Bloomberg Publishes Metadata White Paper Using Distributed Ledger Technology

Bloomberg, a leading provider of global business, financial information and financial news, recently published a white paper on a new monetization technology, Metadata. The core of Metadata is to provide a unified format and communication platform for different teams. In the past, the monetization of each workflow, application, and product production had to be done separately.

Bloomberg puts it this way:

“Metadata is fundamental to the success of any media company that produces, curates and publishes large amounts of content. Nearly every workflow is dependent on metadata, so it is important to establish a consistent and in-depth system. Metadata can now facilitate content organization, workflow optimization and automation, and in short, everything that metadata involves will help improve the competitiveness of current content publishers and distributors.”

There are five types of metadata:

1. Structural metadata - the interaction between a digital resource and other resources. For example, a description of the relationship between a photo and a news article.

2. Technical metadata – artifacts of digital resources. For example, editing software often enhances images and reformats illustrations.

3. Descriptive metadata – the content or meaning of the asset.

4. Administrative metadata – content management, such as a database or server used to store digital artifacts.

5. Rights metadata – the license of a media artifact.

The main mission of metadata-based platforms and applications is to increase transparency of digital content information for media companies and all their stakeholders.

Centralized local applications and servers are vulnerable to manipulation by others and are at risk of data breaches and hacker attacks. Instead, media companies can use the underlying technology of the Bitcoin network, namely distributed ledger technology, to create unchangeable summaries and permissions for digital content.

Media companies could use blockchain technology to create an effective metadata platform that allows anyone within the organization to license digital products and add necessary information to content, as Ascribe does.

The following example uses blockchain technology to encrypt copyright for artworks:

Mark Lemmons says:

“The media ecosystem 10 years ago was not mature enough to support a mature metadata system that could satisfy the supply chain.”

Mark Lemmons is Chief Technology Officer at T3Media, a leader in content management, delivery services, and monetization solutions for the entertainment and sports categories worldwide.

“But at this point, companies are seeing integrating assets and supply chains using metadata as a practical and economical option.”

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Original article: http://www.newsbtc.com/2015/11/29/billion-dollar-financial-software-data-and-media-company-bloomberg-has-recently-released-a-white-paper-about-a-new-monetization-technology-called-metadata/
By Joseph Young
Translator: Wang Er
BTC address: 16enj2bapYdzPfa2DWSVaT1g95MCXg2hHt
Editor: printemps
Source (translation): Babbitt Information