The use of blockchain for streaming
The future of blockchain in streaming is promising, yet before diving into it, lets take a look at how some organizations are already changing the game around how streaming, blockchain, and crypto can be used to work together.
BitTorrent, for instance, has recently launched blockchain platform to accommodate live streaming events. Audius is employing a blockchain to help indie artists. VideoCoin’s blockchain-based solution aims to allow artists, entertainers, and creators distribute their content at lower rates than otherwise might be available.
The dual evolution of blockchain and streaming services could also be an enormous a neighborhood of the long run of internet. allow us to require a look at how exactly may future developments and applications appear as if.
Streaming monetization with blockchain
Monetization mechanisms are already in place to help in compensation for streamers and thus the likes of. Those mechanisms however are governed by a centralized entity that makes deplatforming a real danger potentially putting individual’s livelihood at risk simply because of change in opinions or politics.
Unlike existing mechanisms, blockchain and crypto are not controlled by a centralized entity. The rapid growth of video and streaming content creates an almost perfect venue for blockchain to reinforce the security underpinning streaming.
First, with the sudden shift from in-person to online meetings, the pandemic has demonstrated that streaming platforms do not have the required security measures in place to safeguard private conversations. Blockchain, by its very nature, was designed to encrypt and secure information, and using it is not as far-fetched to achieve security.
Second, the divisibility of crypto means micropayment and other kinds of streaming-based compensation actually make sense. Developments like the lightning network, payment channels, and other off-chain transactions have been pushing blockchain in the direction for several years now. As streaming services continue to expand, the need for a secure payment mechanism remains of critical importance.
Lastly, the decentralized and permissionless nature of blockchain aligns perfectly with how streaming services operate. Both the internet and blockchain were created to remove barriers, democratizing access to information and make resources more accessible. Blockchain and crypto are borderless and are not governed by a centralized authority. Streaming allows individuals to broadcast to audiences across the globe. Blockchain and crypto have the potential to make that financially sustainable especially with platforms like HyperSphere ensuring complete security.
The development of streaming services greatly resembles the rise of blockchain and crypto. Both have been crated enable unrestricted sharing, communication, and interaction with anyone, anywhere, worldwide. The next necessary step for content production and compensation may just be the complementary use of blockchain, crypto, and streaming.