There are many problems plaguing the media industry. Blockchain can help solve those problems and some people are already hard at work to figure out the best way of doing so. One of the projects that is trying to improve the media industry is MEDIA Protocol.
Blockchain technology plays a number of roles in MEDIA Protocol. Blockchain is associated with characteristics like decentralization and transparency which make the core of MEDIA Protocol. This technology also removes inefficiencies from a system by providing innovative and efficient solutions.
Why MEDIA Protocol is Using Blockchain Technology?
The decentralized character of blockchain technology eliminates the need of a middleman in the platform. Any intermediary would extract way more value than it can contribute to the major stakeholders connected with the system. The stakeholders including content creators, publishers and content consumers are connected directly and they can interact with each other without involving any middleman. The participants can use smart contracts and carry out any transaction independently and all this has been made possible by the integration of blockchain technology.
The other feature added by blockchain technology is transparency. MEDIA Protocol is a completely transparent network, blockchain makes it absolutely impossible for anyone to manipulate the system. Any fraudulent attempt would be spotted immediately and can be taken care of automatically. Hence a high level of transparency and trustworthiness could only be achieved by connecting the system with blockchain.
The third advancement provided by blockchain is efficiency. The micropayments are made efficient and much faster on the network and again its only possible by connecting the system with blockchain technology. In order to understand the marvelous advantage provided by blockchain, just imagine if each interaction on the network is meant to earn fiat money what would be the effect of transaction processing charges? The hefty processing fees would hamper the value of payments by a big margin. By adopting blockchain technology, it's expected that the processing fees would soon be significantly less.
There is no doubt that some of the above benefits can also be achieved by sticking to any existing cryptocurrency but MEDIA Protocol has created its own token. There are two reasons for creating an independent token which are as below,
- The network can incorporate its own economic rules best suitable for maximizing the economic benefits of content producers, promoters, publishers and individual consumers.
- Any future innovation can be added to further enhance the scope of the network.
In short, all the innovation provided by MEDIA Protocol are possible due to the blockchain technology.
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