Every day, millions of people consume hours of digital video content at home and on their phones. Millions more create this content for a living, whether they’re professional videographers or weekend hobbyists. Many of us are both, we spend evenings clicking through funny cat clips online and then post our vacation videos on Instagram the next morning.
As with every other industry that’s touched by blockchain technology, there’s a sense that a new era of transparency and openness is dawning for video content consumers and creators alike. When you hear about blockchain, chances are high your mind is filled with thoughts like how to buy cryptocurrency safely, convert cryptocurrency (fiat) easily, and more.
But blockchain isn’t just about making things easier. It’s often about making them harder too. Can an industry as complex as the digital video ecosystem be improved by something so seemingly abstract? Let’s take a look at how the world of images and sounds might be changed by this revolutionary (and confusing) technology.
Decentralized infrastructure will be a key factor in the future of video content distribution. Decentralization means that there is no central server to host the content. Instead, data is stored on a blockchain and made available from many different computers all around the world. This decentralized structure provides several benefits over traditional models:
- Decentralized systems are cheaper because they do not require expensive centralized servers to process their operations. The average cost for hosting 1 TB of data on Ethereum is $1 per month. By comparison, storing that same amount would cost about $500 per month using Amazon Web Services (AWS), which is one of the largest providers of cloud computing services in existence today.
- Decentralized systems are more secure because they aren’t hosted by any single entity or corporation. Instead, data is distributed across thousands upon thousands of independent machines globally (and therefore much less vulnerable).
- Finally, decentralized networks are more accessible because anyone can participate as both consumers and producers. There’s no barrier preventing users from accessing content due to geographical barriers or other regulatory issues.
For content creators, blockchain can provide a way to monetize their work efficiently and fairly. The decentralized nature of blockchain means that the creator can keep all of the proceeds from their work. This prevents middlemen from taking a large chunk of their profits and allows them to keep 100% ownership over what they create.
Blockchain can also help consumers by providing them with access to higher quality content at lower costs than existing systems do today. Consumers have been plagued with issues like high subscription fees and limited access due to geographical restrictions on content distribution methods. For example, television or Netflix subscription plans that limit where you can watch certain shows or movies based upon where you live in the world. With blockchain, these restrictions will be a thing of the past.
As a content creator, you’d be able to see the number of views and engagement with your videos. This is important because it gives you an idea about how popular your content is. It also lets you know if people are watching your videos at all.
A lot of times, we create great content but don’t know whether people are seeing it or not because there’s no way for us to tell how many times our video has been watched unless we go into YouTube analytics (which isn’t always reliable). With a blockchain-powered platform, there would be no guessing games. You’ll know exactly how many views your videos have received and whether they’re being shared by other users on social media channels like Facebook or Twitter.
As the internet continues to evolve and digital technology becomes more accessible, the way we consume media will change as well. Blockchain technology is already being integrated into many different industries, from gaming to healthcare. And now it’s time for blockchain to disrupt the video content industry by improving transparency, decentralization, and revenue models for video creators.
What does this mean? Well, it may be easier than ever before for viewers to discover new videos produced by independent creators thanks to transparent content on a decentralized platform like BlockTube. It could also make it easier than ever before for viewers and subscribers alike to support their favorite creators directly through tips or donations in cryptocurrency (instead of advertising dollars).
We’ve seen a real shift in the way video content is both produced and consumed, and it’s only going to get more exciting over time. We are already seeing blockchain technology being implemented in the industry, with decentralized platforms like Vevue and Dtube, which offer creators more control over their content.