How Blockchain Is Revolutionizing Online Media?
Nov 08, 2017 Posted / 21207 Views
Before the digital revolution, the Internet publishers have a fairly captive audience. It is owing to the truth that in the early 21st century Internet viewers have limited television channel choices, and even the electronic media was still in its early stages. So, at that era, wider circulations and good ratings would mean big revenue from ads, and additionally, the distribution advantages ensured publisher and broadcaster have a greater prospect of monetizing their online content. But, today, the world has bid farewell to such advantages, as nowadays, we have free and easy access to many entertainment channels, and new content is just a few taps where. And, with the outbreak of smartphones, we can view and share media even on the move.
A recent survey read today’s 63% tech-savvy audience discovers worthy content over the social network of Twitter and Facebook.
The blockchain technology has come beating the drum bells to take online media to next level of innovation. Today, it seems blockchain is everything, be it the virtual money or the online gaming, this technology, without a dilemma has been the biggest in the age of the Internet. To boil down, blockchain is going to transform the online entertainment industry forever.
The blockchain is a kind of data structure that can be converted into a distributed, transparent digital ledger, and can be shared over million of computers as a distributed network. By implicating the theory of cryptography, each user on this network can access and make changes to the ledger in a secure manner. This is a decentralised technology which takes away the power of any central or governing authority, even the middleman- and gives the supreme control to every individual.
The blockchain is a highly reliable and available network since the data is shared with a wide circle of participants, so, it has no single point of hacking. For any hacker, he or she needs to attack the whole blockchain network in one go.
One of the most popular applications of Blockchain in the online media is its ability to back micropayments that can be processed without the need of any central authority network or pay big fees. Without blockchain, intermediary online transactions fees are a bit on the higher side, for both the people in businesses and commoners to feel the burden.
So, if a song is for $10, then, the added cost would make it look massive. But, with low transaction fees from blockchain, Internet users are prompted to buy media content. And, this is bound to reduce the stats of piracy in the online entertainment industry.
An online media content quickly loses its worth, over a short span of time, as it easily copied from the source to a number of website in no time. We have seen how evident it is in the domain of music, movies, and TV shows, the pirated stuff. However, with the Blockchain technology, it is next to impossible, as it asks the Internet viewer to create a registered login. This further imposes sharing limitations, it can be monetary also. But, the best, the digital scarcity of a network can be tweaked as per requirements.
To make it simple, a singer created his new album on the mp3 format and set a data scarcity limitation that only 1000 people can listen to his or her masterpiece after that they will be charged for new listeners.
Business to Customer Interaction
With no middlemen, Blockchain technology surface better opportunities for big corporations to hold direct interaction with their customers. Because, blockchain is a kind of playing field allowing individual artists to connect with their audience, therefore, taking away the onus from big media companies to market for you in the exchange of best bucks. And, with better distribution and less payment, blockchain allow creators to focus more on creating quality content.
To sum up, while we just have the assumptions, the blockchain technology is promising in its pursuit of transforming the media and entertainment industry. For Internet viewers, it is most likely to increase the access to more content, and from an artist point of view, on a much granular, secure, and personal level. So, for the content creators, this means, greater bandwidth with payment models and the idea of digital scarcity is revolutionary. At the end of it all, it's worth a wait to know what happens in the coming years.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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