How can creative industries benefit from blockchain?
Five forces of blockchain technology could affect the creative economy. Here are some of the risks and challenges to overcome.
Force 1: Enabling ‘smart contracts’
Force 2: Establishing transparent peer-to-peer transactions
Force 3: Promoting efficient, dynamic pricing
Force 4: Allowing ‘micrometering’ or ‘micromonetizing’
Force 5: Establishing a reputation system
By Ryo Takahashi
Many readers will be familiar with blockchain as the underlying enabling technology developed for Bitcoin, a cryptocurrency. Klaus Schwab, founder and executive chairman of the World Economic Forum, provides this summary in his book on the Fourth Industrial Revolution: “In essence, the blockchain is a shared, programmable, cryptographically secure and therefore trusted ledger which no single user controls and which can be inspected by anyone.”
McKinsey Insights. READ HERE