Blockchain-Enabled Video Streaming | Renesis?Tech

Streaming a video is exorbitantly expensive, and social video startups can face multi-million-dollar streaming bills. Streaming video costs money due to a process known as transcoding, which converts raw video files into formats compatible with a variety of bandwidths and devices. In terms of money, transcoding costs about $3 per stream per hour to a cloud service like Amazon and up to $4500 per month for one media server.

Due to the high costs of infrastructure, social media startups and broadcasters have little choice but to shut down their operations or charge viewers an extreme fee, or bombard them with advertisements.

Can we have a scalable and cost-effective video infrastructure solution to keep up with the demand growth as demand for video services grows exponentially? Peer-to-peer, blockchain-secured video streaming could be a game-changer in this situation, capable of improving video streaming while lowering associated costs. Along with cost reduction, a blockchain-based video streaming platform can create monetization opportunities for content creators and viewers. In this article, we will explore the concept of blockchain-based video streaming in more depth.

How is decentralized video streaming beneficial?

Blockchain technology works as a peer-to-peer network, eliminating any central authority. P2P network provides features that do not focus on one single server but work by distributing the media content. Video content curators benefit from the decentralized mechanism of blockchain because they directly publish and deliver the video content to their audience without any intermediary intervention or central server.

Video streaming is much better when done on a decentralized platform as it uses a P2P structure. With a P2P network, the probability that one stream can split and get scattered is higher. This happens because the replication rate of the video streaming is higher in P2P than it is in the client-server CDN structure. Creators and audience, both parties have access to join the blockchain network without any intermediate controller. The content curators independently broadcast their content on the network, which after getting an affirmation and consensus by the other nodes is received by the audience.

Video streaming based on blockchain aids the content curators in acquiring direct access to the earnings generated through the blockchain platform. It also helps the content curators to provide videos on the basis of audiences’ demand, where the public only pays for the content they are most interested in viewing. The content creators can also utilize the blockchain to securely encrypt their video storage.

With the help of blockchain, content curators earn revenues in the form of crypto tokens from the audience. They earn it when the audience pays subscription fees to subscribe to their favorite streamers. Along with this, the audience can too earn a good amount of reward if they want to rent their excess disk space and the network bandwidth for storing and publishing the videos.

Let’s now understand the ways in which blockchain transforms video streaming in the next section.

What are the advantages of blockchain-based video streaming?

The various ways in which the blockchain supports and reinvents online video streaming are as follows:

Blockchain-based CDN

Storage space optimization is very important in context to the terabytes of content delivered on the online platforms daily. Therefore, a blockchain-based content delivery network is essential as it helps in using the collective ideal storage space from the users spread across the globe.

With the help of a blockchain-based management system, the content creators can use the collective unused space by converting the space into P2P cloud storage and data delivery system.

Ownership and accessibility

One of the most common issues of online media and the OTT sector is the security of ownership and access to creators’ content. For instance, in centralized a video streaming platform, where one of the users pays for using the platform, and thus, the videos cannot be seen by others. This lacks transparency, unlike when you buy a DVC or CD in which you own the cassette.

With the help of blockchain, the issue of ownership can be easily addressed at a protocol level. Blockchain helps the creators and the audience encrypt their videos and store those videos permanently using the IPFS swarm. Blockchain broadcasts the video content in an autonomous manner with the help of various relay nodes and IPFS, thereby maintaining transparency and integrity of ownership in a decentralized way.

Blockchain also maintains ownership of the video streamers in the form of NFTs. People who broadcast their video content also have the access to trade it on the marketplaces in exchange for cryptocurrencies. They also secure their video content ownership via tokenizing their content on the platform.

Smart contracts

To avoid third-party intervention in revenue earning, blockchain smart contracts help in direct communication to establish an independent relationship between creator and audience. It eliminates the intermediary cost and automatically looks out for license security.

Quick transactions and micro-payments

Blockchain enables users and content creators to make micropayments online without incurring any transaction expenses or service fees. The user may utilize a cryptocurrency wallet to monetize their monthly spending by utilizing a blockchain-enabled browser. The browser may then obtain licensing information from the public blockchain and examine the uploaded media using content IDs.

As a result, it uses on-chain payment to ease the transaction between the user and the content owner.

Content licensing and effective monetization

Virtual content creators are well aware of the implications of intellectual property laws, as well as the convenience with which their work may be stolen or copied. They have the right to demand ownership compensation if their intellectual property is used for commercial reasons.

When working with a larger corporation, the responsibility of protecting intellectual property rights is sole of the content creators’. Implementing blockchain technology can make defending copyrights much easier. Once produced, the blocks, which are stored on a multitude of servers throughout the world, cannot be changed. As a result, content owners will have total control over their work.

Decentralized content distribution models

Without the need for middlemen, any participant may check their transaction records directly on the blockchain. Through the peer-to-peer network, the blockchain also removes the need for any central authority to authorize transactions, allowing for more flexible and seamless exchanges

Distributed blockchain technology is transforming video streaming by changing how people create, share, and view video. In order to avoid centralized video streaming servers, several new video streaming services are embracing blockchain application development to construct peer-to-peer content distribution architectures and cryptocurrency-based payment systems.

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