At the SBI workshop, young creatives explore possibilities in blockchain technology | The Guardian Nigeria News
Experts, including facilitators at the third edition of the SBI Media Workshop, believe that the use of blockchain technologies in the media sector is a top forecast for 2023, especially in Africa.
According to a report by Chainanalysis, Africa is home to some of the most well-developed markets for the penetration and integration of financial transactions for many users, but beyond the payment for goods and services, blockchain technology is being considered for the opportunities it has for the media and creative industries.
At the workshop, which was held in Ikeja, Lagos, speakers explored the possibility of helping young Nigerians tap into cutting-edge media opportunities on the blockchain.
With critical concerns such as how to determine and transfer ownership of media assets, easy payments, fraud protection and much more, blockchain offers the capacity to reduce existing challenges, if not make them disappear altogether.
The participants, mainly students, young media professionals and creatives, were taught by a panel of facilitators who shared little-known industry knowledge about how solutions powered by blockchain technology – including Web3 applications – could empower creators to better monetize their art or use smart contracts to profit from the sale of such works of art in perpetuity.
Some of the facilitators include Opeyemi Awoyemi, co-founder of Fast Forward Venture Studio, job posting site Jobberman and native Nigerian web host Whogohost. Also on the stand were Nsikan Benjamin, Blockchain Community and Events Manager at Binance Africa; Emmanuel Ebanehita, Marketing Director of Binance West Africa; Chris Ani, Managing Director, Digital Abundance Holdings Limited; and Ugochukwu Obi, partner at Perchstone & Graeys.
According to the founder of SBI Media Workshop, Rotimi Bankole, “Opportunities that blockchain brings to media and creative industries are best suited for young professionals and entrepreneurs in the sector. It is fast becoming the single most critical enabler and advantage they have in relation to legacy businesses and players in the industry.As the facilitators emphasized in their insightful sessions throughout the workshop, blockchain is a foundation upon which a truly innovative and comprehensive industry can be built, and we wanted this edition of our workshop to not only equip young Nigerians for the immediate future in the industry, but also prepare them for the coming decades.”
As explained by facilitators during the workshop, the ways young Nigerians can benefit from blockchain technology in media include: Disintermediation, Immutable Ad Metrics, Peer-to-peer transactions, royalty payments, fraud and privacy and micropayments.
Speaking of disintermediation, Opeyemi Awoyemi said cutting out the middleman is one of the benefits technology has for the media industry and professionals.
This means that the middlemen are removed from the supply chain, therefore allowing sellers and buyers to establish direct connections, save money and earn more from delivered products or services.
Blockchain features such as tokenization, smart contracts, and verified identities can bring accountability to this decentralization.
And then there is the eternal concern of ad fraud for the media and creative industries. It is estimated that by 2023, ad fraud will cost consumers and brands $100 billion.
Practices such as bot traffic, hidden and deceptive ads, and bad players negatively impact the user experience and reduce trust in ad buyers, which can significantly reduce budget spend.
However, blockchain technology has features that guarantee the elimination of click fraud, while effectively tracking consumption and rewarding verified ad viewers.
For peer-to-peer transactions, Benjamin expressed his belief that blockchain technology would allow creators and consumers to work together to monitor the integrity of transactions. “It will allow the consumer to also act as a merchant to limit the loose, free sharing of stolen or unauthorized use of art, content or media assets,” he said.
He added that the use of micropayments via the blockchain is a way to empower consumers and directly compensate creators without the fees and hassles that come with the options available through the traditional channels. Blockchain technology has advanced to the point where payment wallets are now embedded in smart devices and TV broadcasting systems now enable users to pay for only the content they consume.
Currently, royalty sharing and payments pose huge problems for all stakeholders, and are a leading cause of conflict in the media and creative industries.
However, Obi stated, “by implementing smart contracts with distributed ledgers, creators, publishers and other stakeholders can replace today’s inefficient processes for handling payments, invoicing, statements and reports with one that is fast, reliable and transparent.”
Ultimately, a significant value that blockchain technology provides is verifiable ownership of an asset. A clear chain of custody and immutable record keeping will eliminate theft, waste, fraud and corruption. And the anonymity that blockchain technology provides guarantees privacy at such a high level.
“Blockchain technology finally provides an opportunity to reshape the industry as it should be, putting power back into the hands of creators and consumers,” said Bankole. “With this workshop, we are committed to helping the next generation of media professionals and entrepreneurs make the most of this new movement.”