The blockchain technology, which is the core of the well-known bitcoin system, may be able to help drive new sources of income to the Danish and international media industry.
This is the idea behind a new concept for micropayment currently under development by Nets.
The micropayment system is a supplement that media houses can adopt to make it faster and cheaper for users to pay small amounts for single articles, music or other digital content - content that is currently a challenge to sell easily and efficiently.
Blockchain technology may contribute to solving this challenge because the method makes it possible to move money and assets at very low cost and with a high level of transparency.
It would, for example, be possible to introduce a kind of generic 'credits' to be used by content providers such as online newspapers, music providers, streaming services and Wi-Fi hotspot providers.
"The concept addresses various requests from our media industry customers, and also potentially opens a market for payments that Nets does not service today. We know that many media houses are looking for systems suited for handling small payments," says Simon Buchwaldt-Nissen, Senior Manager, Corporate Strategy at Nets.
Incorporated payment card
Micropayments will be done using a special kind of media credits, and both payment cards and account payments can be linked to the platform making it convenient for customers to use.
The system can become a significantly different bid for how media and other content providers in future will be able to monetize their content.
The method's low costs can potentially increase the earnings of media and other digital content providers because they can sell content at small amounts and still make a profit.
While still under development, the system will be the first koncept from the newly established Blockchain Development Lab at Nets where Nets investigates the potential of new technologies.
The system is still undergoing adaptation and is provisionally considered as a proof of concept to be adjusted to the commercial reality of the customers.