Content streaming is set for transformation as modern firms are eyeing blockchain technology to develop their services. This is among the key takeaways from last week’s fourth annual blockchain conference, Consensus 2018. Among the blockchain world’s most important symposia, the event congregated over 8,000 cryptocurrency enthusiasts in Manhattan’s New York Hilton Midtown.
Consensus 2018 made it known that an increasing number of blockchain startups are engaging in the video streaming realm. These new businesses understand how gigantic the video streaming industry currently is.
With dominant platforms like Netflix, Hulu, and Amazon, the magnitude of the streaming industry is supported by statistics: more than 50 percent of American households who have Wi-Fi use one of these mainstream streaming services.
Among the events which illustrate the growing interest of blockchain firms to enter the video streaming realm are the following:
1. CNET co-founder Halsey Minor took part in VideoCoin, a cryptocurrency platform altering the economics of online video streaming. VideoCoin employs blockchain to significantly lower streaming costs.
2. Utopi, an innovative company revolutionizing philanthropy, hoists live-streaming blockchain technology by allowing its users to swap blockchain tokens and to access live-streaming concerts and classes.
The secure, affordable, and dependable tokens serve as a “ticket” converted into charity donations in monetary form. Utopi also employs Go-to-Live Protocol, a dApp designed to enable users to access quality video – a much more “live” experience – while streaming.
3. Popular streaming platform Netflix hinted on employing Bitcoin blockchain video streaming in 2016. But the company has not declared that it is on the process of completing this plan.
4. Hulu has cautiously declared its interest in blockchain video streaming to resolve advertising dilemmas.
5. The venture capital branch of Comcast has poured a $3.3 million investment funding recently to Blockdaemon. Simultaneously, the company’s technology development department is concocting Blockgraph, a blockchain derivative.
SiliconANGLE’s James Kobielus noted that blockchain video startups may be interested to upset the balance of Hulu or Netflix’s dominance, though this cannot transpire soon. These two platforms are quite powerful, boasting massive consumer bases and market shares, together with its creation of star-driven and high-budget content.
What Kobielus thinks is feasible in the years ahead is the rise of blockchain-based content streaming services with specialty niches. These peer-to-peer services will serve peer-oriented groups well. Their foci would be education, collaboration, training, and knowledge-sharing within industries, enterprises, and professions.
6. Understanding how massive the personal development industry currently is – worth nearly $10 billion – state-of-the-art digital platform SuccessLife intends to launch a blockchain-based content marketplace.
SuccessLife is one example of a specialty niche streaming service which Kobielus pertained to. Educational videos apropos of personal development will be disseminated. The millennials, who are reported to be the most highly devoted in self-improvement than any other generation, are the expected target of this project.
These events present the increasing versatility and importance of blockchain technology. As attested by Consensus 2018, this technological development can be an all-encompassing revolution as more blockchain firms penetrate the content streaming sector.