The advent of Web 2.0 heralded the 'Age of User Participation', enabling user-generated content to enter the mainstream. Social web relations opened up the gates for the creation of dynamic content and gave birth to many new data-centric industries, where the phrase ‘Data is the New Oil’ was thrown around in every internet-related conversation. Today we are witnessing a paradigm shift in how data is being utilized and how it has become a key asset for business organizations worldwide.
Why is data so important and how has it been mishandled?
The expansion of the internet towards a participant-driven network has created a pool of opportunities for an entirely new subclass of users. This peer-to-peer (P2P) web led to the emergence of social media, creating a new breed of professionals called ‘influencers’. The trend grew rapidly and expanded over different platforms, markets, and niches. Social media platforms like YouTube allow the monetization of content, yet many of these centralized platforms give artists smaller cuts of revenue and less say over how their creative works are priced, shared, or advertised, causing an undercurrent of dissatisfaction among content creators.
One of the most pertinent and frustrating issues faced by digital content creators is how content is utilized and monetized on the internet, especially when the original creator isn’t being recognized or rewarded royalties. Plagiarism is another issue troubling the foundations of digital media and the entertainment industry. Far too often, controversy arises when multiple artists claim ownership of a single piece of art, or content, making identification of the original creator problematic and doubtful.
Piracy is nothing new in the digital realm, especially in the music industry. Many artists and record labels lose billions of dollars every year when a song is downloaded millions of times and musicians cannot claim their compensation accordingly. The same is true for illegal downloads of movies, documentaries, and other similar content across the internet. Governments and powerful organizations use censorship against content they find inappropriate, thereby attacking the individual’s freedom of speech and in particular artists. Censorship has given immense power to governments to suppress protests and the civil rights of citizens.
It is extraordinary to see how various types of data can have the power to completely change the way we do business. Data serves as a competitive advantage for businesses, helping them make important decisions, identify potential customers, design customer loyalty programs, get feedback, and perform everyday functions. The power that control over data has is increasing but there are still significant ownership, ethical, and security dilemmas of such centralized businesses collecting and leveraging user’s data. We have witnessed, time and again, how mismanagement and security breaches can lead to:
Organizations selling user data, without expressing permission, for profit.
* Data being used to target and manipulate users’ shopping behavior.
* Security breaches by cybercriminals, exposing critical data such as passwords, account numbers, credit card numbers, etc.
* Reputational damage to organizations that coincide with users paying hefty fees due to their personal details being leveraged.
Blockchain: A lucrative and effective solution
Content creators today need more freedom and security to receive value for their work. Blockchain removes the issues of centralization and interference by third parties through the technology's security and transparency features. A fully decentralized, blockchain-enabled content platform could create a tokenized ecosystem where users can post and monetize content, free from costly third-party fees. Smart contracts have the ability to help artists manage their digital rights and receive royalties, while also allocating revenue shares to contributors. Ultimately, blockchain enables nonpartisan terms for all stakeholders involved in the creative process.
Fig. - How blockchain can protect artists’ rights
Source: McKinsey & Company
Today, numerous blockchain-powered platforms are rising in the creative industry. One platform is providing tamper-proof certificates for art and collectibles by leveraging blockchain technology to combine transparency, anonymity, and security to protect records of creation and ownership.
Another is implementing blockchain technology to provide artists with the necessary tools to manage their careers, secure ownership rights over their music and earn a profit for it. A third is using decentralized protocol for content ownership, discovery and monetization of media.
In a decentralized ecosystem, customers retain complete control over their data, and no extraneous organizations or government agencies would be able to interfere or use this information for personal gain. Blockchain can help user’s monetize their data, bypassing the centralized grip from Facebook, Amazon, and Google.
Pioneering an Entrepreneurial Blockchain Solution
HyperionX has designed a platform focused on empowering entrepreneurs to grow and collaborate on ideas by way of custom smart contracts. Through the use of blockchain, globally verified, border-less business agreements can be generated by all. HyperionX’s decentralized collaboration app, Peerion, gives everyone the ability to earn a living and be free to pursue ideas, passions, and personal improvement, regardless of their socioeconomic status.
Peerion: A complete Decentralized Ecosystem
The Peerion ecosystem is a decentralized, trust-less environment featuring automated tools to enable an interactive, gamified experience for Peers, the users of the network. Peerion has been constructed on principles that are aimed at developing entrepreneurship through transparency, authentication, and accountability. Peerion allows digital assets to be utilized within dApps (decentralized applications) while enabling content creators to receive royalties for their work. Peerion has a variety of other use cases such as, educational certifications, personal identification, business agreements and so on.
Peerion empowers business owners to generate income from content and crowdfunding, along with the sale and promotion of digital goods and services, while offering features to guarantee the authenticity and transparency of the entire ecosystem by verifying content ownership through the blockchain. Peerion enables true collaboration by assisting peers as they connect with the right individuals to cooperate with, while also providing the opportunity to market their final product in a free market ecosystem. To join Peerion’s gamified network, visit https://peerion.io and register today!