It allows artists to upload their music directly to the platform. They get paid instantly with no intermediaries involved. Ujo Music App is another platform. It uses blockchain to create a transparent music ecosystem. This allows artists to track the use of their content. They can also manage their rights and royalties efficiently.
This Innovative Technique from Block chain has had Impact on African Artists
For African artists, the adoption of blockchain technique has been a game changer. It has empowered individuals, creators, and artists to take control of their art. Blockchain technology involvement in the creative industry gives creators lots of push. They know that their revenue is generated and distributed based on agreeable terms. Sometimes the agreement happens without their presence but it always works on agreeable terms. By fully embracing blockchain, African creators secure their financial future. Blockchain technology contributes to the broader movement towards a more transparent global creative industry. A few researchers, mostly freelancers, work with AdiTech. They explore the latest developments on blockchain. They also study decentralized finance technology. This effort keeps AdiTech readers up to date on the innovations coming to light.
My conclusive thoughts on blockchain and deFi technology
Blockchain is driving this innovation in royalty generation and distribution within the creative industry. It plays a major role in this transformation. Although, the idea of its potential, disrupts partially the traditional models which cannot be ignored. For African artists and creators, this technology offers chance to solve long standing issues related to royalty distribution. It helps establish a more sustainable and transparent career in the creative industry. By adopting blockchain, African creators can make sure their creative contributions are recognized. Mostly to be fairly compensated. The truth is this creates a path towards a more transparent and innovative ecosystem.
I encourage industries across the board to pursue integration and actively upgrade existing traditional techniques.
The scientific community, should pay close attention to the rise of Decentralized Science (DeSci). Coming to light of course, a transformative technique that integrates and upgrades the job being done. Adjusting the systems and opening the doors to greater transparency, collaboration, and innovation.
Decentralized science, or DeSci, is a movement toward conducting and completing research in a more open and decentralized manner. All this with thoughts to expand data and collaboration beyond what it traditionally. The idea is so to reach a wider audience on both giving and acquisition of knowledge. Hit the comments section if you have any questions.
Amazing piece