MEDIA Protocol And The Future Of Blockchain — Part 1
The team here at MEDIA Protocol are deeply committed to creating a more direct, transparent and secure ecosystem for content creators, publishers, and consumers through the revolutionary application of blockchain technology. In fact, it’s the very revolutionary nature of the technology that really excites us.
We’d like to share our thoughts about blockchain technology and how we see it progressing into the future, hopefully demystifying and clarifying some of the misconceptions that currently exist about blockchain and its applications. We want to help create a common understanding of the technology for everyone’s benefit.
This series of articles aims to explore developments within blockchain technology, the relationship between institutional investors and blockchain, and the move towards regulation within the space. We want to help everyone — the marketeers, the technologists, and the content consumers — understand the potential for this game-changing technology. Strap in, and welcome to the MEDIA Protocol Future Of Blockchain Series.
Part 1 — What Is Blockchain?
A common misconception about blockchain technology is that it begins and ends with cryptocurrency or ‘online money’. While cryptocurrency is a significant example of what blockchain can do, it’s really just the tip of the iceberg. Before we dig deep into the possibilities of blockchain technology, it’s essential we understand what it actually is.
To put it in simple terms, blockchain is essentially a ledger where transactions between users are recorded publicly.
Ledgers have always been fundamental to recording economic transactions. Throughout time, ledgers have been used to record payments and deals, and track the movement of assets, amongst other things. In the past, these records were kept in books, but with the advancement of technology, these were simplified and digitised. Blockchain, as the most recent development, allows these ledgers to record transactions in a way that is faster, more secure and most importantly decentralised.
However, blockchain ledgers are not limited to economic transactions or cryptocurrency, as they can be used for content, advertising, user data, messaging, and virtually every situation involving digital data of some type.
What Is Decentralisation?
What exactly does the word “decentralised” mean? Blockchain technology does not store the data ledgers in a centralised private server (like a credit union or a bank, or a social media website like Facebook). No single authority has control of the ledger. Instead, copies of the ledger get distributed across a network of computers that store this data.
Each of the computers with a copy of the ledger is considered a “node” in the blockchain network, allowing all its users to maintain an updated and secure ledger. Any additions or amendments made to the ledger are reflected and copied to all participants at each node within the network, almost instantaneously.
Since all the data is distributed across a network, blockchain is much more resistant to a cyber attack than a regular centralised database. But security is just one of the benefits of having a decentralised database. The blockchain is a far more transparent way of handling records and transactions because the data is clearly shared, and seen, across a network.
Centralised databases require total trust from its users to work. However recent events like the Facebook/Cambridge Analytica scandal have raised awareness about privacy concerns and the way third-party companies are handling personal data online. The Equifax credit bureau scandal is another great example of how 143 million consumers had their private financial data exposed and leaked online due to the vulnerability of the credit bureau’s website. Taking these cases into consideration, it’s no surprise that users are becoming more skeptical of centralised databases.
The Future Looks Brighter With Blockchain
Using blockchain technology, there is an immutable record of the transactions that have occurred within a network. Nobody is required to blindly trust a centralised institution that could be the potential target of a cyber attack. Today’s economy is already incredibly supportive of decentralised peer-to-peer ecosystems, like the hugely popular Airbnb, Uber and crowdfunding websites.
Blockchain takes it a step further by making the digital data involved decentralised as well. For a website like Airbnb or Uber, a blockchain-based system could help prevent fake reviews. Many businesses can be improved by using Distributed Ledger Technology. The distributed nature of blockchain can build a significant level of trust between a project and its users.
What Is Being Built With Blockchain?
Blockchain’s capabilities are being explored on every level, from government to hobby games. The UAE’S government has dedicated an entire initiative to the development of blockchain for its administration and documentation. The plan is to use blockchain technology for half of their government transactions by 2021. UAE’s president is confident that the transparency and organisation that the technology provides will positively impact the quality of life and happiness levels of the country’s population. He states that it will save time and effort for users to conduct their everyday transactions in a way that makes sense for their lifestyle.
Additional projects are developing in more than 50 industries across the globe including but not limited to waste management, healthcare, real estate, and entertainment.
How Will Content Creation Be Impacted By Blockchain?
Another exciting use of blockchain revolutionises the way content is used and distributed.
Imagine a world where real engagement is rewarded by brands and promoters. A digital content ecosystem where the content consumer is rewarded with tokens for their real interaction with content.
This is the new world that MEDIA Protocol is building.
MEDIA Protocol decentralises the current content model, pulling away from the third party platforms that control who and what we see. This content model puts the power back in the hands of publishers, content creators, advertisers, and the content consumers themselves.
The way to regain the users’ trust is by being transparent in the way their data is used and keeping all their transactions and interactions truly secure. There is no better way to do this than via the blockchain.
The Future Of Blockchain
The blockchain is the future of the internet and our society. The World Economic Forum anticipates that 10% of global GDP will be stored on the blockchain by 2025.
What else can we predict about what lies ahead for the future of blockchain?
Learn more about the exciting things to come, in Part 2 of MEDIA Protocol’s The Future of Blockchain series.
Read All Parts In Our Future Of Blockchain Series
Part 1 — What Is Blockchain? (This article above)
Part 2 — What Does The Future Hold For Blockchain Technology?
Part 3 — Why Aren’t Tokens Mainstream?
Part 4 — Investing In The Future (Coming Soon)
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