Category Archive: blockchain

blockchain media entertainment

How Blockchain Is Changing Media and Entertainment Industry

blockchain media entertainment

When people talk about the entertainment industry and media, blockchain isn’t exactly the first thing that comes to their mind. 

Wall Street and eCommerce are way ahead of the entertainment industry in terms of blockchain adoption, there’s growing evidence that things could change pretty soon. As more and more use cases for the technology emerge, major players in the industry are increasingly looking at blockchain as something that has the potential to resolve some pressing issues.

Warner Music Group, for example, has recently joined an $11 million investment round in Dapper Labs, a blockchain company seeking to create Flow, a rival to Ethereum. Already, the company is exploring a number of use cases for the cryptocurrency, including sales of digital merchandise with financial tokens. 

The slow but sure progress of blockchain in the media and entertainment might be a sign that a breakthrough might be approaching. Currently, the technology is known to provide the following solutions.

Reduce the Dependence of Artists on Middlemen and Labels 

The problem of middlemen is persistent and very well-known in the music industry. Even though it has come so far in terms of technology, it’s still in the same place when it comes to compensation distribution. The biggest losers in this situation are often the artists, who end up with a lack of opportunities to get sponsorship contracts with big-time labels. 

The only viable option for an artist to minimize the dependence on managers and distribution services is streaming services. However, the compensation they get for the music is often inadequate, even for the well-known artists. Here are some examples (source: CNBC):

  • Taylor Swift’s compensation for her famous song “Shake it Off” was between €240,000 and €335,000 even though it attracted more than 46 million streams
  • 1 million plays on a streaming service like Shopify translates only about €6,000 in earnings for the artist
  • 1 million plays on Pandora gets the artist less than €1,700. 

All of this translates into between €0.004 and €0.007 of pay per play. 

Blockchain can reduce artists’ dependence on labels and other middlemen because it’s not run by a central body but rather everyone on the network. This means that the financial transactions – compensation for songs, etc. – could be conducted without the involvement of the middlemen. 

Secure Peer-to-Peer Sales 

Contract distribution and payment for property in the entertainment industry can be a complicated thing. The biggest problem is the sheer amount of work involved in payment processing, making exclusive distribution agreements, providing licensing, and other things. On top of that, there’s high fees and a lack of control over the process for artists.

Many artists delegate these business administration responsibilities surrounding contacts, licensing, and payment to their agents. As a result, the artists are once again left with high losses because they simply cannot sell their work directly peer to peer. 

A blockchain-powered marketplace for entertainment content is a solution here. 

“Since blockchain is a distributed digital ledger system, it can enable almost complete automation of all business administration work surrounding payments, contracts, and licensing,” says Jason Rowe, a technology reporter. “The biggest benefit here, however, is the ability to enable artists to license their content directly to customers.”

WeMark is one example. It’s a distributed marketplace for stock photography that seeks to reduce the dominance of agencies like Getty Images and Shutterstock. According to WeMark’s white paper, these agencies now charge photographers up to 85 percent of the photos’ sale price, so the latter are left with a fraction of potential earnings.

Here’s how the WeMark platform works to provide artists with distribution agreements. 

The solutions offered by blockchain-powered marketplaces like WeMark include:

  • Reform of the super-centralized system for distributing digital content
  • Artists license their content directly to users, keep all the rights and manage pricing
  • More secure content distribution terms and fees with smart contracts that are programs that are unchangeable unless all the conditions are met
  • More effective referral programs to assist artists to share their content and reach more customers.

Once blockchain marketplaces get more popularity among artists, chances are good they will prefer to use them instead of agencies like Getty Images. Each of the marketplaces will accept the most common cryptocurrencies as a payment method; moreover, as the costs of crypto mining gradually go down as blockchain gets more acceptance, chances are that artists will be willing to use cryptocurrencies for peer-to-peer sales. 

Combat Piracy

The number of visits to media piracy sites in 2018 rose to 17.3 billion in the U.S. alone. With the volume of video-based traffic rapidly increasing around the world, online media piracy has skyrocketed; in fact, the television and film industry estimates about $52 billion in lost revenues by 2022

Blockchain might be one of the solutions that will finally start to battle online privacy effectively. Its main promise, more comprehensive protection of digital assets, is perfectly aligned with the goal of combating pirates. For example, the technology can allow artists to transfer media files securely while having the complete visibility of the operation. 

