How blockchain technology generates value for content creators and consumers
Blockchain and cryptocurrency are two related technologies that have emerged in the decade, challenging the established norms of the digital economy. Blockchain, unlike databases, stores information in linked blocks using cryptography. It has found use as a ledger for transactions. Cryptocurrency, on the other hand, is a form of currency that relies on secure cryptography and operates independently from any governing authority, making it resistant to government manipulation. While Bitcoin was the first cryptocurrency, there are now over 10,000 cryptocurrencies.
Over time, blockchain and cryptocurrency have developed applications and solutions across sectors and industries. One significant impact of these technologies is their ability to bring about transformation by facilitating value exchange, incentivising behaviour, and empowering individuals and communities. Some key advantages offered by blockchain and cryptocurrency include;
Decentralisation: By eliminating intermediaries or central authorities, blockchain and cryptocurrency allow users to operate autonomously with reduced costs, risks, and entry barriers. Users gain control over their data and assets while participating in peer-to-peer networks that are more robust.
Innovation: Blockchain and cryptocurrency have paved the way for innovation and experimentation by providing unrestricted platforms for developers and entrepreneurs to create new products and services. These technologies allow users to access a range of decentralised applications (DApps) that offer functionalities and user experiences, including gaming, social media, finance, and more.
Moreover, blockchain and cryptocurrency play a role in promoting inclusion and accessibility. They create opportunities for individuals who have been underserved or excluded by the traditional financial system. Users can now enjoy benefits such as fees, faster transactions, global reach well, and access to alternative sources of income generation and wealth creation.
The creation and consumption industry has experienced transformation due to the influence of blockchain technology and cryptocurrency. Content creators and consumers have faced challenges within the traditional financial system, including censorship issues, unfair monetisation practices, lack of transparency, and dependence on intermediaries. Fortunately, blockchain technology provides solutions by introducing business models that benefit both creators and consumers alike. In this regard, several platforms are leveraging these technologies to disrupt the content industry, and here we feature 3 of them:
Brave: A browser that blocks ads while prioritising user privacy. It also offers rewards for users who opt-in to view third-party ads. The platform offers a safer and more customisable browsing experience compared to browsers. It comes with features such as ad blocking, incognito windows, private search, VPN, and more. Moreover, Brave also integrates with the Basic Attention Token (BAT), a form of cryptocurrency that rewards users for their attention and allows them to support their creators financially.
LBRY is a protocol designed to provide access to content through a global marketplace. It utilises a blockchain that serves as a shared index for published content. LBRY facilitates content discovery and payment processes while ensuring that registered content cannot be deleted by the company. Users can upload types of content on the LBRY blockchain, including videos, music, images, podcasts, and e-books. Additionally, creators have the opportunity to earn LBRY Credits (LBC), which is the network’s cryptocurrency used for accessing content.
Audius functions as both a music streaming platform and a sharing platform tailored towards empowering content creators. Built on Solana technology, a high-performance blockchain, Audius enables cost-effective transactions. On Audius, artists have control over their music, including uploading it to the platform and distributing it without intermediaries or censorship restrictions while also being able to monetise their work. Musicians and creators can also receive Audius Tokens (AUDIO), a currency utilised to oversee the platform and unlock features and services.
The future outlook for blockchain and cryptocurrency appears promising as experts predict a rise in adoption and an improved understanding of the potential these technologies hold. The World Economic Forum notes that 2022 was a terrible year for cryptocurrencies, with trillions of losses in market value, but this may pave the way for regulated institutions to embrace the technology. Forbes reports that the U.S. Securities and Exchange Commission has finally granted approval for 11 spot bitcoin exchange-traded funds to commence trading on U.S. Exchanges starting January 2024. Blockchain business solutions abound, but their adoption rate by established companies has long been a barrier. However, the future may be bright for the market as there is a forecast for increased adoption and an overall better understanding of the opportunities surrounding blockchain and cryptocurrency technologies.
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