Before we start, this is not an article about Netflix exploring blockchain technology. This is an article about how blockchain technology could work within platforms like Netflix.
Netflix is a TV and Movie streaming subscription service. For a monthly fee, Netflix users have access to a range of TV programmes and movies that can be streamed by multiple users on multiple devices. Netflix have totally changed the way we view TV and film and have contributed to the abolishment of DVD and Video. Netflix changed the game for online TV and Movies. As an innovative and forward thinking brand, we want to explore how Netflix could benefit from blockchain technology.
We can’t be sure they are exploring the blockchain yet, but guess that one day, this will become a reality.
Adrian Bridgwater of Techwire Asia has recently discussed how the blockchain could impact television in general. We believe that a part of this will also be key in the future of Netflix. You can see Bridgwater’s article for yourself, here.
According to Bridgwater:
“Broadcast media firms should be implementing blockchain over their entire business model. This could make content housing content acquisition and distribution rights on a distributed ledger more transparent.
Crucially, television services on blockchain foundations could represent a fundamentally decentralized model where a degree of peer-to-peer network connection exists with no central authority. That scenario is rather further than even the keenest blockchain TV proponents are suggesting, but it is an extreme aspect worth appreciating.”
Under this guise, Netflix could become totally detached from themselves. On a blockchain model, movies could be added to the service and the correct content rights owners could be paid without the need of a middleman. Moreover, customers on a blockchain model will have more control over their content, ownership will be more transparent and even payments could be made faster.
Whilst blockchain integration isn’t essential, the blockchain could improve a lot for Netflix and customers, reducing costs, time and improving efficiency. The blockchain could also open up a platform for more creatives to get their content hosted by Netflix, improving their chances of having their materials viewed by a mainstream audience. It’s a futuristic idea, but Netflix could become a system that is owned by and controlled by the general population. Of course, the owners and creators would still make the most money from it, but with low running costs and worldwide adoption, Netflix on the blockchain could change the world once again.
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