Another benefit of bitcoin is allowing it to catch pirates by identifying illegally obtained files. For example, if you’re a moviemaker looking to distribute a file to reviewers, you can use a blockchain-powered video distribution platform that embeds a special code, or a wallet, in every copy that gets distributed. The code remains in the file despite conversions or other processing operations.

If the file is leaked and found, then identifying the presence of the code, therefore, an illegally obtained file, becomes possible. The adoption of blockchain is still a problem, but it’s clear that the technology is on the way to become the future of the anti-piracy tactics (Warner is already investing in a blockchain company, remember?)

Blockchain: The Missing Link in the Entertainment Industry?

When people hear blockchain, they tend to think about Bitcoin. However, the technology stands to benefit many industries, including entertainment, and is already showing some good progress. The industry is highly centralized and there’s a great potential to increase earnings for people doing the creative work. 

As the applications of blockchain become more common and the benefits visible, it’s possible that artists will be more willing to use the technology. However, the massive adoption is still yet to come, so stay tuned to blockchain news.

About the author: Jessica Fender  is a content editor for TopWritersReview.com and a tech blogger. She is passionate about technology trends and finding new ways to help students improve their skills and become more successful. 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

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Blockchain-Revolutionizing-Banking

How Blockchain Technology is Changing the Banking Industry Forever

By far the biggest threat to banking in, well, living memory, has been blockchain technology. More specifically, cryptocurrency, but we’ll focus on the technology as a whole since this is what has been driving the movement.

All the tech companies in the world have been using it, including Google, Facebook, Apple, and Amazon, and a vast number of FinTech services, which is why it’s being seen as such a threat to traditional banks, but why is this happening?

What’s so important about blockchain?

In today’s post, we’re going to explore how and why blockchain technology is making such a big difference to the traditional banking format, and how the future of this industry is looking.

How Blockchain Technology is Changing Payments

First and foremost, and by far the biggest form of change that blockchain is bringing into the world, is how financial payments are made and the way modern-day payment systems work. Whereas traditional banks can take a few working days to make a payment, meaning some international payments can take a very long time, blockchain payments are instant.

Since all you need is an internet connection to make the transaction, most will be handled and completed in a matter of minutes. These transactions can happen across borders to anywhere in the world, are extremely secure (especially when compared to traditional methods) and happen pseudoanonymously.

Due to the nature of blockchain technology, the costs involved in these transactions are usually very small, typically only several cents per transaction. This means that sending money across to the other side of the world is far cheaper than traditional wire companies, such as Visa or Western Union.

In the same way, remittances are also changing. Whereas overseas remittances are expensive and long-winded, with high processing times and the fact the money can be stolen, taxed, or subject to legal issues along the way, a blockchain process basically eradicates all these issues. There are dozens of companies already set up and operating to offer these services.

The Way Account Managing and Deposits are Handled

In the traditional way the world works, consumers tend to use banks to hold money in either their savings or checking accounts. Then, the bank will loan out the money being held to make money on top of the money you’re saving, and the cycle continues. This means when you look into your bank account, much of the money you have isn’t actually being held by the bank, but instead is out in other people’s accounts as loans.

If every customer of a bank went to the bank and withdrew everything they had, the bank would collapse. It’s a very fragile system that many consumers are unaware of. However, while this system isn’t going to change any time soon, blockchain technology can make the management of this system far more effective.

Due to the benefits that blockchain technology provides, these account ledgers are far more secure, far more reliable, and far more accessible. This means banks can accurately manage their ledgers to ensure that they aren’t taking out too many loans and will actively help reduce the risk of bank run, or the system crumbling.

A Reduction in Fraud

Fraud has always been a problem in the financial industry, and it costs people around the world billions of dollars every single year. However, for the similar benefits, we’ve spoken about above, blockchain is making things far more secure.

Since the vast majority of traditional banks are set up and organised around a centralised system, malicious people can target the centralised system to commit the acts of fraud. While there have been many measures to make the system as secure as possible, this isn’t fall-proof, and statistics show around 45% of all financial institutions are prone to fraud attempts.

