Despite blockchain's origins in the financial sector as the technological foundation of Bitcoin, it is now being tested in different industries for its potential to securely and independently manage and improve other digital systems and processes. Several sectors, including healthcare, supply chain management, retail and aviation, among many others, stand to be shaken up by this decentralized technology. 

There is a significant amount of untapped potential for the implementation of blockchain technology in a variety of settings across a wide range of sectors. Blockchain is a distributed and open ledger that registers transactions between participants and eliminates the need for any third-party intermediary. 

"The key takeaway that is most important for me is that we’re starting to differentiate between crypto (assets) and blockchain. I think it’s key to understand that blockchain technology is the extremely disruptive part of the crypto side," Shawn Ryan, co-founder and CEO of SmartLedger, said. 

"So, I think the most important thing and takeaway to come back from today is that the underlying technology is secure, scalable, cost-efficient, and it pretty much can disrupt any industry,” Ryan added.

Writers, composers and performers can also arrange royalties to be more egalitarian. A smart contract is tied to each musician's uploaded song, allowing the service to divide earnings fairly. Smart contracts can also execute pre-programmed activities and fulfill contractual obligations, as well as handle expense reimbursement, compensation and profit distribution.

Additionally, enterprise blockchain can also be used to set up peer-to-peer transactions that are open to everyone through a public ledger. All of the transactions made for a creative work could be seen and verified, including who accessed the work and how much money it is making at any given time. This will give everyone a better idea of how much the creative work is worth as a whole. 

The effects of enterprise blockchain on the arts and entertainment industries are still in their infancy. However, companies that are quick to innovate will benefit greatly from early adoption and help in fostering a new level of cooperation and trust in the industry. 

Register for the London Blockchain Conference, which will take place from May 31 to June 2 at the Queen Elizabeth II Centre, to learn more about what exactly enterprise blockchain can accomplish.

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