There has always been a certain association between cryptocurrency, blockchain, and the adult entertainment industry. Various adult websites accept Bitcoin payments these days, simply because it makes a lot of sense. SpankChain is looking to merge this industry with a blockchain-based infrastructure. Now is a good time to take a closer look at what the future may hold for this particular project.
There is no particular industry which will not benefit from blockchain technology in the future. Most of these efforts focus on the financial sector right now, although there are other business models worth exploring too. SpankChain shows how the adult entertainment industry is in dire need of a technological update. Bringing the blockchain to this particular industry will not be straightforward by any means. After all, there will be plenty of people who will laugh at this idea, even though it makes a lot of sense to the people actively contemplating such a change.
The main purpose of SpankChain is to revolutionize the adult entertainment industry using blockchain technology. More specifically, the team aims to build a blockchain-based economic and technological infrastructure built on top of Ethereum. They will do so using smart contracts, removing the need for third-party intermediaries altogether. Additionally, there will be a strong focus on removing unfair payment practices while still delivering privacy and security solutions.
With SpankChain, the entire adult entertainment industry can benefit from lower fees, anonymity, zero chargeback risk, and secure solutions. The risk of chargebacks has been especially worrisome in this industry, although it is something that is problematic in any sector which deals with frequent payments. Cryptocurrency and blockchain technology are great solutions in this regard, as they do not allow for chargeback methods which can be abused by consumers or criminals.
Furthermore, this new blockchain will allow for the development of dedicated decentralized applications. It becomes a lot easier to create content delivery networks in this way. There is also a decentralized marketplace option to explore, and many payment hubs to benefit from. It sounds like a major project that may actually work out in the long run, assuming there are enough players in the adult entertainment industry willing to experiment with this technology.
Under the hood, there are three different layers which together make up SpankChain. The top layer is the application layer, which sits on top of the services layer containing payment hubs, among other things. Last but not least, there is the SpankChain Core layer, which incorporates P2P micropayments, performer profiles, and much more. All things considered, this makes for a pretty interesting project which will definitely benefit the adult entertainment industry moving forward.
It is not the first time we have seen projects tackle the adult entertainment industry either. In most cases, previous efforts have fallen short, mainly because they only attempted to create a new payment tool for the adult sector. With a blockchain-based ecosystem in place, however, SpankChain should become a lot more popular. Only time will tell how this effort plays out in the long run, as there is no guarantee of success whatsoever.
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