Everything About Blockchain Live Stream Projects

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    Everything About Blockchain Live Stream Projects

    All you need to know about Blockchain Livestream Projects

    Blockchain, also known as Distributed Ledger Technology (DLT), is a current technology that is mostly used for cryptographic hashing. It’s used to make digital data’s traces undetectable and visible. Complex? Yes, it is correct. Let’s take a closer look at it.

    Take Google Docs, for example. The file is transferred when a Google document is shared with others. It isn’t copied or transferred in any way. It follows a decentralised distribution chain, which means that everyone will have simultaneous access to the file. Because no one waits to make modifications to the document, revisions are recorded in real time, allowing for complete transparency.

    Don’t assume that Google Docs is using blockchain technology. No, it was just an example to make you understand it’s working.

    Why Is It Revolutionary?

    There are varied reasons for it. Let’s understand something more about it. A blockchain provides a database for the storage of encrypted blocks of data. Furthermore, blocks must be chained together in order to perform a chronologically aligned single-source-of-truth for data.Since digital records are shared (not copied or transferred), it permits the immutable recording of the asset. Constant and real-time access to clients is given, prompting a detailed record. It saves the respectability of the document and makes trust in the resource. It is exceptionally secure and quickly changes the substance of a digital business.

    Reduced risks, prevention of fraud, and a lot of transparency in data sharing are the main reasons this technology is gaining popularity among the masses.

    How Does it Work?

    To understand it’s working, we will have to dissect a blockchain. Mainly, a blockchain comprises three parts – blocks, nodes, and miners.

    1. Blocks

    Blocks are the biggest element of blockchain technology. The chain consists of blocks that further consist of the following three elements –

    2. Data, Nonce & Hash

    The nonce is a 32-bi9t whole number. Randomly generated whenever a new block is generated, and this further creates a block header hash. A hash is a number that has 256-bit memory. A huge number of zeroes are present before it starts. So, when the first block is generated, a nonce is created, giving birth to a cryptographic hash. It means the data is signed, leading to security.

    3. Nodes
    Nodes are the leaders of the decentralization feature of blockchain technology. Decentralization allows for the non-ownership of the chain. A ledger is formed when nodes are connected to the chain. Nodes are any kind of electronic device that has a copy of the blockchain and allows network functioning.

    Keep in mind that each node will have its copy of the blockchain, and when a new block is added, it will be verified by each node. It allows for easy checking and transparency for the users to check who made the changes.

    4. Miners

    Miners are the building elements, meaning this element creates new blocks through the process of mining. The unique nonce for each blog and hash, miners use special applications to solve complex mathematical problems. Since the 32-bit nonce is a combined 256-bit hash, it generates around four billion possibilities of combinations, thus making it super secure.

    How is Blockchain changing the Live Streaming industry?

    Blockchain technology is being used by live and on-demand streaming services due to features like scalability, efficiency, security, and transparency, along with traceability. Using blockchain in video streaming services affects the delivery, consumption, and payment security of service providers.

    Video streaming services work on the pay-per-use payment model by consumers. The blockchain facilitates micro-payments, thus allowing for flexible media distribution and monetization. It enables live streaming service providers to control consumers’ usage and provide security for their money and services.

    Today, digital marketing depends a lot on advertising. The system of advertising is very complex, where content creators and advertisers are prone to several risks. Due to usage traceability and compensation, blockchain technology allows for a good quality relationship between user and service provider when used by live streaming service providers.

    Blockchain facilitates the international payment and billing systems with efficient integration of DRM systems across countries. That is, live streaming service providers can provide a one-of-a-kind customer experience through seamless subscription models powered by transparent and automated rights management.

    Smart contracts, optimized royalty management, the content distribution that is secure and transparent, consumption statistics, and great payment models in video-live-streaming services pay a great deal when powered by blockchain technology. It also allows for secure international distribution and inventive royalty management programs.

    Using blockchain, cost-efficient, secure, and scalable live streaming solutions can be provided. With blockchain technology, more and more on-demand video apps are rising, and with it their video streaming functionality. Seamless streaming surveillance, conferences, gaming with faster TPS are enabled through blockchain projects.

    Audio streaming services are also using blockchain technology to get royalty payments and efficient profit models due to the constant sharing of data. Inventive payment methods using micro-payments and metered viewing for artists, fans, and users using blockchain technology lead to good integration.

    Features of a Blockchain Live Streaming Project

    Let’s have a look at different features one by one-

    1. Secure Id

    Since blockchain is powered by enhanced security that is hard to decrypt, it will lead to secure digital identity-based account creation where users’ info will be kept in tight security.

    2. Easy Searching & Geolocation Access

    It’s a tool powered by blockchain technology providing geolocation and broadcasting features to users.

    3. Video Resolution Conversion

    Video resolution is converted into smaller fragments, leading to reduced extensive memory usage. It allows for faster uploading and downloading, leading to good quality streaming service.

    4. Multiple Payment Portals

    Blockchain’s greatest advantage is its highly secure payment model. Allowed by almost every payment gateway in the digital world, it creates a highly safe atmosphere for consumers and service providers alike.

    5. Incentives for User Interactions

    When users interact with other users by sharing data and content, it results in incentives and profit for both the users and the service providers, all of which are protected by blockchain encryption..

    6. Multi-Access & Multi-Lingual

    Content streaming to local and international populations is easily facilitated, leading to enhanced shareability and the option to contact the global population.

    The future

    According to estimates by various researchers, by the year 2022, video traffic will count up to 82% of total Internet traffic. It means that in the coming years, there will be an increase in the amount of video content. The graph is moving upwards rapidly. Uploading, downloading, and live streaming are going to be the new terms. And with the quality of video streaming getting higher and higher, blockchain technology will be used extensively since it allows for decentralized shareability.

    Blockchain will allow decentralized direct-innovative participation in-network for consumers, video content makers, payment gateways, and associated entities. Blockchain will enable complete transparency in payments and data shareability on a real-time basis. Design and encryption schemes will lead to great adaptability, and new apps will be on the rise. Blockchain will be the base of new live-streaming video apps and projects due to its varied features and enhanced digital security. Smart contracts, accessibility, and ownership improvements facilitated by micropayments will be the tools through which live-streaming platforms will use blockchain technology. And users are going to get enjoyment from this technology.

    Conclusion

    Blockchain technology is going to revolutionize the world. Made for cryptocurrency transactions, it has moved further. Along with the rise of OTT platforms and live streaming services, blockchain technology facilitates so much transparency that was not possible before. Adaptable, light, and secure, that’s what the world needs right now. Live stream projects that are currently being made will use blockchain technology extensively, and that is just the beginning. Bringing substantial value and benefits, it is influencing a whole other lot of industries.

    Blockchain platforms like Ethereum, Echo, Polkadot, Hyperledger Fabric, and Flow Blockchain allow decentralized data sources. The rise of multiple streaming platforms is mirroring the rise of blockchain. The technology will enable users to share data simultaneously across multiple platforms; interaction and sharing from anywhere on a global level are allowed. This is going to be great for content production and compensation by the companies.

    The future will see the rise of amalgamation formed by blockchain, cryptocurrency, and streaming, allowing transparent and highly secure data sharing protocols.