Blockchain is a decentralised system, which means it’s everywhere and nowhere at the same time, which makes it incredibly difficult to fraud and theft to take place. There’s no single point of access like there is with a centralised banking system and trying to get into such a system means diving into layer upon layer of encryption, all spread out in hundreds of thousands of locations.

What’s more, every single change that takes place on the ledge is capable of being seen by every other person and system that has access to the ledger. This means if any fraudulent activity takes place, everyone can see it instantly and correct it. This will help protect people’s money and keep the system afloat.

Katherine Rundell is a finance writer at Academic Writing Services and Essay Writing Services. She writes about blockchain and banking and aims to help the world get educated about finances in a time where they can seem so out of control.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

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cardano shelley upgrade holytransaction

HolyTransaction Successfully Completes Cardano’s Shelley Upgrade

cardano shelley upgrade holytransaction

Sending and receiving ADA with Cardano‘s Byron and Shelley-era addresses is available on HolyTransaction now.

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

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classification-of-cryptocurrencies-is-an-important-issue

9 Reasons Cryptocurrencies Are So Important

classification-of-cryptocurrencies-is-an-important-issue

Image courtesy of GammaLaw

Digital currencies have created a buzz since the sudden rise of the Bitcoin price. They have, over time, become a new trend in the global money market due to their incredible benefits. Here are some of the aspects that tend to make cryptocurrencies so important.

Safety

Bitcoin and Litecoin are arguably the most trusted and safest digital currencies in the world. In a world where looters and cons are everywhere, virtually everyone wants to trade safely. Cryptocurrencies give online traders that assurance, and that’s why people consider them as a reliable means of exchange.

Policies

The recent increase in the demand for Litecoin and Bitcoin can be attributed to policies that govern cryptocurrency networks. Cryptocurrencies are a digital currency, which means traders rarely need a third-party to complete a transaction. That often gives online traders a sense of security and reassurance. Cryptocurrencies tend to allow online retailers to transact anytime and anywhere.

Cost

Bitcoin and Litecoin are considered a low-cost means of transaction. The cost of transacting with cryptocurrencies can be far less than other currencies. The fact that the cryptocurrency network is responsible for compensating miners tends to eliminate transaction fees. Low-cost transactions could mean that cryptocurrency users won’t shell out money in exchange for Bitcoin and Litecoin. All a cryptocurrency user may need to transact is knowledge of cryptocurrencies and a smart phone.

Storage

Cryptocurrencies can be stored in a safe e-wallet or USB drive. Storing your bitcoin or Litecoin in either an e-wallet or USB drive may not attract any fee.

Privacy

Privacy has been a concern for most people transacting over the internet. Cryptocurrency users can expect their financial transactions to be highly confidential. You can transact using bitcoin and still be anonymous. With digital currencies, the seller and buyer don’t transfer money directly. Instead, the cryptocurrency network often serves as an intermediary, which means that users may not share their credentials with anyone. Cryptocurrencies can be used as a new measure to curb identity theft, which has become a menace in the global money market. If something seems doubtful, you are at liberty to share any information you may want with your merchant. By accepting payment in digital currencies, online traders tend to accept and welcome clients who would wish to remain anonymous. Accepting payments in bitcoin can make a brand an industry leader and increase its awareness.

Investment

Cryptocurrencies can be bought in a fraction. That means you can invest any amount of money in cryptocurrencies. For example, if you can’t afford a full unit of bitcoin, you can split it and invest in a quarter or half of it. That can help reduce the cost of investing in cryptocurrencies and avoid overspending. With a crypto converter, an investor can find out the price of any digital currency in their country.

Autonomous

Using digital currencies can make you autonomous. Cryptocurrencies tend to eliminate third-parties, so you can be sure that no fees or commissions are involved. These currencies can also allow online traders to manage their accounts.

Decentralization

Decentralization is a feature that often makes cryptocurrencies lucrative for merchants and customers alike. It means that digital currencies can’t be subservient to any authority or agency. No one owns digital currencies, which means no individual can have control over it. Digital currencies can provide online retailers with the freedom to transact without worrying about geographical barriers.

