Technology

Blockchain Technology and Smart Contracts: 5 Benefits for Video Content Creators

In the world of art, the advent of the Internet has caused the formation of two opposing camps of adherents and opponents of the World Wide Web. It would seem that the unlimited possibilities for spreading video content is that very blessing that the world of art lacked so much. On the other hand, the lack of full-fledged legal regulation on the Internet has led to the heyday of piracy, which reached its record high together with the spread of peer-to-peer networks. As a result, luminaries face loss of profit. And for obvious reasons, this does not suit them. But as for beginners, content distribution is essentially free marketing which allows them to become popular in their area with no significant effort. But this is just the surface part of the iceberg.

It turned out that the fight against piracy is complicated by a whole army of intermediaries operating within the network and aiming at grabbing a share of artists` profit.

But with the advent of Blockchain Technology, the situation in legal aspects of this issue began to change for the better. Especially when it comes to advanced blockchain platforms like DecimalChain.

What is Blockchain Technology

Many have heard of the Web 3.0 term. This is how Blockchain Technology is called, the technology that forms the basis for the cryptocurrency industry. In its essence, the blockchain is a distributed, but at the same time a public database of a special format, reliably protected from hacking attempts. And it is its security together with transparency that have contributed to the spread of blockchain use in the world of digital money, and now blockchain serves many industries and businesses.

Indeed, storage of securely encrypted information simultaneously on thousands of computers scattered around the world makes it impossible to steal data. Besides, this does not allow for many other types of fraud. Initially, Blockchain Development aimed mostly at the digital money industry, marking the spread of Bitcoin and a lot of other cryptocurrencies. But with the advent of smart contracts, the scope of application for decentralized networks began to expand rapidly.

You may ask, what benefits can the authors of video content get from using Blockchain Technology and SC? Actually, we need to talk about a whole range of such advantages, and now we will get acquainted with the main ones.

Better Digital and Intellectual Rights Management

It would seem that the transparency of blockchain makes video content publicly available, which contradicts with the concept of copyright. In fact, accessibility does not mean that it is free to use. As we have already noted, data in decentralized networks is reliably protected from hacking, so receiving digital content requires transactions. That is, you will have to pay for the video you are interested in.

Alright, you say. Let’s say the first copy was received on a paid basis, but how to control its further distribution?

And here, the technology also offers a solution. We are talking about timestamps for video content, since with smart contract development companies, it has become possible to supply videos with unique identifiers. And this metadata can no longer be changed, even if the video is repurposed.

Dynamic industry flow

The use of smart contracts allows you to distribute content directly, without numerous intermediaries. This implies two significant advantages:

  • you minimize your losses, which can reach significant amounts in total;
  • authors of the video content get the opportunity to observe the direct dynamics of sales, that is, they receive a more or less fair assessment of the value of their art objects.

And if so, then you can use this data to balance supply and demand by changing the cost of the video. That is, such an opportunity is a benefit for both content consumers and authors. Only a smart contract based on decentralized networks can implement such opportunities.

Micro-metering and Micro-Monetizing

When you want to go to a football match, you have to buy a ticket. And its cost may be quite high. And even more so, the cost may be so high that you will have to drop this idea. When it comes to video content, the situation is somewhat different here. If your creation is popular, then no one prevents you from distributing such content in parts. This practice is very common on the web. And here blockchain serves copyrights protection and allows you to control the distribution of any video content, this can bring additional monetary benefits, and they can be quite high. The term “micro-monetizing” describes this trend perfectly.

Trackable Reputation System

Since blockchain is a database with a specific structure and properties, nothing prevents you from writing code within the framework of a smart contract that implements a reputation system, similar to content metadata. And these reputational assessments can be assigned to each user/client of the contract, that is, consumers of the art object.

Why the need for such a system?

  • the presence of a reputation indicator allows the owner of video content to make a decision whether to sell his art object to a specific buyer or not, and such a decision can be made algorithmically. The assessment itself is set according to the number of criteria written in the smart contract based upon the results of performed or incomplete transactions;
  • a reputation system can also be useful in such an aspect as intra-industry cooperation between creators of such content.

Searchable Metadata

It would seem that such arguments in favor of blockchain development as conflict-free video monetization and solution to the intellectual property issue, are quite enough to make a positive decision. But, as it is becoming more and more obvious, the technology of decentralized distributed networks reveals all new positive aspects.

In other words, if initially it was just about the method of distributing video content, now we can talk about the impact on the way it is produced.

What does this mean? An increasing number of authors are beginning to use metadata not only for copyright protection, but also for entering non-specific tags for a particular video into the blockchain, which cannot be entered and processed by traditional relational databases. Thus, it can be information about the shooting equipment used, about the co-authors of the project (directors, cameramen), about shooting and/or editing styles, and even about the creative aspects of content creation. And all this data can be used for search.

This, in turn, allows you to share the secrets of mastery with your colleagues (and not only), demonstrating the complexity and versatility of the creative process. Is this the kind of creativity that is able to determine new directions in art, and, consequently, new schools?

Blockchain serves all sorts of video content, and this will have an increasing impact on all levels of the industry. Meanwhile, smart contracts are destined to become a tool that can restore the lost meaning of the phrase “true freedom is in art”.

In this regard, the promising DecimalChain platform should be mentioned as its team has already announced a whole range of projects employing smart contracts and decimal tokens. Now it offers its users a mobile App that allows them to create their own tokens. By doing this, the company aims to significantly expand its pool with specialized Apps.

Christopher Stern

Christopher Stern is a Washington-based reporter. Chris spent many years covering tech policy as a business reporter for renowned publications. He has extensive experience covering Congress, the Federal Communications Commission, and the Federal Trade Commissions. He is a graduate of Middlebury College. Email:[email protected]

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