Live streaming is expanding rapidly. Several live streaming platforms like YouTube, Facebook, Youtube, Instagram, Vimeo, Kaltura, and more are creating significant buzz in the media and entertainment space. However, live streaming is not devoid of challenges such as centralized systems barring widespread adoption, data and privacy issues, limited streaming models, and more. Hence, it has led to the emergence of blockchain-based live streaming. Let’s find out how blockchain app development for live streaming enhances the capabilities of interacting online in real-time and addresses challenges faced by traditional live streaming.
We know that live streaming is the future of broadcasting that provides a more authentic experience for viewers. Indeed, live streaming via CDNs networks has improved viewing experiences and facilitated companies to provide access to a wide range of content. But, there are some drawbacks too, for instance, unstable broadcasting of live events or costly services for users. For creators too, the options to benefit from traditional live streaming are quite insignificant. Broadcasters, serving as middlemen, keep control of data, access, monetization strategies, and other key aspects to themselves. It means that they can manipulate policies related to data access, monetization, and user experience.
Also, Read | Decentralized Live Streaming Solutions with Blockchain
Apart from all these, additional challenges faced by traditional live streaming are:
While live streaming, creators want to show the best they can do and viewers do not want to miss a second of an event of their favorite creator, including highly public, popular events like music concerts, games, product launches, etc. In this case, many peoples use the Internet simultaneously and might face bandwidth problems. Also, today live streaming consumes 80 percent of all Internet bandwidth, which makes streaming primarily expensive.
Unstable or inconsistent streaming is also one of the major drawbacks of traditional streaming. Even for the best webcasting solution providers, offering consistent streaming is a standout painful spot. This problem frustrates the viewers and makes many to leave-live streaming. Thus, to make the flow of live-streaming better, you first need to address the inconsistency of streaming.
Choosing the right encoder is one of the main challenges faced by traditional live streaming. Thus, for live streaming encoder has to do its encoding, process bit perfectly, and fit well with other hardware equipment. But, traditional live streaming lacks in choosing the best encoder.
Thus, to address all the above challenges, we need a scalable, cost-effective, consistent streaming infrastructure solution to keep up with the demand growth.
Also, Read | Developing a Blockchain-Powered Media Streaming Platform
Now people have shifted their mode of entertainment from text and images to live streams. Also, live streaming growth has made the demand for network bandwidth and storage huge. The centralized cloud server till now has been taking care of storage, data transmission, and streaming. With the centralized cloud server, the content creator does not have full command over their data and has to manage the rules made by the central cloud server. Thus, with the growing interest and need for uprooting centralized video streaming, the decentralized protocol called blockchain comes into the field of live streaming.
Blockchain technology proves a boon for streaming as it offers an alternative free from censorship and control by centralized companies like Google and Facebook. Also, blockchain-based streaming allows users to store data at many points, which makes the system more secure against hacking. The shared ledger functionality of blockchain offers people to see real-time streaming without any delay from around the world.
Moreover, streaming on a blockchain is a trending concept that allows users to upload content and get paid immediately. Blockchain technology works on a peer-to-peer network that eliminates any central authority. Also, the P2P network allows not to focus on a single server but work on distributed media content. Let's look at the benefits of blockchain-based live streaming.
Also, Read | Insights into Video Streaming Platform Development with Blockchain
Live streaming development on blockchain technology is currently booming in online broadcasting. Blockchain-based live streaming provides complete authority to users. Let's take a look at some of the solutions that blockchain-based live streaming provides.
For the online platform, storage space optimization is important, and a blockchain-based content delivery network helps use the collective ideal storage space.
Moreover, with blockchain-based management system help, the content creator can use the unused space. It is by converting the space in P2P cloud storage and data delivery system.
With blockchain use, ownership issues can be easily solved at a protocol level. Also, using the IPFS swarm blockchain allows creators and audience to encrypt their videos and store them permanently. Blockchain also maintains the ownership of the live streaming in the NFTs form. It allows people to trade their broadcast videos on marketplaces in exchange for cryptocurrencies.
Blockchain smart contracts help in direct communication to avoid third-party intervention in revenue earning and establish an independent relationship between creator and audience.
Also, Read | Exploring Blockchain-based Online Video Streaming Solutions
Live streaming allows an excellent way to connect with the world in real-time. Also, the development of a live stream on the blockchain allows users to share their thoughts and experiences without worrying about censorship. Traditional live streaming has several challenges, and to avoid centralized live streaming servers, multiple new live streaming services are embracing blockchain technology.
Are you looking to develop a live streaming application? Our blockchain development experts will assist you in developing a user-friendly live streaming application.