Does blockchain have a future in media? A panel of experts during Media Financial Management’s Media Outlook seminar Wednesday doesn’t seem to think so.
“Media is not a leader in blockchain, we’re a follower. Which is both good and bad,” said moderator Richard Taub, the managing director of Pequan Group.
Beyond its use in cryptocurrency, blockchain is primarily used in supply chain, identity management and cybersecurity. In terms of media, it’s beginning to be used in the music industry.
“This can really benefit artists,” said Peter McAliney, exec director of continuing and professional education at Montclair State Univ. “Blockchain can allow artists to better monetize their creativity without having all these intermediaries taking a bit along the way.”
However, blockchain in itself is inherently unstable and does not have the necessary bandwidth to support larger media companies. “I think there’s very good reasons why media has been slow to adopt this, more than just ‘Oh, I don’t like this, it’s scary,’” said Andrew Levine, content director of Steemit, a blogging and social media platform with the most active blockchain in the world. “When they look at the bandwidth requirements, they’re like I can’t store more than five seconds of video on this. With a million users, we are struggling very hard to keep up with this usage. This is nothing for companies that may be in this room or larger companies.”