The crypto platform has expanded widely, with different assets making their mark on the marketplace. All the industries built around blockchain technology demand a decentralized platform that will considerably impact its users around the globe. The distribution of the cost of running a blockchain platform is spread widely with its users, and the bright part is, the users are equally rewarded for their contribution.
The decentralized blockchain model consists of solutions such as cloud storage, cybersecurity and payment processing. The primary key to consider is that this decentralized blockchain technology plays a significant role in distributing its content. In the more traditional ways, the content hosting platforms hold all the profits and the control of the content, whereas, with the new blockchain technology, the content creator holds all the control and the profits of his innovations and ideas.
“Although the blockchain networks primarily began with regards to the crypto market, in recent times, it has expanded its reach to other industries, including the distribution of its content,” says Hardik Joshi, the Chief operation officer of Citrus Tech, a blockchain gaming platform.
TURNING THE TIDE TOWARDS THE CREATORS:
Twitch, a video game streaming platform, allows gamers all around the globe to use the platform to stream video games to its users. The platform has recently hit the charts with millions of active users globally. Whenever a user tunes up to watch his favourite streamer and subscribes to the streamer, the streamer does not get all the subscription money. Partial money goes to the platform too. However, the streamer is profitable in a way, but not to the fullest. This is where blockchain comes into the picture. With the help of blockchain technology, the tables are turned towards the creator and only the content creator. For example, a blockchain gaming platform like Citrus allows gamers around the globe to engage in their platform and play games. The gamers can create their own inventories, such as skins, avatars and many more, using a specific token called the Citrus tokens. Later, the gamer can trade or sell the inventories for profits, and the best part is, all the profits go into the gamers pockets. Also, blockchain-based platforms are very secure from hackers. If a hacker tries to hack into the platform, only one node gets affected, not the entire network in which the blockchain is running, which holds all the users’ assets.
Earlier and even now, many industries are controlled by a single entity. For example, when Bollywood makes a movie, the director is handsomely paid. After the movie hits the screens and is a hit, more than the director, the distributors and the producers make double what was paid to a director. Another example is the music industry. A celebrity sings a song investing all the skills onto it, and gets paid in millions. At the same time, the studio that produces the music makes hundreds of millions for every copy sold. This is the effect of the centralized platforms.
On the contrary side, blockchain technology provides a decentralized platform for its users. For example, what if the movie’s creator (i.e.) the director fixes the money he gets and takes a considerable share of profits that the movie makes too. In blockchain technology, the creator is the owner of the creations. The creator sets the rules and targets.
THE CREATOR OWNS THE CREATION:
The future holds remarkable wonders for blockchain technology. With the help of blockchain technology, a fan can directly pay the artists or the celebrity they like in the music industry without any intermediary or a third person monitoring any transactions. The studio has to divide and provide a general platform for the transactions to happen. This will have a positive impact on both the creator of the song and the listener. The same goes for any transactions. The seller fixes a rate without any intermediate and sells the content directly to the buyer. With the help of blockchain technology, the listener can only provide or give his money to the singer directly and not spend a single penny for anything that is not on the table for the listener.