If you find ‘Netflix and chill’ is your go-to then remember that the future of television broadcasting is on blockchain. In general, television broadcasting is based on a centralized distribution of media and content whereas blockchain uses an entirely opposite concept of decentralization.
Moreover, the whole process from what content to show, its prices and offers to distribution is extremely hierarchical in the TV space. In the world of decentralization, this solves the problem.
The complexity of advertising and television broadcasting needs a reality check. From fake data analytics to, fraud metrics to breach of privacy, the current media ecosystem is inescapable with these problems.
Today’s current scenario in Tv space involves advertisers and brands and content providers to pull up data from separate sources to identify what kind of content holds up the best return of investment.
In today’s media landscape, data has become equal to currency. The hunt for user data by media companies holds little regard for the privacy of its users. This makes it helpless for the users in controlling their own data, and how it is monetized and used.
Why Is Blockchain Needed In Television Industry?
Token utilization solves these above-mentioned ruffles. Tokenization can act as direct avenues for exchange between data and value between the likes of multi-players such as advertisers, consumers as well as content creators.
The very fact that on-screen graphics can be applied to any television or video content containing tokens means that not only viewers but even ad agencies and brands and TV networks can take a piece of the pie from tokenization.
As a viewer, you get to decide whether you want to go incognito on your financial or medical records but want to go public on your favorite hobbies.
In this way, you as a viewer get to see relevant ads of your preferred interest. Also, with tokenization, you earn rewards for your loyalty and engagement.
The whole process of tokenization takes one step further wherein even viewers would be able to monetize on their trackable actions. Basically, you get paid to watch your favorite TV or video content.
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The decentralized ledger technology can break the shackles of centralized authorities that drive the whole cycle from content distribution to production.
With decentralized apps or dApps, thousands of computers all over the world would act as the broadcaster in a mesh network.
The relevant dapps whether for an in-demand video or live streaming breaks the whole protocol of hierarchy. Cryptocurrencies associated with such decentralized video streaming have also come up.
Moreover, piracy is one of the critical affairs faced by the entertainment industry. Blockchain technology maintains the copyrights for any type of content out there.
This ensures that a legitimate content owner or creator doesn’t have to lose sleep over their copyright infringement.
This kind of peer-to-peer ecosystem creates a win-win situation for everyone wherein both consumers can gain control over their own data as well as the removal of third parties means everyone can retain more values from their shares.
Blockchain-Based Platforms For Democratizing Content
LiveTree is a blockchain-based film and TV crowdfunding distribution platform built on the Steem blockchain for content creators. Producers can upload their catalogue on a Netflix-like subscription service and track who is watching their content. Launched in 2016, LiveTree has been touted as the world’s first blockchain-based funding and distribution platform for film and content creators.
TV-Two is a blockchain-Based open platform for a decentralized television ecosystem. Users switching to TV-TWO receive their favorite content but by earning cryptocurrencies.
On TV-TWO, users find a platform offering all leading YouTube channels together with a personalized video stream curated by a supervised learning algorithm. For every sponsored messages user consume, they are rewarded with TV-TWO’s custom Ethereum token called TTV, coming directly from the advertiser.
ALLRites is Asia’s number one online marketplace to discover, buy, sell & manage Film and live sports content rights. AllRites integrates blockchain technology to solve industry issues such as the protection of rights and identity management, distribution of earnings, transparency and speed of transactions, and more efficient monetization of content.
Finishing Thoughts
Blockchain technology can change the television landscape from content streaming to advertising to user privacy.
The decentralized technology could erect the pillar in building up a broadcasting industry, where all parties benefit from a secure, efficient and transparent ecosystem.
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