The video industry is in a flux state. With the rise of streaming services, cord-cutting, and internet-based content creators, traditional players in the space are feeling the pressure. At the same time, new entrants are developing innovative ways to deliver video content to consumers. Blockchain technology is one such innovation that is set to change the landscape of the video industry. Here’s everything about how blockchain is transforming the video industry.
Ways Blockchain Technology is Transforming Video Industry
Decentralization
One of the key features of blockchain technology is decentralization. It is a distributed ledger managed by a computer network. This decentralized model has some advantages.
For starters, it makes the system more resistant to fraud and manipulation. Since there is no central control point, it is much harder for bad actors to corrupt the system. Additionally, it also makes the system more scalable. Since no central authority needs to approve transactions, more transactions can be processed much faster.
Tokenization
Another critical feature of blockchain technology is tokenization. In traditional video networks, content creators are paid in fiat currency (e.g., dollars or euros). However, with blockchain-based platforms, content creators can be paid in tokens.
Tokenization has several advantages over traditional payment models. For one, it reduces transaction costs since no third-party intermediaries are involved in processing payments. It also gives content creators more control over their work since they are not beholden to any centralized authority.
Smart Contracts
It is a self-executing contract that contains the terms and conditions of an agreement between two parties. Once met those terms and conditions, the contract automatically executes itself. Smart contracts often automate complex processes that would otherwise require manual intervention.
For example, a smart contract could automatically distribute royalties to content creators based on viewing data from an online video platform. Furthermore, it would ensure that payments are made promptly and that all parties involved receive their fair share.
Immutability
The significant feature of blockchain is its immutability. Data stored on a blockchain cannot be altered or deleted without permission from all parties involved in the network. It provides a high level of security and ensures that data cannot be tampered with or manipulated by anyone outside the network.
This feature is precious in the video industry, where copyright infringement and piracy are significant concerns. If videos are stored on a blockchain-based platform, they cannot be downloaded or copied without permission from the copyright holder. It helps reduce piracy and gives content creators more control over their work products.
Video Streaming Services
Blockchain-based video streaming services are becoming increasingly popular as they offer a more secure and efficient way to stream videos. These services use blockchain to store videos on a decentralized network. In addition, blockchain-based video streaming services can handle many users simultaneously without slowing down, which is often an issue with traditional video streaming services.
Video Games
Blockchain in video games provides developers new ways to create and monetize games. For example, blockchain-based game platforms allow developers to create games that use in-game currencies that can be traded or sold for real money. In addition, blockchain-based game platforms offer new possibilities for game development, such as creating games that use predictive analytics to reward players for correctly predicting future events.
Video Conferencing
Blockchain technology is also used to create secure and efficient video conferencing platforms. These platforms use blockchain to encrypt data and prevent it from being tampered with or hacked. In addition, blockchain-based video conferencing platforms can handle many users without slowing down, which is often an issue with traditional video conferencing platforms.
Improving Rights Management and Reducing Piracy
One of the issues facing the video industry is piracy. Whether it’s illegal streaming sites or pirate DVD sellers, content theft has always been a significant problem that costs creators billions of dollars in lost revenue each year. However, blockchain technology could help reduce piracy by making tracking and managing content rights easier.
With blockchain, creators could embed digital watermarks or fingerprints into their videos that would allow them to track when and where their content is being used. It would make it much easier to identify and take action against pirate websites and illegal streaming services.
Moreover, by using blockchain to manage content rights, creators could also ensure that they are adequately compensated for using their work—a problem that has long plagued the video industry.
Making it easier to Monetize Videos
Monetizing video content can be challenging, especially for independent creators who don’t have the backing of a major studio or distributor. However, blockchain-based platforms are beginning to emerge, making it easier for creators to monetize their videos and receive payments quickly and securely.
These platforms work by allowing viewers to directly tip or pay creators using the cryptocurrency—which can then be converted into fiat currency (i.e., traditional currency like USD). It provides creators with an additional revenue stream and gives them more control over how their content is monetized.
Creating a More Immersive Viewing Experience
Last but not least, blockchain technology is also being used to create a more immersive viewing experience for audiences worldwide. For example, companies like YouNow are using blockchain to power live-streaming experiences that allow viewers to interact directly with creators in real-time. In addition, firms like
Flixxo are using blockchain tokens to give viewers more control over the type of content they consume—and even allow them to directly support the creators they love by buying or sharing tickets.
Enhanced Security for Video Content
When it comes to digital video content, one of the major concerns is piracy. That’s why many companies are turning to blockchain technology to help protect their content. With blockchain, each piece of digital content is given a unique identifier that cannot be replicated. It makes it much more difficult for pirates to steal and distribute content without permission.
Improved Ad Experience for Viewers
Pre-roll ads are the bane of every video viewer’s existence. But what if there was a way to skip these ads without paying for a subscription? Blockchain technology could make this a reality.
Using blockchain, advertisers can target viewers with more relevant ads, and viewers can choose whether or not they want to watch them. It led to a much better experience for both parties involved.
Micropayments For Video Creators
Another way blockchain is transforming the video industry is by making it easier for creators to get paid for their work. With traditional advertising or subscription-based models, it can be difficult for creators to get fairly compensated for their videos. However, with blockchain-based micropayments, viewers can directly support the creators they love by instantly sending them small amounts of money.
Unlocking New Revenue Streams
In the traditional model, creators rely on advertising dollars or subscription fees to monetize their content. However, with blockchain, there are new opportunities for creators to generate revenue directly from their viewers.
For example, the live streaming platform YouNow allows viewers to send tips and gifts to their favorite creators using the app’s cryptocurrency, Props. This tips and gifts system has been hugely successful, generating millions of dollars in revenue for top creators on the platform.
Giving Viewers More Control
Another significant benefit of blockchain technology is that it gives viewers more control over their viewing experience. In traditional models, platforms like YouTube or Hulu decide which ads viewers see and how often they see them.
However, with blockchain-based video platforms like Flixxo or Viuly, viewers can choose which ads they want to watch and even earn rewards for managing them. It provides a better experience for viewers and gives them a stake in the platform’s success, aligning their interests with the medium itself.
Improving Video Quality
Finally, blockchain technology has the power to improve the overall quality of video content. In traditional models, video quality is often sacrificed to reduce costs or meet bandwidth restrictions. However, with decentralized delivery networks like BitTorrent Now or Storj, videos can deliver high-quality videos without sacrificing speed or reliability.
Moreover, these decentralized networks are often cheaper to operate than traditional ones, meaning savings can be passed on to viewers through lower prices or higher quality content.
Conclusion
In conclusion, blockchain technology is set to transform the video industry in several ways. Decentralization, tokenization, smart contracts, and immutability are ways this transformative technology is changing how videos are created, distributed, and consumed.
The video industry is being transformed by blockchain technology. This new technology is changing the business model for video producers, improving video quality and delivery, and providing a more engaged and immersive viewing experience. With these changes, the video industry is poised to reach new heights in the years to come. Thanks, blockchain!
