Blockchain technology is on the rise, but could it really compete with the streaming giants of Netflix, Amazon, and Hulu? Frankly, yes it’s possible.
Blockchain technology, which makes use of available computers, or "nodes" around the world to act as the broadcasting network without a central authority, could eventually topple the streaming giants, like Jack did with that beanstalk.
If you think this sounds impossible, consider that it wouldn’t be the first time a major technological breakthrough changed the face of the entertainment industry. In the 1980s, the rise of cable television shook the TV industry. Then came the internet, which changed everything again.
Once connection speeds became fast enough to transmit video, home entertainment would change drastically with streaming services and possibly the greatest breakthrough of all time: cat videos.😻
Blockchain won’t kill streaming overnight. Much like it took several years for Netflix to overthrow Blockbuster Video, DVDs to overtake VHS tapes, and audiences to figure out the difference between Amy Adams and Isla Fisher.
A decentralized, blockchain world could be game-changing for content creators as they wouldn’t have to go through the Hollywood gatekeepers to get shows produced. So, what we’re saying is we could finally get the male version of Eat, Pray Love made... Eat, Fart, Sleep.
With Netflix alone reportedly spending a staggering $8 billion on original programming by the end of 2018, according to Variety, blockchain has its work cut out for it. So, how could blockchain accomplish this massive feat of taking down these behemoths?
Without getting into the technical specifics, blockchain could use decentralized appswhich would essentially become the “channels” on the network. Then with the use of tokens, content creators could raise funds for new shows. Audiences could essentially vote on which shows they want to see get made by sending their tokens to fund the productions.
Say you wanted to see a show about a crime-fighting pizza delivery lawyer called, Justice Delivered on Time!, you would send your tokens to the creators. They would then use the funds to produce the show. It would be kind of like American Idol, but instead of texting your vote for Justin or Kelly, you would send tokens to the show you’d like to see get produced. And there would be less crying.
The rise of blockchain in entertainment could create the content democracy the internet originally promised us, but didn’t deliver on. Thanks, internet. As the majority of high-quality content is still centralized and produced by the big networks, Netflix, Hulu and Amazon.
If blockchain does manage to kill the centralized streaming giants of Netflix, Amazon and Hulu we might soon be saying, “Yo, let’s blockchain and chill?”
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