Decentralized Live Streaming Solutions with Blockchain

live streaming blockchain

  • Content producers have relied on a centralized agency to distribute their content and link it to any marketers willing to pay for associated time slots since the dawn of broadcasting, from radio to TV, cable, and streaming. The invention of the internet and the World Wide Web opened up possibilities for self-broadcasting for content creators. But they must still rely on the big players to host their content and to link that content to marketers and consumers. Now, that could be about to change with blockchain application development for decentralized streaming solutions.

    Live Streaming Challenges

    The downtime needs to be zero for Live, so the first prerequisite is to develop a stable and scalable system to ensure maximum usability. This suggests that service suppliers take the same approach as conventional broadcast networks.

    Furthermore, the lack of control over the entire distribution network makes Live Streaming so prone to interruption and poor experience and service quality. Typically, content providers rely on a supplier of CDN services and pay heavy fees. But not every network provider has the same behavior or availability, so it can impact your performance.

    OTT is designed on top of the technology of HTTP. A technology that was originally developed to view web pages as quickly as possible, but is not a protocol in real-time to cope with live streaming constraints. For this reason, a side effect of this technology is known to be latency.

    Metadata refers to all the information that follows the video. It’s what determines the material and provides its title, definition, volume, and much more. It may also provide information on ad breaks and other technical details required by a service like Hulu.  Again, all of this backend data is not structured because of how modern live streaming is.

    Also, Read | Developing a Blockchain-Powered Media Streaming Platform

    Introducing Blockchain for Live Streaming

    Enhancing Data/Content security and Monetization Models

    Any content creator aims to monetize their work somehow, either through direct payments, subscriptions, or ads. There are several obstacles to communicating with customers and they are mainly connected to economies of scale. This is why relying on broadcasters to distribute content and draw advertisers has always been simpler.

    Content producers have relied on large broadcasters to create an audience that advertisers felt confident enough to address, without a way to securely collect information about audiences so that they feel able to share their data. Thus, broadcasters became gatekeepers, restricting and limiting the types of content that would be transmitted, which they felt would receive the most attention.

    Blockchains allow the safe collection and authentication and validation of data in a decentralized manner. This has the ability in our industry to offer customers more choices in terms of the type and quantity of information they are prepared to share and with whom they share it.

    This technology can help content producers and marketers directly communicate with customers and completely bypass aggregators and big media companies. Independent and fringe content creators will now have additional possibilities to monetize their innovative work and interact directly with targeted advertisers on one hand and customers on the other.

    Also, Read | Insights into Video Streaming Platform Development with Blockchain

    Applications for Inventive Advertising Models

    Since blockchain technology can directly link content creators and advertisers with customers, without a central authority to mediate it, viewing habits and other data can be collected and exchanged. This enables marketers to offer customers more relevant content.

    Equally significant, a completely new way to generate traceable revenue and to prevent pirated copying through peer-to-peer business transactions will allow content creators who would otherwise have no effective way to securely monetize their creative work and to securely pay their colleagues.

    A blockchain-based crowdfunding and distribution platform aimed at film and TV content creators has been developed by the UK-based company LiveTree. Content producers can upload their content to a streaming service similar to Netflix and track their viewership.

    Consumers can determine which information they want to make accessible with a blockchain-powered solution. Consumers may, for instance, exchange information about what destinations they find interesting. It will enable marketers to target them with advertising about those destinations.

    Also, Read |  The Emergence of Decentralized Blockchain Video Streaming Solutions

    Streamlining Licensing, Royalty Management, and Costs 

    However, blockchain will help content creators monetize their products, not just advertising dollars. Control of rights is another area where content creators can benefit from blockchain use.

    ImageRights International uses blockchain technology to link photographs of a photographer to the registration number of the US Copyright Office. It enables them to easily identify and demand compensation for unauthorized use. Blokur music rights management platform uses blockchain to ensure that recording artists get their pay promptly and equally when a third-party use their work.

    Also, Read | Blockchain’s Impact in the Media and Entertainment Industry

    Simplified and Cost-effective Payment Models for Audience and Creators 

    Another exciting blockchain application in live streaming is to enable both the viewer and the broadcaster to take advantage of the monetization data collected.

    During a broadcast, for instance, viewers could be allowed to engage with the show or advertisement they are watching. Through using an app on their smart TV, phone or tablet, consumers can respond directly to the gadget they’re using, or whether they’re watching TV.

    Once signed up, audiences engage with a commercial’s targeted elements and earn points. Further, with a real-world value of these points, they purchase advertised products or services.

    Can Blockchain Prove to be the Ultimate Disruptor for Live Streaming Platforms

    The ultimate advantage of filmmakers’ blockchain technology will be to achieve a completely decentralized broadcasting environment where no single website or corporation would serve as gatekeepers to the transmission of their material on TV or cinema.

    Using decentralized entertainment software, either for live-streaming or on-demand content will allow thousands of computers in a non-hierarchical mesh network to serve as broadcasters worldwide. This kind of completely decentralized entertainment network based on the blockchain could in various ways challenge existing cable and streaming services.

    Also, Read | Blockchain’s Role in Digital Content Management

    Without the need for a central gatekeeper to authorize it, the content could be made accessible instantly over a decentralized network. New “channels” of related content could evolve organically in a decentralized distribution model. Consumers, by exchanging data, will ultimately self-discover the programs and films they want to watch.

    A free content may also compete with conventional TV and internet advertisements. In return for collecting tokens, marketers can pay users to watch content. Ultimately, it will enable them to purchase advertised goods and services at discounted rates.

    A decentralized streaming network can become the next HBO or Netflix. Developing live streaming solutions with blockchain is one business area that our blockchain development experts at Oodles will keep a close eye on.

About Author

Mudit Kumar (Writer)

Mudit has been working with Oodles since 2017. He writes about technologies that not only disrupt the digital space but also influence the physical world. Initially, he explored revolutionary technologies like ERP (Enterprise Resource Planning) and AI (Artificial Intelligence). Now, he focuses on unfolding the elements of blockchain technology, given its potential and edge over others.

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