How Blockchain Technology Enhances the Entertainment Industry | BTCMANAGER
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Blockchain technology is being researched and developed by numerous industries because it can make processes more efficient.
A blockchain is a network of independent nodes that maintain a shared database that is often referred to as a distributed ledger. That ledger doesn’t “live” on any single node. Instead, the network reaches consensus by evaluating the truthfulness of each node’s “personal” copy of the database. As long as 51% of the nodes on the network are honest, the network will reach a truthful consensus. This method for storing and updating data has radical implications. Changing the state of the distributed ledger requires changing the state on a majority of the network’s nodes, so information stored on blockchain networks is resilient and tamper-proof.
It’s a powerful technology, and players in all industries are taking notice. Brave uses a blockchain to secure an internal token economy that helps online advertisers get more bang for their buck while showing users more useful ads. Propy uses blockchain to make complicated real estate transactions more secure and reliable. Omega Grid uses blockchain to manage micro-transactions between energy consumers, pushing us closer to a green energy future.
With so many industries investing in blockchain, is it any surprise that entertainment innovators are taking notice?