Digital currencies are considered a game-changer in the global money market. Their incredible benefits are arguably the reason behind their recent popularity. Cryptocurrencies are considered the safest and most trusted currencies around the world. You can store Bitcoin and Litecoin in the cloud or USB drive and move with them anywhere around the world. By using bitcoin, online traders can expect their transactions to be confidential. Digital currencies are also a reliable medium of exchange that can give sellers and buyers control over their accounts. The fact that Bitcoin and Litecoin can be bought in a fraction can make digital currencies an affordable investment.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

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DigiByte Logo

Universal Cryptocurrency Wallet HolyTransaction Adds Digibyte to Its Crypto Collection

DigiByte Logo

Once again, we recently listed Digibyte and expanded our collection.

In case you are searching for a reliable and easy to use digital wallet, then HolyTransaction Cryptocurrency Wallet is perfect for you. A digital wallet is ideal for cryptocurrency traders who are looking to store, trade, and send, as well as access their cryptocurrencies through a single account. This way users can easily convert the supported cryptocurrencies without having to transfer their coins to other exchanges.

HolyTransaction Wallet for DGB

As a HolyTransaction customer, you can create a new address for DGB (Digibyte) and use the HolyTransaction Web Wallet to send as well as receive coins. You can also use the wallet to convert them into any other cryptocurrency conveniently. Thus, HolyTransaction users can send cryptocurrency, receive transactions, as well as exchange DGB with other supported cryptocurrencies, with Digibyte being one of the latest coins to be included.

What is Digibyte (DGB)?

Digibyte is a rapidly-growing, public, decentralized blockchain project, which features a cryptocurrency of the same name. The project has been around for a long time, with some of the fastest transaction speeds in the industry composed by an active development team which has been consistently working on it for over 5 years.

Digibyte has also always been transparent, with its team and founder never hiding their identities. DGB can be obtained through mining, purchased on HolyTransaction, or received as payment. In addition to that, the Digibyte team has been making an effort to reach out to merchants without waiting for them to come to cryptos, in an attempt to provide more options to its users as possible.

DigiByte has been active for over 5 years now with a market cap of $69.8 million, which makes it at least as old as Ethereum while DGB itself ranks as the 70th-largest crypto.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

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maker-holytransaction

Wallet Maker: MKR token is available on HolyTransaction

As of today, you can instantly purchase MKR on HolyTransaction, transfer them to any HolyTransaction’s customer for free, and do crypto-to-crypto swaps between your Wallet MKR and more than other 30 cryptocurrencies.

MakerDAO it’s a prime example of Ethereum’s smart contract platform.

Maker is a decentralized autonomous organization on which the MKR token and DAI operate, and it is built on Ethereum. Essentially, it exists to reduce the price volatility of the Dai against the US Dollar. MakerDAO’s native cryptocurrency token is MKR, which can be stored on HolyTransaction now.

maker-holytransaction

Dai and MKR are dependent on each other to operate, Dai offers stability, while MKR offers involvement and potential on MakerDAO.

As the technology and methodology behind MakerDAO continues to progress the future of stablecoins and DAO are certain to bring interesting evolution to the cryptocurrency economy.

All HolyTransaction customers can create a new address for MKR and use the simple HolyTransaction Web Wallet to send and receive transactions or to instantly convert them to any other cryptocurrency.

Just like with Bitcoin, you can:

  • Send MKR to any address, even to addresses of other cryptocurrencies with instant conversion on the fly;
  • Receive transactions;
  • Exchange MKR with any supported coins;
  • Make instant transactions between HT users;
  • Get real time exchange rates on the website;
  • Set OTP for additional protection.

To add Wallet Storj just click on the “plus” button you find at the top right of the balance page, once you successfully enter into your wallet.

You can find the “plus” button to select the wallets you want to see in the main page like shown in the picture below:

Add new cryptocurrency

We’re excited to be part of the STORJ community!

NOTE: Our multicurrency wallet can store more than 30 cryptocurrencies, including: BitcoinDash, Ethereum, DogecoinLitecoin, DecredZcash, Dai Stablecoin, DigixDao, Augur, 0x Project, Gamecredits, Enjin CoinBlackcoin, Gridcoin, Aidcoin, PeercoinSyscoin, Groestlcoin, Power Ledger, BAT, BlockVPIVXTrueUSD, Cardano, STORJ, Monero and MakerDAO among the others.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

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Blockchain Data World Storage

How is Blockchain Technology Market Going to Rise at High CAGR of 38.4% Till 2025?

