Blockchain technology is deemed to be the next big thing after the internet. Its disruptive potential across industries is starting to look towards the most dubious sector- The Adult Entertainment Industry. Blockchain in the adult industry is of great potential whereby customers not willing to reveal himself/herself can use cryptos instead of credit cards while keeping their identity intact.
Regarded as way ahead in innovation, being the early adopters of internet. The adult industry is one of the first in the promotion and adoption of decentralized technology.
Catchphrases’ like ‘sex sells’ still remains true to this day. Adult Tech caters to services like dating sites, pornography, and other explicit offerings. Given the massive revenue behind such offerings, blockchain technology splurges into this sector with a number of ICOs on the values it can bring about.
Research by VogoV stated that 470 adult sites, 50 webcam platforms, and 35 sex shops worldwide now accept cryptos as a form of payment. Privacy coins such as Dash, Monero, and Zcash are considered to be the best for adult content sites.
While major institutions continue to ban or ignore the adult industry, its insiders now are turning towards decentralization in gaining their freedom and individuality.
Bitcoin In Adult Business
Cryptos are getting insanely popular among the adult entertainment industry, as both strive for the same thing: privacy. Adult websites are turning into new ways to protect the identity of their users through crypto payments.
Although, consumers are not willing to use their credit or debit cards in order to buy such services. Blockchain allows people to transact privately with the privacy model that it is built on.
For instance, a widely popular Las Vegas strip club called The Legends Room allows clients tipping through cryptocurrencies, mostly Bitcoins. The strippers boast of temporary QR codes on their body, allowing instant payments through virtual currencies. The strip club launched its own ICO too, the token known as LGD.
However, performers at the club mentions of bank accounts being canceled if found to be working out for the adult business. Cryptos, in this case, acts as cushioning for these sex workers’ protection of privacy while maintaining anonymity.
Bitcoin anyway is deemed as the savior for populations not part of the ‘formal economy’. Sex workers having their own crypto wallet can help in cutting out ties from pimps, brothels or government agencies cutting their wages out from prostitution.
Moreover, tracking human traffickers through bitcoin blockchain has indirectly contributed to the prosecution of human traffickers.
Blockchain Platforms To The Rescue
A blog post by crypto-economic-powered adult entertainment ecosystem SpankChain listed also on Coinmarketcap reads: “Payment companies have systematically denied service and redlined the adult entertainment industry. They have routinely closed accounts of small businesses, artists and independent contractors whose business happens to be in the sex industry.”
Then there is LiveStars, an Ethereum-based token powering a blockchain-based adult streaming platform.
There are also projects designed to make adult industries safer for all participants. Hussy.io combines dApps with a trusted authority “that can verify the identity and a health state of each sex worker and issue a [sic] immutable confirmation to the Blockchain that each potential client can verify before arranging a meeting.” The platform confidentially verifies customers’ identities to protect sex workers.
The stigma and taboo attached to sex workers prevent empowerment and protection for them. Labeled as ‘outcasts’, in the end, they are just working individuals trying to earn money and bring food on the table.
Being an adult about the adult industry can help in turning the tables towards this marginalized sector. One can only imagine an industry with oppressive regulations and privacy issues, its affairs can only be addressed by a versatile innovation such as blockchain.
Its time the industry gets legitimized while making it a safer, progressive and transparent for everyone. No more exploitation of individuals, be it in their case of gender, color or their choice of profession, thanks to blockchain.