If you are a digital creator, you want to learn about blockchain technology. In this digital day and age, you need to know how to make business transactions using online money.
Today you will learn the essential aspects of blockchain and how it benefits your career in digital content creation.
Earning and gaining profit using blockchain
Blockchain opens a big pandora’s box in the tech industry with its decentralised way of doing things. But what is it, how does it work, and why does it matter for digital creators?
You’ve all heard of Bitcoin, the virtual currency you can trade worldwide on digital exchanges. But it can do a lot more than just power cryptocurrencies.
Aside from how it revolutionised the way business entities exchange money and trade goods, it can do much more than just power cryptocurrencies.
There is a gorwing community of digital creators that earn money using blockchain.
In this article, let’s discuss why it may be the next big thing and how it applies to all types of artists who profit online. But if you are already looking to use the technology, you can check out rapid innovation for more details.
For a quick primer, here’s what you need to know about blockchain:
A Trustless Economy
The technology is a distributed ledger that records transactions and events in a permanent record known as blocks.
Each block contains unique information, including transaction data and a timestamp. The blocks are linked together to form a chain called “blockchain.”
It allows people to trust each other without relying on any central authority or middleman.
This means there’s no need for third parties like banks or notaries to verify transactions — everyone can verify them independently using their copy of the ledger.
In a world where data is king, creators must spend more time managing their digital assets than creating them. The technology has the potential to create a trustless economy where they are rewarded fairly for their work.
It can give them control over how their content is used and monetised while making it easier for them to collaborate with other artists and build sustainable businesses.
In the past, you had to go through centralised platforms like Youtube, Facebook, or Twitter to reach your audience.
You had to pay these companies for advertising and distribution of your content.
With blockchain, you can directly engage with your readership by creating an immutable record of your intellectual property (IP) ownership.
It’s About Transparency And Security
The beauty of it is that it introduces transparency and security into any transaction, whether financial or otherwise.
For creators, the technology has the potential to provide transparency and security when dealing with third parties such as advertisers, content delivery networks (CDNs), and payment processors like PayPal or Stripe.
It will also offer better privacy over time and protection against censorship and hacking attempts.
This has become an increasingly urgent problem over the past few years, as more and more people use platforms like YouTube and Twitch to share their creations with the world.
The way it works is pretty simple: when someone buys access to your content using one of these new platforms, they purchase a unique key that allows them access.
In other words, they don’t get any files; they have permission to view them if they pay.
That means anyone who wants to copy your work would need access to every key associated with every piece of content you sell through this system — which would cost them millions, if not billions of dollars.
It uses less money that goes directly into artists’ pockets who create digital content (such as music or videos).
Protecting Intellectual Property
Digital creators have an opportunity to use the technology to protect their intellectual property rights.
It allows them to register their work with a timestamp and then store this information on a public ledger that cannot be altered or deleted by anyone else.
Blockchain apps provide a user with an immutable record of ownership. Now you can track down if someone tries to steal your work or use it without permission.
Any time a person purchases or consumes your digital content, their transaction will be recorded in the blockchain for all to see.
If another person copies or redistributes your work without permission, it will be immediately apparent to you because they will have received payment for it.
There will be documentation of this in the blockchain.
Connecting Content Creators Directly To Their Audiences
It also allows digital artists and musicians to directly engage with their fans and audiences through smart contracts.
These automated contracts between parties execute themselves when certain conditions are met.
For example, when artists release new music or goods after receiving payment from fans through cryptocurrencies.
This means fans don’t have to wait until the artist releases new work; they can pay them directly for exclusive access.
A Decentralised Future
The internet has made it easier for everyone to create and distribute their content, but it’s also made it harder for people to make money from what they do.
That’s because most digital platforms significantly cut whatever money you make through ads or subscriptions.
The technology can change this by providing a decentralised platform where artists can earn money directly from their fans without relying on intermediaries like YouTube or Spotify.
Since no single entity controls the blockchain, it’s impossible to manipulate data or lose any information stored on it — and that’s what makes it so valuable for digital creators.
Innovators face many challenges when it comes to monetising their work.
As a result, many sell their work on platforms like YouTube or Patreon than through direct sales or licensing deals.
But these platforms are not ideal solutions either. Some have seen their videos demonetised by YouTube because of the content they produce.
Others have found themselves pushed out of the platform for various reasons — including copyright claims against them by other creators.
It has the potential to change all this by providing new ways for them to sell or license their work directly to consumers without going through a go-between (such as YouTube).
It also allows artists who sell directly through sites like Etsy or Bandcamp to use crypto-currencies as payment options.
This means they don’t need to convert their earnings into fiat currencies before spending them on everyday goods and services.