The global Blockchain Technology Market is forecast to rise exponentially in the coming years. The market is expected to witness high demand from diverse industries, especially the banking, financial services, and insurance (BFSI) industry.

In terms of industry vertical, the banking, financial services, and insurance segment held the leading share of 41% in global blockchain technology market in 2017. The segment will gain further impetus following introduction of bitcoin. “Rampantly increasing cyber-attacks and frauds in the BFSI industry accounts for millions of dollars. This has become a global concern. To make the technology used in the industry safer and more secure, Deloitte and Microsoft Azure and other tech giants are offering blockchain services,” said a lead analyst.

In terms of deployment, the proof of concept segment is gaining traction and is expected to witness impressive growth during the forecast period 2018-2025. Growth witnessed in this segment is backed by high need of transparent transaction across industries such as healthcare, retail and BFSI.

blockchain technology market

Increasing Demand for Secure Blockchain Technology to Guarantee Growth at Promising Rate

Government initiated awareness programs regarding benefits of blockchain technology among undeveloped nations is anticipated to fuel the demand in the global blockchain technology market“, said a lead analyst at Fortune Business Insights.

Increasing adoption of e-financial services and rapid adoption of the blockchain technology in developed nations are expected to drive the global blockchain technology market during the forecast period.

Increasing number of new blockchain products and their approval grants is also anticipated to act as a driving factor for the global Blockchain technology market.

Partnerships Among Key Market Players and Blockchain Developers Driving the Market in North America

North America emerged dominant in the global blockchain technology market in 2017. The North America market was worth US$ 820 Mn in 2017. The region will continue leading the market at a global level through the forecast period. Growth witnessed in the market is also attributable to recent collaborations between market players in the U.S. and blockchain service provides. Europe is also anticipated to witness impressive growth during the forecast period owing to high presence of blockchain technology developers.

In 2017, IBM was the leading organization in the global Blockchain technology market. Other companies operating in the global market are Oracle Corporation, Deloitte, Microsoft Corporation, IBM Corporation, The Linux Foundation, Chain Inc., Consensus Systems, Bits, Inc (Tendermint, Inc.), Schvey, Inc. (Axoni), VironIT, Altoros, and Fintech & Blockchain Software House.

Source: https://www.fortunebusinessinsights.com/industry-reports/blockchain-technology-market-100072

Open your free digital wallet here to store your cryptocurrencies in a safe place.

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monero-howto

Wallet Monero: how to store XMR

As of today, you can instantly purchase Monero on HolyTransaction, transfer them to any HolyTransaction’s customer for free, and do crypto-to-crypto swaps between your Wallet Monero and more than other 30 cryptocurrencies.

monero-howto

Monero (XMR) was released in April of 2014, it was originally called BitMonero and launched as a preannounced and fair launch of the CryptoNote reference code. Since its original launch, Monero has migrated the blockchain to another database structure, improving flexibility and efficiency. The developers also set minimum ring signature sizes to make all transactions private, and RingCT was added. Almost every improvement made so far has made Monero easier to use or enhanced its security and privacy. The cryptocurrency was founded by Riccardo Spagni alongside 6 other developers, 5 of whom have decided to remain anonymous till date, but more than 240 have contributed to the code.

All HolyTransaction customers can create a new address for XMR and use the simple HolyTransaction Web Wallet to send and receive transactions or to instantly convert them to any other cryptocurrency.

Just like with Bitcoin, you can:

  • Send XMR to any address, even to addresses of other cryptocurrencies with instant conversion on the fly;
  • Receive transactions;
  • Exchange XMR with any supported coins;
  • Make instant transactions between HT users;
  • Get real time exchange rates on the website;
  • Set OTP for additional protection.

To add Wallet Monero just click on the “plus” button you find at the top right of the balance page, once you successfully enter into your wallet.

You can find the “plus” button to select the wallets you want to see in the main page like shown in the picture below:

Add new cryptocurrency

We’re excited to be part of the XMR community!

