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How Netflix Could Save 138 million Per Month by Using Blockchain IDs
by eguaogie-eghosa Dec 08, 2022 Views (340)
One problem unites premium shopping services like Amazon Prime, pay-walled news websites like Netflix, and online entertainment streaming services like Netflix: account sharing. Streaming behemoth Netflix loses more than $138 million a month due to password sharing, not to mention the inconveniences consumers often face with usernames and passwords. In fact, it is estimated that password sharing practices will cost the whole streaming industry $12.5 billion a year by 2024. Additionally, not just streaming platforms are suffering large losses. Most streaming users consider password sharing to be a minor offense. According to a study by CordCutting.com, up to 1 in 5 users are reportedly using a password from another account to access subscription video on-demand services.


The issue is that, until recently, there hasn't been a simple—or less drastic—solution to preventing password sharing. Streaming giants are aware that you are doing it. particularly given that the majority of tech services have been developed with the idea that an account will only be used by the person who sets it up.

Blockchain technology, however, provides a remedy. A verified ID-based solution that enables seamless login for private and secure access to your account won't just benefit large corporations. It will also benefit individuals. Customers who register for a variety of these services and platforms will also profit from the fact that they won't have to depend on a single device or browser or remember numerous password combinations in order to use any of these platforms.

Passwords will also disappear thanks to the use of validated digital IDs. Shunning passwords will be really helpful considering that each of us has over 100 online accounts and nearly as many different passwords to remember.



Giving Doesn’t Always Mean Caring

Netflix has been tremendously popular; in fact, it has been so successful that people share accounts with friends, coworkers, vacation homes, and other people in addition to their family. Each month, this costs Netflix $138 million. And it's not just Netflix; according to reports, 35% of millennials and slightly less than a fifth of Gen Xers reveal their credentials for other streaming services. Not surprisingly, 13% of Baby Boomers share passwords for streaming services run by firms like Apple, Disney, and HBO.

The Financial Times' and the Wall Street Journal's paywalls are no different in this regard. By forcing users to repeatedly enter their usernames and passwords and repeatedly set their preferences, they attempt to get around shared logins. Sharing accounts is frequently done for practical reasons only. For instance, sharing a single Netflix or Spotify account can result in financial savings, and having a single Amazon account may make it easier for couples to manage shared household expenses.

Accounts may be shared implicitly even when they are not expressly shared, such as when you don't go out of your way to provide a partner your login information. This is especially true if they have the ability to unlock your phone or computer, as they may then have implicit access to additional accounts. However, you may become exposed as a result of this trust.

Moreover, giving doesn't always imply concern. In addition to the fact that many streaming providers don't support two-factor verification, shared accounts typically use simple or outdated passwords. All of this makes it simpler for attackers to deduce passwords or discover login information in data breaches that you could have used for a few streaming accounts. Even worse, they could use your credit card to make unauthorized purchases or steal the personal information stored in your profile, creating a major security mess.

Tethering unique IPs to unique accounts is the solution provided by numerous streaming and entertainment titans. What happens, though, if you actually take your laptop on the road and want to use your account there? Additionally, several websites—like Netflix, Disney Plus, and the US-only streaming service Hulu—have outlawed virtual private networks, so whether you use public WiFi to access Netflix at a cafe, on a bus, or anywhere else, your network is left wide open and vulnerable to eavesdropping.

If you've paid for the account, the service should be accessible to you whenever and wherever you are, while obviously abiding by local licensing agreements and rights. Access should be related to you, not your device, interface, or physical location.



A Win-Win with Digital IDs

Digital IDs supported by blockchain-encrypted, biometrically verified technology will become the standard instead of requiring users to log in via a certain device in a specific location after mentally sorting through a cluster of unique passwords.

Thanks to these devices, people won't have to stress about losing login information, forgetting passwords, or worrying about whether a certain gadget or IP address is associated with a particular paywall. Instead, all you need to do is log in with your biometrically confirmed and funded ID, and presto! Everything is at your disposal. On any platform—mobile, web, or even smart TV—users would be able to access subscribed content without difficulty, whether it be through Flipboard, Google, Apple, or regular websites, without being subjected to continuous preference settings, security checks, and login and verification repetitions. Digital IDs allow individuals to specify their privacy preferences through their identification.

By associating the payment with that ID, you can also make sure that monthly payments are made using the user's confirmed ID and payment method and aren't being shared. Additionally, it creates the possibility of using micropayments for pay-per-use content, eliminating advertisements. Additionally, reviews posted by verified account holders leave other platform users with little doubt as to their authenticity.

Additionally, a digital ID can offer smooth access to the content consumers consume without irritating web ads by utilizing micropayments.



Updating ID Systems

Companies can now provide clients with a quick, safe way to access their preferred services without using an outdated password. All users require for a digital ID is their biometrics, such as a fingerprint or facial scan. It's not necessary to create and remember a number of different passwords. It's a win-win situation for both parties because it gives customers a frictionless experience while also enhancing their security and reducing the burden on the business to safeguard and safely manage users' data.

The customer should be catered to by these services, not the other way around. Verified IDs are therefore logical. They accomplish two goals simultaneously. This system will prevent companies like Netflix from becoming victims of account sharing. The millions of dollars in revenue lost to an apparently legal form of piracy can be recovered with a dependable, verifiable system, but individuals can still purchase numerous "screens" and distribute them among their family. Additionally, customers will benefit from practically having access to all of their subscriptions at the tips of their fingers, wherever they may be.

In Summary:

A solution that benefits all of these sites as well as the users is the development of biometrically validated, blockchain-encrypted digital IDs. Users don't need to remember passwords to access subscribed material seamlessly from a variety of devices, browsers, operating systems, smart TVs, Flipboard, and many other places. A biometrically validated and sponsored ID is now required to access anything.

As a result of being able to attach payments to individual IDs, Netflix and other platforms also save a ton of money by ensuring that monthly payments come from the verified user ID, who is in possession of the payment method with certainty, and that the account is not shared with anyone. Micropayments for pay-as-you-go material become accessible with digital IDs in place, enabling consumers to access content or movies without advertisements.

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