Leveraging Blockchain For Video Streaming Application Development
Posted By : Priyansha Singh | 31-May-2021
Leveraging Blockchain For Video Streaming Application
Streaming has revolutionized the internet, and blockchain can help take it a step further. According to the latest figures, the video will account for 82% of all Internet traffic by 2022.
Currently, the next streaming shift is wrapped up by movies and video games. As we can see, video is changing the dynamics of everything. We now have vlogs, podcast interviews, YouTube, Facebook Live, and Snapchat where there have been texting blogs before. In mobile applications and social media, video is incredibly popular. And the upsides of streaming video are now clearly evident to every major studio, which is why they emphasize launching its own OTT service.
Blockchain-based video streaming app development has quickly become a competitive sector. A variety of firms, ranging from Livepeer to YouNow to the STREAM project and beyond, are employing blockchain technology and blockchain-based cryptocurrencies to rival the likes of Netflix, YouTube, and other established online video services.
A Market Overview of Video Streaming (SVoD):
- In 2021, revenue from Video Streaming (SVoD) is expected to reach US$71.2 billion.
- By 2025, revenue is predicted to expand at a rate of 11.04% per year, culminating in a market volume of US$108.3 billion.
- User penetration will be 14.3% in 2021 and is predicted to hit 18.2% by 2025.
- Over the next five years, the international market for OTT video services will continue to grow.
Revamp Video Streaming with Blockchain Technology
Blockchain enables digital content creators to have barrier-free communication with their fans instead of having to give away an extensive amount of their sales to third-party. It also enables them to take care of license and contract concerns automatically through the use of smart contracts.
Also Read: Decentralized Video Streaming App Development Using Blockchain
By developing decentralized apps, a Blockchain-powered CDN can help utilize the unused space from users all over the world. By transforming this communal unused space into a peer-to-peer cloud storage and data transport network, users can benefit from blockchain as a decentralized management system.
Accessibility and ownership
The ownership and access to content is a long-standing issue in digital media and OTT platforms. We can address the problem of ownership and sharing by utilizing Blockchain app development solutions at the infrastructure and protocol level.
It encrypts the video and saves it in the interplanetary file system (IPFS) swarm eternally. It can also access the tracks from anywhere using smart contracts with decryption keys.
What makes blockchain-based video streaming so crucial?
Although OTT application development is ballooning, the amount of bandwidth and storage that videos require is enormous. Storage, networking, and distribution are all handled by centralized cloud servers hosted by major companies such as Amazon (AWS) and Google (Cloud).
Profits from this industry have been enormous for these corporations. Furthermore, the developers and publishers of these platforms take a sizable chunk of the pie as profit sharing, making these two the exclusive owners of the content and its streaming.
The video creators and innovators have no claim over their own content and must abide by the rules set. Therefore, the rising interest in and reliance on live video streaming channels, as well as the imminent need for decentralization, have emerged the opportunities for Blockchain-based video streaming applications.
Top live Blockchain-based video streaming platforms:
- Using the Ethereum EVM "World Computer" paradigm, the Theta Network can be considered as a "World Cache" built by the memory and bandwidth resources supplied by viewers.
- The project intends to create a decentralized video streaming platform that will use blockchain technology to transform the way video content is distributed over the Internet.
- The goal is to deliver high-quality, seamless video streaming while lowering the cost of delivering video streams.
BLive by BitTorrent
- The world's most popular peer-to-peer streaming protocol that integrates blockchain technology with a community live streaming application.
- Users can tip with BTT and other cryptocurrencies on BLive, and broadcasters can earn bitcoin while growing their user base.
DLive powered by Lino Blockchain
- DLive is frequently compared to blockchain-based broadcasting networks such as Twitch, although it is not confined to gaming.
- With no platform cuts, it motivates streamers to create the highest quality content for viewers.
- The project aims to create a scalable platform as a service for developers who want to include live or VOD into their applications.
- The team wants to make video workflows more reliable while also lowering the cost of scaling them.
- To do so, they're constructing peer-to-peer infrastructure that interacts through an Ethereum blockchain-secured marketplace.
On an endnote
By altering how humans create, distribute, and watch video, blockchain technology is transforming the video streaming industry. Some new video streaming services are leveraging blockchain application development to develop peer-to-peer content distribution architectures and cryptocurrency-based payment systems in order to eliminate centralized video streaming servers.
Planning to launch a video streaming app with custom features? By establishing a dynamic and user-friendly online video content platform, Oodles Technologies has set new standards in the OTT industry. Our multi-facet OTT App Development services can assist organizations in developing, designing, and marketing automated video solutions with ease.