Providing a digital content blockchain
Bitcoin and the blockchain are technological advancements so powerful that they could transform the basic pillars of our society. They could change the way our economy, government, financial systems and businesses function.
Beyond that, these technologies could change our conceptual understanding of trade, ownership and trust.
Most people think about bitcoin as only ‘virtual money’ or a transaction system. But if you look closer, you can see that the monetary aspect is just the tip of the iceberg.
That’s because bitcoin is a technology for which money is just one of many possible applications.
Middlemen of finance and entertainment
Money exists to facilitate trade.
Over the centuries, this trade has become incredibly complex; everyone trades with everyone, worldwide.
Movies and music have also become incredibly complex. This content has moved from analog to digital and from shops to electronic delivery.
Recording of transactions happens via bookkeeping; information that is typically isolated and hidden from the public eye.
Because of this, people use third parties and middlemen that they trust to facilitate and approve transactions.
Content delivery also goes through multiple third parties and middlemen.Its recordings complex with various parts to the workflow from creation to consumption.
Internet video content flows through many different systems. Because content is rendered, each system adds a level of complexity designed for its own purpose, e.g. recording and publishing rights, territory controls, digital rights management, file type selection.
Whether you’re looking at financial trade or video content delivery, we typically call these middlemen-type entities ‘trusted third parties’.
This brings us to the essence of bitcoin.
Bitcoin software enables a network of computers to maintain a bookkeeping collective via the internet. While this could be a private group, over the internet bitcoin bookkeeping is not closed or controlled by any one party. It is public and available in one digital ledger, fully distributed across the network. We call this the blockchain.
In the blockchain, all transactions are logged, including information on time, date, participants and amount of every single transaction.
In the blockchain, the transactions are verified by the bitcoin ‘miners’ who maintain the ledger.
Each node in the network owns a full copy of the blockchain.
The mathematical principles of the blockchain ensure that these nodes automatically and continuously agree about the current state of the ledger and every transaction in it. If anyone attempts to corrupt a transaction, the nodes will not arrive at a consensus and hence will refuse to incorporate the transaction in the blockchain.
The visionary use of Linius with the blockchain
When Linius indexes a digital media file, it builds an index which is, in essence, a ledger. It contains file type, aspect ratio, pixel dimensions and locations for the audio and video samples.
We call these indexes ‘virtual content files’, as the sound and picture information does not reside inside the file as it does with a normal digital video file. Instead, this information resides in a file on another network node, linked to it from the virtual file.
Upon delivery, a transaction takes place that updates the ledger with information regarding time, date, user information, financial details and access control rights.
As Linius provides the manipulation of ledgers (indexes) and routing of binary picture and sound data, Linius effectively provides a content blockchain: one that we can integrate with next-generation systems driven by new scalable economies.
Bitcoin is built on the blockchain, and with the growth in bit coin’s value from US$0.05 per coin in 2008 to more than US$900 per coin at one point, both bitcoin and the blockchain are becoming increasingly mature and accepted technologies.
A content blockchain could solve many issues, from piracy to artists’ rights.
Linius’ patented processes only assemble content once it is approved by the blockchain-style ledger.