Blockchain-based Video Streaming Solutions

About ten years ago, blockchain technology came into the tech scene with the introduction of Bitcoin. It led many businesses to consider blockchain and cryptocurrencies synonymous. However, the value proposition of the blockchain indeed extends way beyond. Essentially, it enables two or more individuals, companies, or computers to exchange value in digital environments without needing an intermediary between them, such as a third-party, with security, efficiency, and innovation. In the context of streaming app development, blockchain as an underlying technology uses this concept to enable the development of solutions. Consequently, its applications provide the capability to address existing challenges like user privacy, high costs for content creators and users, innovation limitation, and more while also facilitating opportunities for new business streams, like inventing loyalty management, crypto payments, and more.

Because blockchain technologies provide inventive mechanisms for verifying, securing, and sharing data, they’re ideal for managing the digital rights of content creators and the privacy of users as well as multi-party, inter-organizational contracts. It leads to increased trust of content owners, involvement for a larger audience considering the security and loyalty benefits, and more. As a whole, alongside the benefits like security, efficiency, transparency, and trust, blockchain can prove to be game-changing for branding that reflects innovation and customer value.

At this point, if you are thinking about how much it may cost for streaming app development like Twitch, Netflix, Spotify, and more with blockchain, it can be expensive. Traditionally, an efficient streaming app development ranges between around $170,000 as per a Clutch survey. However, we need to keep in mind that this is not a traditional kind of app. It requires advanced implementation and a lot of functionality of blockchain and its applications. In that case, the cost for a blockchain-based app can raise significantly than other standard centralized app development. If you are on a shoestring budget, the right choice is to begin exploring technology with MVP or PoC development for your video streaming platform. Along with proving cost-efficient, it gives you vital insights into investments, feasibility, and revenue estimation for full-scale app development.

Developing a streaming platform, including live and on-demand, with blockchain technology enables content owners to get direct access to their royalty as per usage created on the network. It provides technology infrastructure for streaming services development that facilitates customers to pay only for what they want to stream instead of an all-you-can-watch basis. Content owners also benefit from implementing reliable and secure data storage mechanisms of blockchain technology.

On-demand mobile video streaming apps are something that you find in more and more households. Some of the most popular ones are Netflix, Hulu, Amazon Prime, and Sling. Developing a blockchain-based streaming platform challenges the status quo. It provides stakeholders the capability to eliminate any intermediary dependence required for processes and contracts. Thereby, it reduces the cost and ensures efficiency. Content owners, users, and service providers together benefit from blockchain-powered functionality like loyalty management, royalty management, distributed CDN (content delivery networks), and more.

Traditionally, the implementation of content delivery networks has helped to provide for a better infrastructure online. However, it also creates opportunities for introducing new technologies and systems like blockchain, cryptocurrencies, and smart contracts. The advancement of blockchain technology provides a decentralized and secure platform to connect content providers (CPs) with users directly at low cost and increased efficiency and security. They establish content transparency and preserve user privacy for non-registered CPs.