Blockchain in Media
Although the industrial revolution is in full swing, the most buzzing tech trends have been stable for several years now. And it’s not because there’s nothing more to innovate. On the contrary, every trend, from AI to cybersecurity, is a realm so broad for development and research that we will need at least a decade to investigate the potential of each of them. However, we are not increasing the number of trends. We are diving deeper into the existing ones, finding new ways of application, more areas to optimize, and more expertise to share.
With technologies developing at breakneck speed, it’s a daunting challenge for businesses to keep up with them. To get on top of the technological wave in the future year, companies have to start preparing long before it starts. Having a deep understanding of the emerging tendencies before they go mainstream is crucial for keeping every business alive, especially in the media sector. In this article, we will concentrate on the boldest blockchain trends that are beginning to manifest themselves in media. Let’s find out how blockchain in media rocks the world.
Blockchain-Based Social Networks
Security breaches and personal information leakage shape the reality of modern social networks. The perception of social networks as a safe place changed critically after the Facebook data breach lawsuit. Millions of users realized that the data they share with the network to stay connected with friends and family could be violated. It can also be stolen and sold to a third party without the user knowing or being able to prevent it.
Decentralization and data security are the emerging trends that can help social networks get the trust of their users back. They can also guarantee a network’s immunity to hacks. Blockchain can help social networks with decentralization. A social network that operates on the blockchain does not have a central server ensuring privacy. The network users will have full control over the system since they will be the collective contributors of the product. A blockchain-based social network will give the power back to the users and give them instruments to make sure nobody is taking advantage of their data.
And there are already pioneer blockchain-based social networks out there. Steemit is one of the most popular blockchain-based social network solutions that looks like a mix of Facebook and Reddit. Another example of a blockchain-powered social network is Social X, which looks like the cousin of Facebook and Instagram. In this network, users can exchange their content for tokens.
Adoption of Blockchain Strategies in Marketing
As the digital noise gets louder, advertisers and marketers find it harder to get through to their target audience. Pouring more money into their advertising campaigns, marketers get less for more each year. Online advertising is expected to reach $329 billion by 2021, according to Zenith Media. No wonder the search for a new cost-effective solution is fierce.
Blockchain-powered advertising on social media can improve the efficiency of ad campaigns and make them much more cost-effective. Blockchain can disrupt the traditional advertising model by allowing advertisers to buy and sell directly to the target social network user. For instance, advertisers can reward users with tokens for watching their ads. The Brave browser app already uses Basic Attention Token (BAT) for this purpose. There is also a new video streaming platform called Flixxo that rewards its users with tokens for their membership and activity on the platform.
As you can see, with the help of blockchain, both advertisers and users can have more control over ad content and how they respond to it. Blockchain can also increase transparency for advertisers and decrease the fees they bare thanks to direct transactions.
We still have to see whether media giants like Facebook, Twitter and Snapchat will adopt blockchain-based advertising. For now, we can be sure that the demand for blockchain-enabled social media advertising services is growing.
Chris De Mol
Engineering Program Director, Showpad
After several years, they’ve proven that they deliver quality work in the context that we use them.
Support from Corporations
Even though blockchain started as a technology that’s independent of everyone and everything, its development is boosted by large corporations. The blockchain technology requires a lot of financial, physical and human resources to develop at a fast pace. Since large corporations have a lot of money to invest in potentially profitable solutions, projects under their patronage have more chances of staying afloat. What’s more, investing in this promising technology is a win-win for corporations as they can receive a lot of competitor advantages and get ahead of the competition thanks to blockchain.
Facebook was the first media giant to lay its eye on blockchain perspectives. Having established a blockchain division in 2018, Facebook launched its cryptocurrency, called Libra, earlier this year. Rumor has it that Facebook is scouting for top blockchain developers all over the world. The media giant embraces the perspectives of marketing its blockchain solution to the enormous user base of the platform. Facebook also hired most of the employees from Chainspace, a startup that researched the possibilities of blockchain technology outside the financial sector. The tech giant is currently looking for more ways to get more advantages of this promising technology, and it is not likely to spare any budget for the sake of new game-changing opportunities.
There is no doubt that other major media corporations will follow the lead of Facebook and invest in blockchain. As media decentralization and data security get more attention, corporations are ready to pay for the search for new solutions.
War Against Piracy and Fake Content
Copyright protection is one of the major challenges of modern media. It’s difficult for content creators and their representatives to reserve the rights on different platforms in different regions. Doing so requires signing numerous contracts and hiring innumerable intermediaries. At the same time, when copyright laws and protection means progress, pirates test their sneaky skills as well.
Blockchain can help fight piracy and ensure high-quality copyright content protection in media. Сompute security and immunity are essential when placing new content. By implementing the blockchain technology, social media platforms can block the illegal download of content. They can facilitate content protection from hacking, and ensure content privacy.
New blockchain-based social networks have already turned blockchain content protection into a trend. Creators are enthusiastic about marketing their content on platforms that can ensure full copyright protection without any red tape and intermediaries.
Fake content is another curse of social media that is closely related to copyright protection and piracy. Quite often, people would share fake news on social media thinking that they are relying on major news media. Why? Simply because they have no means of verifying the news. But with the help of smart contracts, the blockchain technology can ensure verified content distribution. Tracing data origin and verifying it will not be a problem anymore with blockchain.
Support of Content Creators
When it comes to producing creative content, there are usually too many intermediaries between the content creator and their audience. The long list of parties involved includes investors, lawyers, crew, directors, producers, and many others. Content creators need to reserve the rights to their content while being able to share it with fans. Unfortunately, pretty often, the content creator forces the copyright-related issues with no space left for creativity.
Blockchain could be the solution to the issue. Decentralized social media platforms developed using blockchain offer support to content creators. They provide direct fan-backed content creation, meaning that artists can be supported through crowdfunding. What’s more, when they share their content on a decentralized social network and fans download it, the content creator receives tokens in every case.
LiveTree has already built a media platform for content creators. On the platform, creators receive crypto tokens for being a part of the ecosystem and sharing their content with its audience. LiveTree lets creators access real-time behavioral analytics. FilmChain is another example of a blockchain-based decentralized media platform supporting content creators. It can help manage creative transactions for creative industries transparently and effectively.
We are sure that many more blockchain-based services supporting content creators are about to appear soon. They are very promising for the content creators and consumers at this point.
As a flexible, innovative technology, blockchain finds its application in a wide range of industries, from healthcare and public services to advertising and media. Modern media is looking at blockchain as a solution for some of the industry’s major pain points.
There are five distinct blockchain-related media trends businesses should keep an eye on. They are blockchain-based social networks, adoption of blockchain strategies in marketing, support from corporations, the war against fake content and piracy and support of content creators. The first developments in these directions are already taking place. And even though blockchain in media is still at its initial adoption stage, the steps that have been made are very promising. At Skelia, we can’t wait to see how the blockchain technology changes media as we know it forever.