In 1996, a group of developers created the first decentralised digital currency. They called it Bitcoin. In 2009 an unknown person or persons going by the pseudonym Satoshi Nakamoto, designed and released a paper that has come to be known as the Bitcoin whitepaper. Financial Times released a report regarding the current and future changes that Blockchain is generating in the media industry. Richard Waters, American journalist and commentator, explained that The Financial Times released a report compiled by Richard Waters on the benefits and impacts of blockchain technology on the media industry. Richard asserted that there has been a steady flow of negotiations surrounding how to integrate distributed ledger technologies into existing business models as well as an individual’s working dynamic.
Blockchain is a new technology on the market and its potential benefits are endless. Any business owner could benefit from this online ledger system because it digitalizes transactions and allows for quicker exchange of information, eliminates fraud, and more. Major changes haven’t come to pass yet but they’re imminent. The promise of blockchain has been its potential to not just reduce costs and increase efficiency, but to fundamentally alter the ways we think about data publishing. Already, changes in content production have shifted from traditional centralized models to a much more decentralized approach where open-source processes encourage collaboration and interaction among peers.
How blockchain is changing the media industry
Blockchain sends data in a series of encrypted blobs and has no central database. Instead, data is placed in blocks that are stored across a network. Each time anyone desires to access the information added into the blockchain, they need to request it from the nodes present on the network. Since multiple nodes store this information, all transactions can never be hijacked and maliciously altered by any one node breaking into the system. Media have evolved tremendously in the past few years. People get their news, information and entertainment from social media platforms like Facebook and YouTube. They can get information on places they plan to travel by searching “Disneyland Paris” on Google Maps. Blockchain technology is emerging as a way of managing online interactions and transactions, with companies such as IBM and Microsoft working with it to make digital services more transparent and secure.
What crypto is?
Crypto is an intended abbreviation for “cryptography”. It refers broadly to all techniques that use mathematics to secure information, especially related to encryption. Crypto usually refers to some type of string of text encoded in some fashion so that only certain people can read it – this means that the data is unreadable by those without the key needed to decrypt it. Crypto’s primary function is as a medium of exchange and popular crypto-coins like Bitcoin, Ethereum and Litecoin were developed with that goal. However, crypto was not developed to avoid government intervention and different and sometimes contradictory goals and policies on different levels of governments lead to conflicting situations. Sometimes networks using crypto-coins become overloaded with transactions and lead to more problems in the environment when the price goes up.
Read also: Why Cryptocurrency is Going Down?
Who provides crypto?
There are a lot of high profile people who have invested in cryptocurrencies such as George Soros and Mark Cuban, but we can’t forget the little guys. There is so much support for cryptocurrency and the market is only here to grow. Cryptocurrency provides a ton of advantages: it’s more cost efficient with no middlemen and it’s practically instant with no loopholes. Content creators in the Media Industry may need to find a different way to monetize their content in order to compete in a space where the top websites provide a loss in revenue. Blockchain is a new technology in which transactions can be made without intermediaries and any form of digital currency can be sent – including “cryptos” such as Bitcoin and more reliable forms, such as Ether.
Definition of cryptocurrency
Cryptocurrency has recently exploded in popularity, with it’s value reaching over 100 billion dollars. Cryptocurrencies are based on blockchain technology. Blockchain is a distributed database that manages a digital ledger of asset transactions. A blockchain can be public, like bitcoin’s, or private, like in the case of etherium. Cryptocurrencies are peer-to-peer currencies that use strong cryptography for regulation and validation of transactions using its decentralized network to distribute shared responsibility to prevent double spending. A cryptocurrency is a vehicle for disruption, revolutionizing the way our economy functions. This revolutionary technology has the ability to overturn some of the old structural deficiencies that are prevalent in today’s system like security and centralized control.
Blockchain has the potential to revolutionize a whole range of different industries, no matter how many major companies want to suppress it. Media is a perfect example of a world that could benefit from blockchain. Journalists have been given completely free rein in this sphere for far too long, and because there wasn’t a system in place to verify their contributions, things were never going to get better. Blockchain-backed news outlets will shed light on the truth because the contributors are rewarded for contributing quality content instead of being given complete freedom while not displaying any moral responsibility for doing so.