Can Blockchain Change the Way We Share Content?
This is a question that I’ve been asked repeatedly since the initial burst of enthusiasm around blockchain faded. So how can the technology, which is most commonly associated with bitcoin, be used to fairly distribute content?
Essentially, content creators want to share their work so it reaches an audience as wide as possible. But for that to happen, there need to be intermediaries who act as gatekeepers or agents. These intermediaries ensure that creators’ efforts are properly remunerated.
Most famously, this is done by companies like Google and Facebook through ads. It’s also done by streaming services like Spotify through subscriptions paid by users and copyright holders (like record labels). Blockchain technology might help reduce the need for these types of third parties in favor of a more democratic sharing of content online where everyone gets paid fairly.
What Is Blockchain?
A blockchain is a digital, decentralized ledger that keeps track of transactions. It’s a way to store data in one place and transfer it exactly like how you might use PayPal or Venmo. Blockchain also allows you to verify the legitimacy of the data being shared, which can be especially important when it comes to content creation and distribution.
Because blockchain technology was created to support Bitcoin (the first cryptocurrency), many people associate blockchain with cryptocurrency. It is not wrong to do so too because technology has given a means to hundreds who want to purchase cryptocurrency.
There’s far more potential than that though! Many companies are now exploring how they can use this innovative technology beyond finance. IBM has partnered with Walmart on food safety tracking. Philips Lighting has partnered with Ambrosus (a Swiss startup) for “smart city food safety solutions.”
Disney is using a private Ethereum network for security testing and prevention. Visa has created a platform called B2B Connect which helps banks share information about their customers. Amazon Web Services supports Hyperledger Fabric as well as Ethereum Solidity development environments.
How Can You Use the Blockchain to Share Content?
A blockchain can be used to share content with a partner, whether that’s an employee or someone who is working on your project. The benefit of using a blockchain for this type of information is that it will be encrypted and stored in multiple locations. This means that if there’s ever an issue with one copy of the data, there are others out there to ensure you don’t lose any valuable information.
A third way you can use a blockchain is to share information directly with your customers. This could include anything from newsletters, product updates, or even sales information! One thing I love about using blockchains for customer relations is how easy they are to access. Just by using an app on their phone or computer (or both), customers know exactly what they need to do to receive updates from companies they love so much already!
No More Middlemen
If a blockchain is built to share content, that means no middlemen. No more fees, restrictions, or delays. That’s important because middlemen have traditionally been granted control over the distribution of content by their role as “gatekeepers.”
In other words, they control who gets access to what and when. For example: If you want to watch anything on HBO or Showtime, you need a cable subscription and those services aren’t cheap!
Cable companies also bundle channels together so that customers must pay for them whether or not they watch them (that’s why your bill always seems like it has grown). The same goes for streaming services such as Netflix and Hulu; many movies from these platforms require an additional fee just to watch them if you don’t already subscribe.
Cheaper Distribution
Blockchain can help you save money by cutting out the middlemen. You won’t have to pay fees to third parties like ad networks, marketing agencies, PR companies, and lawyers.
You may even be able to cut costs with accounting services. If your company relies on a lot of freelancers or contractors then blockchain could make it easier for them to invoice you directly and store their invoices in an immutable ledger that you can track through the blockchain.
A More Engaged Audience
As a content creator, you want to strengthen your relationship with your audience. You want them to be interested in what you have to say and share it with others. In today’s digital world, there are several ways you can do this:
- Add social sharing buttons so that readers can easily share your content on the platforms they frequent most.
- Invite people who comment on posts or pages to join the mailing list so they don’t miss future updates from you.
- Consider including an opt-in form at the top of your site that asks visitors if they’d like to receive emails from time to time (and then make sure those emails are good).
With blockchain technology, there’s another option: incentivizing engagement by rewarding users for their interactions with your content!
More Control Over Your Assets
- You can use blockchain technology to distribute your content in a way that gives you more control over its distribution.
- You can profit from this distribution.
- You can retain ownership of it.
- And you can share it with anyone you want (or no one at all).
Blockchain for Distribution
- Distribution of content and profit
- Ownership of content
How to use blockchain to distribute your content: The technology allows you to create a decentralized system where you can share your work and get paid directly by the audience. It’s possible thanks to smart contracts, which are pre-programmed agreements that execute automatically once certain conditions have been met.
You set up these contracts using Ethereum’s utility token Ether (ETH), which is also used as gas for transactions on its network. In other words, it provides the fuel needed for the blockchain application’s execution.
How to use blockchain to profit from content distribution: Every time someone views or interacts with your content through a subscription model or advertising, they pay ETH into a smart contract. It distributes payment among you and all other contributors involved in creating or promoting it.
It keeps track of how much is owed at any given time so there’s no confusion about how much each person gets paid out from day one. This way everyone knows exactly what they’re owed before sharing their work with others!
Additionally, if someone doesn’t want anything more than just viewing rights but still wants access then they could buy tokens called “viewer tokens” off an exchange first which would allow them access without having any stake in producing anything (they’d still be able to make money though). But if someone wanted more control over what was happening within this ecosystem then they could purchase another token called “contributor tokens” instead.”
Conclusion
I’ve covered how the blockchain can transform the way we share content by making it more secure, but that is only the beginning. With this technology, we could see an explosion in new types of media and platforms where users can create and consume content with complete control over their privacy settings.