Blockchain technology can be used for many things, including creating a universal media library. The Mediachain team is doing exactly that, offering “open content identification technology.”
Also read: Waves CEO Talks Raising $16m, Open-Blockchain Platform Potential
What is Mediachain?
Mediachain is a protocol that lets anyone register, identify, and track creative works online. Content creators can collaborate with developers and organizations on metadata, which is then stored in an open and universal media library. The decentralized nature of the blockchain gives participants a way to retain control over their data, and expand their reach at the same time.
Since all of the metadata exists in a shared network, there is no central point of failure or database that can be taken down or altered. Moreover, information is interoperable, and all contributions to content metadata are attributed. Searching for specific content can be done through content ID or a text search.
Speaking of content ID, Mediachain is using a technology that is very similar to Shazam and Google Image Search. This speeds up the metadata search tremendously. Moreover, this type of system allows content creators to be identified when their creations go viral, such as The GIF That Fell To Earth.
The company has attracted some interest from investors, as their latest round was led by Union Square Ventures. Some of the other investors previously funded rounds for Coinbase and OpenBazaar.
Interview with Co-Founder, Jesse Walden
Bitcoin.com was granted an opportunity to chat with Jesse Walden, Co-founder at Mediachain Labs. He explained to us how the project works in detail, and what the team hopes to achieve through this solution moving forward.
With the round of investment under their belt, the team can look towards the future of using blockchain technology to expand their universal media library.
Bitcoin.com (BC): It is mentioned how Mediachain will use content metadata, similar to how Google Image Search and Shazam works. Can you tell me a bit more about that?
Jesse Walden (JW): Early in the life of Mediachain, we were inspired by two things: the implications of Bitcoin for a new generation of completely open and decentralized data networks, and the magic of the technologies behind Shazam and Google Image Search to let us discover the creator of an image or song at the click of a button.
The problem we wanted to solve is one creators and their audiences face every single day: billions of images, songs, videos, and written works are easily shared online, yet they quickly lose connection to their creator and history or context as they are reposted.
We had a simple idea: What if the information about all media ever created was completely open, and you could instantly know everything about whatever you were viewing, watching, reading, or listening to — who made it, what it was, where it originated — regardless of how you came across it?
Mediachain uses perceptual recognition technology similar to Shazam or Google Image search to identify media based on how it looks or sounds, automatically resolving to metadata stored in Mediachain. This technology is called near duplicate detection and is a specialty of machine learning. The field is quite far along and works very well even for images that are cropped, distorted, etc.
BC: Will Mediachain Labs use an existing blockchain for this project, or is it a solution developed from scratch?
JW: Existing blockchains like Bitcoin or Ethereum aren’t scalable solutions for the volume of data describing the world’s media. Mediachain utilizes a blockchain structure built on top of IPFS, a decentralized, peer-to-peer data network.
BC: Are there are specific partnerships you guys are looking forward to, other than the ones you already have with Getty Images and the museum?
JW: We’re most excited about what developers will build with open media data contributed by creators and media organizations that embrace open access to their libraries.
BC: Will this solution be free to use for the public, or will there be a fee to pay? If the latter, are there subscription models available? If it is free, how do you expect to monetize Mediachain?
JW: Mediachain is open-source and decentralized, meaning anyone can participate and there are absolutely no fees, or central parties to pay for access. Mediachain Labs will be using the funding to further open source development, while also building some of the first applications and services to make the network accessible to everyone.
Bitcoin.com would like to thank Jesse Walden and the rest of the Mediachain Labs team for reaching out to us and taking the time to answer our questions. More information regarding the project can be found on the Mediachain website.
What are your thoughts on this new project to create a universal media library? Let us know in the comments below!
Source: News Tip Via Email
Images courtesy of Mediachain, Shutterstock