Video is one industry that has been ripe for disruption by blockchain.
The video industry has been dominated by a few big players, making it difficult for smaller producers and creators to enter the market. This has resulted in a lack of diversity and a limited selection of content for viewers. Blockchain technology is changing this by allowing creators to monetize their content directly and creating new distribution channels for their work.
Blockchain technology has been around for over a decade now, and it has proven to be revolutionary in many industries. From finance to healthcare, blockchain is transforming how businesses operate and how people interact with them.
Let’s take a look at how blockchain is revolutionizing the video industry.
But First, What is BlockChain?
Blockchain is a decentralized digital ledger that records transactions across many computers without the need for a central authority. Each transaction is recorded as a block with a unique cryptographic signature, creating a tamper-proof and secure chain of blocks. It is used for applications such as cryptocurrencies and supply chain management.
Ways block Chain Is Revolutionizing The Video Industry
One of the most significant ways blockchain is revolutionizing the video industry is through decentralized streaming platforms. These platforms use blockchain technology to distribute content directly from creators to viewers, for example, BitTorrent, without the need for centralized servers. This allows creators to earn more money for their work and gives viewers access to a wider variety of content.
Another well-known example is Livepeer which is a decentralized video streaming platform that uses blockchain to provide a secure, transparent, and cost-effective solution for video streaming.
These are self-executing contracts with the terms of the agreement directly written into the code. In the video industry, smart contracts can be used to ensure that creators are paid fairly for their work.
For example, a smart contract can be set up to automatically distribute revenue from a video based on the number of views it receives. SingularDTV, for instance, uses smart contracts to do this, which also helps to prevent revenue loss due to piracy or other unauthorized use of content.
Intellectual Property Protection
Intellectual property theft, including innovations, literary and creative works, designs, and symbols, names, and pictures employed in commerce, is a significant problem in the video industry.
Many creators lose revenue due to unauthorized use of their work. Blockchains like Mediachain, solves this problem by creating a permanent record of ownership for each piece of content and hence benefitting the video content industry! That really is astounding for us because what more would creators want?
One unconventional way blockchain is revolutionizing the video industry is through the creation of virtual worlds. Virtual worlds are online environments where users can interact with each other and with digital objects. Blockchain technology is being used to create decentralized virtual worlds where users can own and trade digital assets.
This opens up a whole new world of possibilities for creators, allowing them to monetize their work in entirely new ways; Decentraland, for example, is a decentralized virtual world where users can create, experience, and monetize content. Users can buy and sell virtual land, create 3D models and interactive experiences, and earn cryptocurrency for their work.
Non-Fungible Tokens (NFTs)
Next is the creation of non-fungible tokens (NFTs). NFTs are unique digital assets that are verified on a blockchain. In the video industry, NFTs can be used to verify ownership of a piece of content, such as a video or a still image. This allows creators to sell their work as a one-of-a-kind asset, creating new revenue streams for their work.
One of the most famous examples of NFTs in the video industry is the digital artwork "Everydays: The First 5000 Days" by Beeple, which sold for a record-breaking $69 million at Christie's auction house in 2021. The artwork was sold as an NFT, which verified ownership and provided proof of authenticity for the digital asset. Another example is the NBA Top Shot platform, which uses NFTs to sell and trade digital collectibles based on NBA moments.
Transparency and Security
Finally, blockchain technology is revolutionizing the video industry by making it more transparent and secure. Blockchain allows for a permanent record of every transaction, making it easier to track revenue and prevent fraud. This increased transparency and security can help build trust between creators and viewers, creating a healthier ecosystem for everyone involved.
For instance, let’s look at Flixxo. With the help of this decentralized platform Flixxo, content producers can make their works available to highly niche markets that pay using bitcoin tokens to support and consume them. Similar to the peer-to-peer service BitTorrent, Flixxo users simply make the videos on their computers accessible to the network to earn Flixxo tokens. It doesn't matter if they are triple-A films or the indie favorites of the filmmakers they subscribe to. The network's operating costs are being shifted to the users via this decentralized crowdfunding and hosting solution, but participation is also becoming more profitable and gratifying.
Join the revolution with Videohaus
With the video industry continuing to grow, it's exciting to think about how blockchain technology will continue to shape its future. The goal of Videohaus is to always remain at the cutting edge of video technology. Our team has produced hundreds of videos for our corporate clients, including a few who come from Web3 backgrounds, and we can do the same for you!
Start by booking your space here or contacting us to learn more about our video packages.