Since the heyday of Napster, entertainment companies have been trying to deal with piracy issues that are destroying their business model. Before the Internet, entertainment companies could sell a movie or a record and know that they had sold a single copy to one person. Then came the Internet, where a single copy of a song could travel halfway around the world before the first chorus was sung. Blockchain may help to put an end to this. The same public ledger method that keeps someone else from spending your digital currency could also prevent them from playing or duplicating your favorite song.<\/p>\n\n\n\n
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<\/figure><\/div>\n\n\n\nContract\nExecution<\/strong><\/p>\n\n\n\n Ethereum, another popular cryptocurrency,\nis built on a self-executing contract, which allows two parties to reach an\nagreement and, upon fulfilling that agreement, the contract automatically\ntransfers its currency tokens from one party to another. In simple terms, the\nself-executing contract could eliminate the need for enforcement of the\nagreement between parties because it would merely alert your bank upon\nperformance, and everyone gets what they expected.<\/p>\n\n\n\n Identity\nTheft<\/strong><\/p>\n\n\n\n In 2017, 16.7 million people were victims\nof identity theft. The problem is that the Internet has enabled and enhanced\nfungibility of personal information, which has become intensified by the\ncentralization of information. If someone wants to steal your identity, they\ncan target big companies like credit card companies, retailers, and tax\nrecords. Blockchain technology can help to solve this issue. The decentralized\nnature of blockchain allows documents to be stored on several servers rather\nthan just one. Rather than asking for information that can be copied, like a\nsocial security number, computers would ask for access to the digital identity\nrecord instead. This would make it impossible for anyone without the key to\nbeing able to access the sensitive data.<\/p>\n\n\n\n While the technology still needs to be developed more before it can be applied to something like opening a music file, the basics are there. The ability to introduce unique assets that no one can copy will change the way we interact with the Internet on a fundamental level.<\/p>\n\n\n\n