The media and OTT industry has evolved over the last few decades, and blockchain is playing a huge role in this achievement.
FREMONT, CA: Blockchain has taken the marketing world by storm. With blockchain solutions transforming the cryptocurrency and economical markets, it is set to lay its footprint in other business verticals. According to reports, approximately $1.3 billion has been funded as of 2018 only with venture-backed blockchain, and cryptocurrency startups are increasing. While the banking sector is plugged to get most out of blockchain, media & broadcasting business is hoping to get some of its longstanding obstacle resolved by the technology.
With such multiple advantages, the blockchain model had already begun to revolutionize the digital finance business with flexibility and safe transactions. On the other hand, the refinement of the internet has led to the development of OTT industry: from video series as a part of digital streaming to a clear external screen experience, it has drawn millions of users towards its platform. As the industry culminates, it is starting to face difficulties and lets the users see how the use of blockchain can make the OTT business more stable and accessible than ever. Empowering the online content creators via smart contracts is the need of the hour.
The digital content originators like online musicians can get straight paid by their fans without having to give out huge percentages of their sales to external intermediaries. This barrier-less interaction system is conceivable only through blockchain, which removes any hidden delegate costs and helps artists build a direct customer connection with their fans. Blockchain also supports them to automatically take care of the license and contract relevant issues in the form of smart contracts. Blockchain facilitates each party to confirm their transaction records directly without any agents. It also eradicates the need for any central authority to maintain the transactions through its peer-to-peer network, making way for quick and smooth transactions.
Blockchain helps to expedite the micropayments online within the user and content creator without any transaction charges or service costs. By utilizing a Blockchain-enabled browser, the user can monetize monthly expenses using a cryptocurrency wallet. The browser can then demand the public blockchain for license information, and browse the full content through content identifiers. Accordingly, it expedites the transaction within the user and the content owner through on-chain payment. With terabytes of content utilized in the online media every day, optimizing the storage space is essential. A Blockchain-powered Content Delivery Network can help to use the collective untouched user aspects globally by building decentralized applications. Using blockchain as a decentralized management practice can help the users exploit this new joint space, by transforming it into peer-to-peer cloud storage and data delivery network.
Online content creators are very much conscious of the extent of protection the intellectual property laws give and how efficiently their content can be stolen. When someone is using a user's property for commercial purposes, the user can claim for ownership compensation. Adopting blockchain can quickly help in protecting the user's intellectual property claims. Content purchasers will have complete authority of their work, and the transactions are automated whenever spectators access the content. With the online media and OTT space developing more competing than ever, it is set to be the future of the broadcasting industry. Incorporating the Blockchain to OTT and online media can make this billion-dollar business much more convenient, leading to an upraise in digital space like never before.