Blockchain is gaining Ground in Video-Streaming – Here’s Why…

For the past few decades, streaming has become one of the biggest internet breakthroughs. Video-streaming also continues to infiltrate industries like music, movies, television, and video games. But as we welcome a new year ahead of us, let’s take a look at its major role in the infamous Blockchain world.

Impact of video-streaming

We have seen how video changed everything, including how we express ourselves and how we connect with other people. Before there used to be text blogs, but now we have vlogs (video blogs), YouTube channels, Facebook Live, Snapchat and podcast interviews.

According to the latest statistics, video will account for 82% of all Internet traffic by 2022. Considering Internet traffic is expected to reach 4.8 zettabytes, that’s just under 4 zettabytes for video alone. One zettabyte is a thousand exabytes, which is a thousand petabytes, which is 4 billion terabytes.

Industry gains

More than anything else, video-streaming has gained prominence as a marketing tool. Recent statistics show that video content is trending the most, so it’ll be a great idea to start your first broadcast in order to grab the attention of new clients. 

Here are the industries that gain the most from video streaming technology:

  • Retail 
  • Real Estate
  • Logistics
  • Healthcare
  • Education

Many businesses nowadays are also developing their own live video streaming application. This way, they get to serve the audience’s interests and show them the product development & release process.

Impacts of blockchain

Blockchain technology brings together computers all over the world in a peer-to-peer network with no central server required. This process is private, secure, and permanent — eliminating the need for middlemen, and in the case of video, cloud-storage providers.

As the current video-streaming schemes offer huge costs in order to store all the available content and massive video files on servers, low-cost and high revenue platforms have become in demand. Good thing blockchain technology can cut down streaming costs and give content creators direct access to their revenue. 

Blockchain also offers “smart contract” technology which enables the development of a multitude of avenues for video content to be stored and shared under a heavily encrypted and secure system.

A bright future ahead

Due to long transaction times and limited computing capacity, blockchains are unable to handle video-streaming yet. However, there are new blockchain-backed companies being built specifically to enable faster transactions. Miners will be able to load software onto their computers or servers and effectively rent their excess computer space. This way, they can simply store video on their excess disc space and stream it with their excess bandwidth, lowering the cost of distributing video.

As we enter the year 2020, the evolution of technology will still continue to change the streaming industry. And no doubt, blockchain technology will soon overthrow the current mechanism of video streaming and become the sole reliable video-streaming platform all over the globe.

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