Should Hollywood have its own blockchain?

Blockchain heralded the arrival of Web 3.0, the intricate successor to the World Wide Web. As it grows in popularity and adoption, significant investments in blockchain and its derived asset classes such as cryptocurrencies and NFTs are documented. This investment spree hasn’t deterred Hollywood’s biggest stars.Sean Mendes, Snoop Dogg, Floyd Mayweather, Jim Carrey, Paris Hilton and Eminem have all been deeply Investing in Blockchain-Powered Asset Classes.

The financial industry is arguably the largest Adopters of Blockchain Technology, everyone from private financial firms to central banks across nations is adapting their processes to integrate blockchain. But the possibilities that blockchain exists make it applicable to every industry.

Deepak Thapliyal is the CEO of Chain, a company dedicated to institutionalizing blockchain. “Blockchain is definitely the future of mainstream finance, but it has more uses than just currency transactions,” Thapliyal said. “To get the most out of blockchain, we need to scale down, not scale up.”

Hollywood’s data threat is costing the industry

From hacking unreleased content to extorting production money, security breaches in Hollywood are more common than some might think.Large production studios and companies like Disney, Sony, and Netflix
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Having been on the wrong side of these intrusions before, the problem doesn’t seem to abate.

One reason for this is that Hollywood production houses like to outsource a lot of work to suppliers, striving to provide them with high-quality results at competitively low prices. From producing captivating and compelling trailers to top-notch editing and 3D visual effects, the work of Hollywood’s biggest studios is often the lifeblood of these suppliers and a huge boost to their portfolios.

Thapliyal revealed that this steady exchange of sensitive information between studios and suppliers exposed huge cybersecurity gaps, especially on the supplier side. “These third-party production houses often don’t have the same robust cybersecurity measures as the larger studios, and hackers have discovered this, so they usually attack these suppliers for sensitive unpublished content, which they then post to torrent sites or Demanding a ransom from the studio. Either way, a hack like this would cost the studio a huge amount of money.”

This sentiment is particularly in line with the Disney and Netflix hacks. Netflix orange is the new black, and Disney’s Pirates of the Caribbean The sequels are all hacks that take place in a post-production facility. Dating back to the Sony Pictures hack in 2014, major studios have attempted multiple hacks over the years, and the companies have been losing money, whether through ransom payments or unplanned releases.

“On the entertainment side, an unscheduled early release of a movie or documentary could push back opening weekend box office forecasts by more than $15 million. Blockchain is built to prevent this from happening, and that’s what we’re working towards — A world of data security in any given supply chain.” Thapliyal’s Chain has worked with heavyweight Nasdaq
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, Tiffany & Co.Citibank and other brands in retail, banking, sports and entertainment to create fully customizable blockchain solutions to meet their specific needs.

Blockchain as a solution; only smaller

Blockchain technology uses a security approach of “number advantage”. Its idea of ​​decentralization means that the records on the blockchain are immutable, as the record of every transaction on the chain exists in hundreds of thousands of devices in the linked peer-to-peer network. Blockchains are anonymous, open source, and permissionless, giving users complete freedom to transact securely and anonymously.But it also makes it possible for users to conduct malicious activities on the network, just as ransomware uses Bitcoin
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Collect ransom from victims.

Thapliyal does not see this iteration of blockchain as a one-size-fits-all solution for securing data and financial transactions.According to him, “public blockchains like Ethereum
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Bitcoin is great for individuals who use and trade cryptocurrencies on a daily basis and NFTs, but companies and industries need something more unique with a satisfactory level of access control. We go beyond the main lines of blockchain operations. Without reinventing the core of how blockchain works, we have created a set of tools that allow us to replicate its framework and segment it to make sense for unique businesses on a case-by-case basis. “

On a private blockchain, there is no public access or public miners, and users are not anonymous. “Our support for the adoption of private blockchains may sound counterproductive, especially since on the surface it appears to violate the fundamental principles of security, privacy protection and transparency,” Thapliyaal admits, “but it is not.”

The main difference between a custom blockchain and a public blockchain is the level of access. It’s important that companies and institutions keep their sensitive company and customer information safe at all times, and it doesn’t make much business sense to have that information at the mercy of a public blockchain.

“In any major commercial transaction, the identities of all involved parties must be known, transactions must be verified by a trusted central authority, and can be tracked across the network. Of course, like public blockchains, transaction records are Also distributed across blocks in a private network and cannot be manipulated by any party. It helps build trust and foster strong partnerships when no party is anonymous. Different businesses operate under different policies, and There are different customer needs, so each of them needs a regulated blockchain to meet those needs and comply with their policies and ethos.”

There is also an efficiency debate between private and public blockchains. Mining on public blockchains is an extreme sport in terms of energy consumption. For example, one second is enough to complete about seven Bitcoin transactions. The speed is caused by too many users initiating too many transactions on the public blockchain. You just have to compare it to transaction speeds on private blockchains like Hyperledge and Ripple – they can process and verify thousands of transactions per second. The fees and energy costs of private blockchains are also greatly reduced, allowing companies to create their own tokens and digital goods, conduct financial transactions, transfer sensitive documents and establish their own security parameters in a way that is in their best interest.

If the adoption of custom blockchains becomes a mainstream practice, the economics could have devastating effects on a global scale, in addition to helping Hollywood curb piracy and hacking problems.