------ Blockchain's rapid adoption: Now Disney goes "crypto" --------
http://palmbeachgroup.com/content/palm-beach-daily/blockchains-rapid-adoption-disney-goes-crypto/31982/
It was the most successful adult movie of its time...
In the fall of 1976, thousands of men were lining up around the block to see The Devil in Miss Jones. As they left the theater, resourceful owners would “upsell” them a $95 VHS recording of the movie.
The film would go on to become the first true blockbuster hit on videotape. For much of the 1970s, more than half of the videos sold in the United States were adult films. In Germany and the United Kingdom, it was 80%.
It’s no wonder the VCR was written off back then as a niche “underground technology.” In its early days, the VCR was primarily used to play adult films recorded on videocassettes (like VHS).
That’s a major reason entertainment companies of the day were hesitant to put movies on videotape. Companies like Warner Brothers and Disney agonized about putting their wholesome family movies on devices linked to the smut industry.
It wasn’t until nine years later—in 1985—that Disney took the plunge and released Pinocchio on videotape. The results were astonishing...
With hardly any marketing budget, Disney sold 600,000 copies.
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In 1986, Disney released Sleeping Beauty and sold 1.3 million copies. The 1986 videotape profits from Sleeping Beauty were enormous: Disney estimated they were equivalent to 28 years’ worth of box office earnings.
By 1991, the videotape market had become so well-developed that Disney managed to sell over 50 million copies of Snow White. In one year, Disney made more money on Snow White than it would make in an entire century from traditional box office releases.
By embracing videotape, Disney cut out the middleman (theater owners) and watched its profits explode.
The Biggest Technology Breakthroughs Start Underground
This isn’t the first time a so-called “illicit” technology has paved the way for mass adoption. The same thing happened with the internet...
In 1999, 80% of all web searches were for adult content. The most profitable websites streamed adult films. But by the early 2000s, adult content searches had dropped to 13%... and the profits were flowing to companies like Amazon, Google, eBay, and Yahoo.
My point is this...
Fringe elements are usually the first to commercialize new technologies. These people serve an important role. They fund the early development of the technology.
Without the early demand (and dollars) created by the adult film industry, the VCR may have never got off the ground. The same could be said for the internet in the 1990s.
Disney’s About to Take Another Underground Tech Mainstream
Today, we’re seeing a similar shift in sentiment happening with another “underground” technology: cryptocurrencies.
[Cryptocurrencies are a type of “digital cash.” They function via a secure, decentralized ledger called the “blockchain.” The transaction record is open-source, but it’s difficult to identify specific buyers and sellers.]
Digital currencies like bitcoin are the payment of choice for so-called “dark markets.” These are websites (like the now-defunct Silk Road) where people can buy and sell drugs—and other contraband—anonymously.
For many years, the No. 1 use of bitcoin—the world’s most popular digital currency—was payment for illegal drugs. (That’s because bitcoin transactions are very difficult for law enforcement to track.) Much like the VCR, bitcoin’s reputation has suffered because of the way it’s been used.
But just like videocassettes four decades ago, cryptocurrency technology is proving to be a breakthrough...
And guess who’s helping to bring this “illicit” technology mainstream?
Disney.
This may come as a surprise to you... but Disney is building its own blockchain network. It can operate directly with bitcoin. Disney calls it “Dragonchain.”
Among other things, Dragonchain will support bitcoin payments. That’s right... very soon you’ll be able to go to Disney World and pay for anything you want—hotel rooms, park passes, even mouse-ear hats and ice cream cones—with bitcoin.
Just like it recognized the power of the VCR, Disney is beginning to wake up to the vast, untapped riches that await it... by embracing bitcoin and its underlying blockchain technology.
According to Bitcoin.com, Dragonchain could run numerous operations for Disney parks:
[T]he firm could issue “Mickey Mouse” tokens, with additional interoperability with assets like Bitcoin.
Additionally, the corporation could create loyalty points for patrons visiting Walt Disney resorts and theme parks. Or Disney could create blockchain-based programs for its fast lane feature within Disney theme parks. The platform could monitor ride times and the length of lines in order to create a more efficient process.
Once again, Disney is blazing a trail for mass adoption of a once-controversial technology. It’s taking bitcoin and the blockchain mainstream.
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