Can Blockchain Technology Provide A Fair And Rewarding Ecosystem For Content Creators?

Can Blockchain Technology Provide A Fair And Rewarding Ecosystem For Content Creators?

The digital content industry witnessed some of the strongest platforms on YouTube, Spotify, and Instagram in recent years. These platforms have undoubtedly enabled content creators to not only produce high-quality, but valuable content focused on the targeted audience. However, that does not mean that there are no issues for content creators due to intermediaries and plagiarism. Therefore, they are now looking at the blockchain technology to meet the challenges thrown by the existing ecosystem and establish a fair and rewarding environment.

Content Sharing On Blockchain

ICST is a firm that is keen to pioneer the concept of content sharing with the help of blockchain network. The company disclosed that its objective is to develop, as well as, allow artists to use their content sharing through social media ecosystem, reported. The CEO and co-founder, Ji Guo, has explained the reasons for revolutionizing the creative content industry through blockchain technology. He bets that infringement protection is one of the largest gains that the technology could provide.

He explained that the blockchain enables a creator’s content getting enough protection from conventional copyright issues. The company’s platform will remove digital copyright issues by virtue of a secure smart contract. As a result, artists could be encouraged to not only produce but also promote and trade their contents with full transparency and autonomy, which are the key aspects of the technology. These apart, content creators could remove the middle-man requirement and directly connect with their audience. This will also ensure that there is no need to pay hectic commissions to the middle-man.

Guo explained further to state that “The way the industry is currently structured favors the platform or middleman instead of the creators. Creators only receive a small portion of the profit a piece of content generates or creators need to have a huge following to see any real monetary returns.” In a nutshell, he pointed out that ICST provides the power to the creator of contents.

The reward will come as a token to the creator every time content is published. This will mean that when an increased number of people consumes the creation of an artist, then the value of the token will also be higher. Another key point is that the tracking and storing of data would allow them to understand their audience in a better way thus ensuring to make more money in the process.

Rating System

ICST’s platform is in sharp contrast to other platforms like YouTube that restrict the monetizing terms of the content. For monetizing content in an effective manner, the content creators should get a prescribed amount of views or subscribers. Currently, most of the platforms including Facebook are the biggest beneficiaries of the content creators.

The company’s CEO indicated that it would use a rating system. This will offer sufficient support to content creators to track and tailor their content. The objective of such a mechanism is to meet the preferences of users. In any case, this is one more instance of how blockchain technology could be used beyond the fintech sector.

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