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Artists are Set to Benefit Quite Dramatically from Blockchain Claims Ethereum Co-Founder
The blockchain technology has come a long way from being solely known as the underlying technology of Bitcoin (BTC). It has in fact evolved into an independent entity, constantly offering various use cases to industries across the board, from financial to tech, to education and to eVEN the entertainment industry, nothing seems to be unaffected by this technology. And now cONTent creation and journalism can also be added to the list.
According to Joseph Lubin, the co-founder of Ethereum (ETH) and the mastermind behind ConsenSys, the blockchain technology and decentralization has the potential to benefit the people working in the content creation and journalism circuit.
In a video on March 12, Lubin spoke about several different industries that are reaping the benefits from the blockchain technology, and he made sure to include the industries of art, journalism and content creation. While speaking of the art industry, he specifically added that artists are “set to benefit quite dramatically” from blockchain.
He went onto explain further that blockchain actually gives artists the power to attach policies and specifications as to how their content is consumed and further shared, in the sense of derivative works, streaming, public performances, ETC. Owing to its nature, blockchain eliminates the middlemen in this process as well.
However, Lubin did go on to add that blockchain doesn’t eliminate all kinds of intermediaries, there still will intermediaries like promoters but they won’t be able to “get to a commanding position where they’re extracting enormous rents just because of their intermediary role.”
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