Hey everyone, welcome back to the course. Till now we have seen some of the use cases in the finance and healthcare sectors. There are many more industries where blockchain can be efficient. One of the places where blockchain can be disruptive is the media and entertainment industry. Let's see some of the problems and use cases for the media and entertainment industry. The major problem throughout media and entertainment industry is piracy.
Media created for human consumption can be easily captured and duplicated. We have seen many different websites sharing duplicate content for music and videos. The piracy of media content causes monetary loss to the content creators. A probable solution to avoid piracy is a blockchain based media tracking technology. Where each media is assigned a unique ID. The blockchain may also employ tokens for the consumption of content.
This will enable microtransactions. And we only pay for the content we consume, compared to Netflix or Amazon Prime, where we pay subscription fees per month. A smart contract can also be initiated for the copyrights, where smart contract triggers are to remove a lot of pirated content. The benefit of such a blockchain network will be that it will enable the tracking of the lifecycle of any content in the market. Moreover, piracy can be instantly tracked and removed from the system. Micro consumption of content can also be achieved by using tokens over the blockchain technology.
We don't have to pay the subscription fees for the complete product. We can spend as per Content consumption. Now let's visualize this use case with the help of a diagram. As you can see in the diagram, the first step is to utilize the video content and create a unique ID to store it on the blockchain. In this way, the surveillance smart contract will also become active. The second step is the blockchain technology enabling the smart contract to perform a unique process and search the internet for the illegal duplicate files of the video or content.
Once the duplicate videos are found, the smart contract automatically fires up the desired copyright action and takes the major to remove the duplicate video from the internet. The result of the complete process is that you will have the copyrights maintained and the piracy will be eliminated from the media industry.