By Andrea Occhipinti
Blockchain has potentially uncountable applications and those frequently discussed involve well-known industries. However, there are also many solutions for the most strangest sectors which people could never imagine, such as those regarding the sex industry.
Many people would argue that blockchain and sex business could go hand in hand, based on the nature of both sectors. Consider just for a moment anonymity, security and innovation. It would seem that only a technology as versatile and robust as blockchain could address issues such as those of regulations, trust and privacy. Issues that the sex industry has always had. We could divide the previously mentioned industry in two distinct sectors, based on the different nature of the potential applications that the blockchain could offer for those.
The first sector we consider can be classified with the name “Escort services & prostitution”. The main issues related to this branch of the industry can be listed into 3 main points: organizing meetings, verifying identities and legitimate payments. Sex dating involves a considerable amount of scam services with fake accounts and unclear payment methods. For this reason, the dating process becomes very often dangerous and frustrating. Through the usage of smart contracts we could get rid of most of the previously listed issues. This would allow participants of the dating app to be protected against fake people and inappropriate messages. Besides, this type of application could turn out to be very useful in eliminating the presence of criminal organizations or extractive [d1] third parties.
For the second sector we take into account “pornography”, which is considered as the largest sector in the sex industry in terms of shares and people involved. Problems here ranges from payments and extractive fees to market monopolization. Moreover, several of the biggest names in this industry complained that banks terminated their accounts or denied them access to banking services due to their job. Cryptocurrencies could potentially offer a solution to this issue, allowing easy payments and transfers overpassing financial intermediaries (i.e. banks). Additionally, cryptocurrency payments would grant anonymity which would be surely of great help for those actors that do not want to stay in the spotlight. There are some popular video genres and live-cams whose authors will surely benefit most from what I just described.
One solution in the pornography industry has been recently presented by a blockchain startup called “Spankchain”, whose aims is to enable live-cams applying very low fees and at the same time granting anonymity for both performers and viewers while assuring also safe and secure payments. In fact, in the current framework, the porn industry offers services with the presence of a lot of intermediaries that apply really high fees (up to 90% in some cases).