Blockchain, having distributed ledgers, which maintains list of transaction records across different computers, connected in peer to peer networks, find its application in several industries. The peer to peer network makes the chain secure and saves time and money. Healthcare, pharma, banking, jewelries etc. are few of the industries, implementing blockchain technology. One of the best use case of blockchain technology in media industry is Mediachain.
Across various fields, writers, photographers and musicians, face several problems like- lack the ability to prove and protect ownership of their works and ideas etc. Blockchain technology provides an antidote for this challenge, and ensures that the artists get their deserved pays.
Mediachain is a peer-to-peer, decentralized database for sharing information across applications and organizations. It is an innovative start up founded in 2016, leverages the blockchain technology, allows digital creators to attach their work and timestamp to blockchain and store it with the InterPlanetary File System (IPFS), a distributed file system having features of blockchain technology. Using content addressing, data is tamper-proof and decentralized, enabling location-independent collaboration with no central point of control.
Mediachain transitions the traditional business model as the transaction happens between the user and the artists, and eliminating third parties like publishers, agents, banks etc. The transactions are recorded in the etherium blockchain.
In 2017, Mediachain was acquired by Spotify.