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A Primer for the Entertainment Industry on the Use of Blockchain Technology

By Emile Loza de Siles

Many entertainment industry artists and creators believed that the rise of digital content distribution would result in more direct and accurate financial accountings. But the complexities only increased. Still, content creators hopes were raised recently when DotBlockchain Music announced its partnership — for an open source, cryptocurrency method of tracking income — with the independent music distributor CD Baby, digital rights firm FUGA and Canadian performance rights organization SOCAN. Hollywood producers also see digital cryptocurrency as a fundraising avenue with significant potential to get projects off the ground.

With that in mind, this article familiarizes lawyers with cryptocurrency and, particularly, the enabling blockchain technology, methodologies and systems. It also introduces blockchain's current and future uses, and points to resources to learn more about this profoundly disruptive and promising collection of technological advancements.

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