Though the Blockchain Technology was around quite a while but gained popularity with its very first application of digital currency, Bitcoin. Since then, many industries have already adopted this technology to make a fast, secure and transparent ecosystem.
In simple words, blockchain is just a chain (database) of blocks (digital information). These blocks stores all the information about the transactions, date, time, etc. Every block on the blockchain holds a unique code called "Hash" which helps to distinguish it from other blocks. There are multiple blocks in a blockchain network that store some data along with their previous block's hash. This hash key secures the blockchain. The network nodes validate the transactions by referring to their previous block's hash.
If any hacker attempts to alter any particular block's information, the connected hash will also get changed. Identifying the breach is easy as the hash will not match the original one. This shows that the blockchain is safe and throughout the process, it reflects all the changes.
Blockchain was discovered earlier in 1991 but successfully introduced by Satoshi Nakamoto, whose true identity is unknown till date, when in 2008 he released the whitepaper Bitcoin: A Peer to Peer Electronic Cash System. It was the first public debut of blockchain and has managed to be known as one of the groundbreaking technologies.
Shortly after the release of Nakamoto's whitepaper, Bitcoin was offered in 2009 to the open source community. Blockchain is trustworthy as it records the important information in a public space where no one has he permission to remove it. Blockchain is transparent, decentralized and time stamped. The connection between blockchain and bitcoin is same as of internet and mail.
Every industry has some or more issues or loopholes. Talking about the radio and podcast industry, there are many major problems that needed to be addressed to make broadcasting and podcasting better. From monetization to security, there are many big challenges in front of the industry. The involvement of the third party leads to a high deduction in the payments. There are times when hosts have to wait for weeks or months to receive their payments form the advertisers.
After being aware of the benefits of blockchain technology, almost every industry is implementing it to make their ecosystem better. It has become necessary for the podcasting industry to adopt the blockchain technology. It will create a fair and transparent ecosystem where creators, consumers, and advertisers can collaborate together on a global level.
PodMiners has adopted blockchain technology to overcome the limitations of podcast and radio industry. Want to know how PodMiners will be helpful for your podcasting startup?
Read This: Why Podminers For Your Podcasting Startup?