While often confused with each other, blockchain is not Bitcoin. Instead, blockchain is the underlying technology that makes Bitcoin work. It’s the ledger that records all of the transactions on a distributed network. But this technology can be used for much more than just digitizing money like an excel sheet. Instead, the underlying technology that drives blockchain is being utilized in all sorts of different ways and industries, including media.
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One way blockchain and media are paired together is by tokenizing digital information. This allows it to be stored distributed through the blockchain and easily sold to other bidders. This is especially helpful for advertisers. Information that is valuable to advertisers can be stored on the blockchain, and purchased using tokens.
Further, with the proliferation of the Internet of Things (IoT) – the interconnected web of devices that are, themselves, connected to the internet – the need for ways to move and monetize data will require new and better solutions.
Blockchain Allows for Access and Freedom
The more blockchain is utilized with other technology systems, the more access consumers will have to the benefits that technology brings. For example, as technology grows, so does the amount of data that is produced by it. For example, smart cars, smart devices, and wearables are all producing vast amounts of data which is being fed into systems for analysis. Data, especially real time data, is highly valuable, but often underutilized.
A solution to this is tokenizing data on a blockchain. Data is then made available for purchase with tokens and profitable to the owner. More data can be shared, helping business, individuals and machines all operate more efficiently. It is precisely this idea that Streamr is capitalizing on.
Streamr is a platform that tokenizes data through Ethereum’s blockchain. It can take any data produced, and make it available to the public. Data is made available for purchase with tokens, providing payment for the owner. Consider the power of being able to market your personal data from your IoT devices, at your choice, to industries that are willing to actually monetize that data for marketing purposes. The applications are endless.
This provides an outlet for data and media that otherwise might not have been accessible to individuals and businesses who can benefit from that data. Likewise, the owner of the data is incentivized to allow their IoT data onto the blockchain so that they can get paid for sharing it. The money earned by selling data can then be used to purchase more data to help their operation run more smoothly.
Streamr’s Successful ICO
Streamr is on its way to becoming a household name in the cryptocurrency world, as it has already completed a successful ICO (Initial Coin Offering). Streamr’s ICO ran from October 6-13, during which time their token DATA was available for purchase, seeing 1,216 contributors participate. The price was 1 CHF (Swiss Franc) for 18.25 DATA.
The total target of 30 million CHF was easily reached, as the demand for the coin was higher than the supply. It took only 25 minutes for the precontribution period to be fully registered, and only 90 minutes for the larger contributors to complete their contribution. Streamr also was the first project to use the new Bitcoin Suisse ICO Platform for the pre-contribution period and manually run a full KYC/AML check on all participants.
How Streamr Is Growing
The growth doesn’t stop with 30 million worth of CHF. Momentum continues to build for Streamr as they recently participated in the Ethereum Foundation’s Devcom3, raising awareness for the platform. As more awareness for Streamr grows, so do the ways it can be implemented, particularly on the IoT, as the newest connected technologies create a massive amount of data that can be monetized in varying ways.
For example, decentralized live videos and efforts to save the planet are both being pursued to further develop their vision by partnering with Streamr. In particular, Terra Genesis International is a company that seeks to use regenerative agriculture to help drive back the growth of carbon in the atmosphere. Streamr is essential to this company as their vision requires a decentralized data structure. Growth is also shown by the fact that Bitfinex recently added Streamr to their exchange list, making it more accessible to the greater crypto community.
Blockchain is Changing the Industry
Streamr is seeking to revolutionize the data industry, and particularly the way that IoT data is monetized. By tokenizing real time data and pairing it with Ethereum’s smart contracts, Streamr is changing the way we will look at data. No longer will data amass into useless piles of information.
Now data will be easily tradable to fit the needs and purposes of each user. Cities will run more efficiently. Cars will operate more safely. And advertisers will target more specifically. Best of all, due to Ethereum’s smart contracts, all of this can happen autonomously. And all of this will be make possible through Streamr.
Images via Streamr
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