The goal of Bloomen is to extend the use of the blockchain technology to handle different online user transactions, provide an innovative way of content creation, sharing, personalized consumption, monetization and copyrighting.
A better way to connect creators and users
Blockchain technology could help to resolve a number of these challenges by connecting content producers directly with consumers, as well as by making the organisations at the heart of the industry operate more efficiently. For example, the Ujomusic platform used the blockchain technology for selling new music online and distributing automatically user payments to the contributors of the song: singer, compositor, producer, etc.
However, the opportunity goes beyond simply enforcing payment for content; it could help digital rights to be identified and managed more effectively across the industry, and appropriate compensation paid to the right content owners, as well as seamless personalization (through anonymized unique identification of users) in the consumption of content.
This new approach can apply not only to music, but specifically to almost any form of information content, in various forms.
The Bloomen consortium believes that there is a huge opportunity e.g. for news media to understand how the introduction of a layer such as blockchain technology would enable new ways to collaborate, create, share, distribute and compensate for news media items, even down to texts, photos, visualizations, news videos and of course items like music files or entertainment video/film.
Which such a powerful innovation push we expect many parts of news and media organizations to be affected. Distribution channels and approaches such as streaming services are also influencing the traditional business models since they bring in new revenue modalities e.g. through advertising rather than from selling content, or more recently digital subscriptions to services like Netflix, Amazon Prime Video and others in this sphere.