NOTE: Our multicurrency wallet can store more than 30 cryptocurrencies, including: Bitcoin, Dash, Ethereum, Dogecoin, Litecoin, DecredZcash, Dai Stablecoin, DigixDao, Augur, 0x Project, Gamecredits, Enjin CoinBlackcoin, Gridcoin, Aidcoin, Peercoin, Syscoin, Groestlcoin, Power Ledger, BAT, BlockVPIVXTrueUSD, Cardano, STORJ and Monero among the others.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

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cardano-ada-logo

Wallet Cardano: how to store ADA

cardano-ada-logo

We are excited to announce our new Wallet Cardano.

Cardano is a cryptocurrency with a different infrastructure-level design than Bitcoin and Ethereum. In addition it benefits from having (IOHK), a fully-funded development team led by Charles Hoskinson.

The organization behind the project is the Cardano Foundation that selected a well-known think-tank to to enhance the research program of the Protocol of Cardano and Ada. As a result, Cardano did not begin with a comprehensive roadmap or even an authoritative white paper. Cardano is a project that involved feedback from hundreds of the brightest minds inside and outside of the cryptocurrency industry.

You can instantly purchase ADA with more 30 cryptocurrencies in your HolyTransaction wallet and send them to any HolyTransaction’s user for free.

Therefore, HolyTransaction’s customers can create a new address inside their account and use HolyTransaction Wallet to send, receive transactions and to instantly convert them to any other supported cryptocurrency.

Just like Bitcoin and the other 30 cryptocurrencies we currently support, you can now:

  • Send ADA to any address, even to addresses of other cryptocurrencies with instant conversion on the fly;
  • Receive transactions;
  • Exchange ADA with any supported coins;
  • Make instant transactions between HT users;
  • Get real time exchange rates on the website;
  • Set OTP for additional protection.

To add your ADA address, click on the “plus” at the top right of the balance page. You can use the “plus” to select the wallets you want to see in the dashboard, for instance:

Add new cryptocurrency

We are honoured to be part of this new community!

NOTE: HolyTransaction Web Wallet can store more than 25 digital currencies, including: Bitcoin, Dash, Ethereum, Dogecoin, Litecoin, Decred, Zcash, Dai Stablecoin, DigixDao, Augur, 0x Project, Gamecredits, Enjin Coin, Blackcoin, Gridcoin, Aidcoin, Peercoin, Syscoin, Groestlcoin, Power Ledger, BAT, BlockV, PIVX, TrueUSD and Cardano, among the others.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

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Beginner's guide to Bitcoin and Blockchain technology, Holytransaction

Beginner’s guide to Bitcoin and Blockchain technology

Beginner's guide to Bitcoin and Blockchain technology, Holytransaction

We are very happy to publish this beginner’s guide to Bitcoin and Blockchain technology.

As you might know, Bitcoin is the first ever decentralized cryptocurrency. It’s  fungible, portable, divisible and irreversible. The Bitcoin was firstly invented by the name SATOSHI NAKAMOTO in the year 2008 and it was later published as an open source in the year 2009. But the person or group behind the invention have no traces of identity as the bitcoin was published by an unknown person or group using the alias Satoshi Nakamoto.

After the invention of Bitcoins many cryptocurrencies emerged out, where some used the same system and structure of bitcoin and others implemented the structure and made better digital form of currency. They are often termed as ALTCOINS which means Alternate coins of bitcoin.

To record all the transactions of the bitcoins a public ledger called BLOCKCHAIN has been invented. The blockchain plays an important role, the whole bitcoin network completely relies on the blockchain.

Now you are ready to start reading the infographic!
Learn and Enjoy.

 

Beginner's guide to Bitcoin and Blockchain technology, Holytransaction

Beginner's guide to Bitcoin and Blockchain technology, Holytransaction

Beginner's guide to Bitcoin and Blockchain technology, Holytransaction

Beginner's guide to Bitcoin and Blockchain technology, Holytransaction

Beginner's guide to Bitcoin and Blockchain technology, Holytransaction

Beginner's guide to Bitcoin and Blockchain technology, Holytransaction

Open your free digital wallet here to store your cryptocurrencies in a safe place.

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