Sunday, November 25, 2018

Why I Will Not Prefer Any Other Technology Than Blockchain for My Website

I had an idea to create a website that could directly relate content creators with content users. Although I tried several technology platforms, programming languages and Content Management Systems, I could not realize the platform that could translate my idea into reality. My concern was the future implications of the probable data generated by users. I envisioned a platform, where members could upload content in multiple formats including Text, Images, Audio Files and Videos. These content will be viewed by users and they can rate them as per their interest and entertainment. However, even if such as system is based on the model of social media, which is a growing trend, the mechanism is not sustainable. Because there are no provisions of incentives for any party in the system.

In the social media landscape, revenue is generated via advertisement. Brands and advertisers spend money to display their ads on social media and digital publishers. Users, in most of the cases, do not need to pay anything to view content. Content in such website is practically free. They are both the content creators as well as content viewers in such platforms. Content Creators can earn revenue via the platform, which is offered by Advertisers. In this system, the media platform acts as a centralized party. They practically “own” the content, even if it is user-generated. In here, my concern was not only earning advertisers but also the issue of data storage. In fact, I don’t want an ownership of user-generated content. My idea is to form a truly public platform for content and sharing of ideas.

What Made Me Dive Into Blockchain?

In my approach to developing the website, I was struck with several issues:

  • Sustainable Revenue Model to offer incentives to both content creators and the audience.
  • Storage capacity, as I don’t want to increase my cost of buying expensive spaces on the cloud. And Managing my own servers is just unthinkable for me.
  • Providing content producers ownership of their own content.
  • Inability to maintain or supervise the platform on regular basis and yet, to
  • Ascertain the quality of content in the platform.

I tried out models like social media and CMS for the project. I tried out PHP and Python, but the logic was not enough to fulfill all my objectives. Some of my friends recommended to develop it on the model of Reddit or Telescope, but it was not enough. In such a moment, I came across Blockchain. At first, I was not interested as the term seemed synonymous to cryptocurrency, which did not attract my attention. However, as I learned about the technology, I grew confident in it as the basis of my project. Now I am learning how to create a decentralized application or a private blockchain, which will be the foundation of the website.

Blockchain has many possibilities and almost unlimited prospects. The feature I like the most about it is the technical variation of its use cases. The technology can be leveraged in multiple dimension. One may use it as a cryptocurrency, a decentralized application or DApps, a smart contract, and others. It depends on your objectives of the application and how one wants to use the technology. I found the platform quite appropriate for my website because of the following reasons:

  1. I will have to just build the platform, and need not worry about managing it.
  2. Decentralization will give access to all without any restriction while allowing users to manage their own content.
  3. It will be a direct platform for both content creators and viewers, with no third party.
  4. Revenue will be shared directly from viewers to content owners.
  5. I will solve the issue of space requirement for content.

Apart from these specifics for the web-based project, I believe, blockchain technology will create a real democratic internet. As long as the internet is there, blockchain will exist above it as a customized layer of decentralization equipped with intensive security features. Blockchain might become the future of network technology. Now I am learning about its applications and its potential in business. The technology has already penetrated into the enterprise landscape and it is developing each day to integrate newer, improved and effective features. I guess, in recent times, no technology is better than Blockchain based technologies to build a public utility platform on the web.