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How Will Blockchain ‘Democratize’ Content Industry?

January 23, 2019

The blockchain is the new solution for any conventional industry which has an earning or monetizing system. One very keenly watched space is Media, especially "content" space on how distributed networks would provide "incentives" in economic terms.

New Media and its Future

A fledging technology product, the idea of blockchain for content, is yet to establish a framework about which it will set up itself, and thus there is no reference point by which a sustainable model can be framed for such peer-to-peer payment platform.

One of the first levels of evolution will have to be at the production stage. Be it a writer or an artist who would create the content for the blockchain, it will have to be user-friendly yet ‘incentive-based’ order and consumption system. Perhaps the diverse nature of producers of content would determine the course of development of a distribution system.

The idea that is flourishing in crypto-based music content platforms is to pay a royalty to artists using tokens. A comprehensive example of a well-designed and executing plan for crypto-based content consumption or creation system has been Musicoin.

Since the human mind is tuned to paying with fiat for consumption it is a mind shift to switch to token-based tipping and payment. What Musicoin has been able to do is to – create two way to pay for crypto tokens. First is to pay for them directly using fiat and the second is to ‘earn’ them by ‘working’ through them. By this, tokens would be rewards and work as ‘incentives’ for the consumers.

However, one of the foreseeable issues with crypto-content platforms is the role of regulators. Apart from the ecosystem which will be relatively new and different from traditional forms of content production, the biggest challenge will be that of technology and culture.

In fact, it is just not content production which is set for a facelift, but nearly every other avenue, sector, and industry which wants to multiply its power. Blockchain is the technology that does just that – nodes of power which compute together for the same solution. This means there is an explosion of computing power which can process transactions at unimaginable speeds. A result of all of the computational power is that time consumed for a process event is very less and in the modern world, time saved is money earned, even if it is cryptocurrencies! Blockchain platform for content production will ‘liberate,’ production processes to exemplary levels.

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