Technology is evolving day by day and every field and domain is massively influenced by the new discoveries and their applications. The same goes for the film industry that evolved considerably thanks to the new technology involved in 4K cameras, CGI and even Augmented Reality. It’s time for another future technology to leave its mark on the film industry: blockchain.
What is Blockchain?
A blockchain is basically a digital database of transactions that get duplicated through a peer-to-peer network of several computers. The revolutionary aspect of the blockchain comes from the fact that it is a decentralized system, meaning that no single entity can control or manipulate it. For each operation or transaction that happens on the blockchain, a copy is instantly made and transmitted to the other computers in the network so that everything is transparent. Also, each transaction needs to be validated by the entire network in order for it to be valid and approved, leaving no room for fraudulent activity or anything in that area.
Implications of Blockchain in the Film Industry
The development of a multi-layer system that is powered by blockchain technology and is powered by a cryptocurrency designed for mainstream adaptation makes Binge streaming platform the first such service to offer these facilities. The fusion between blockchain technology and the multimedia streaming platform will help them have a better chance at creating competition for established brands such as Amazon Prime Video, Netflix or Hulu.
Blockchain will allow investors, producers and content creators to access behavioural analytics that is updated in real time. This will allow the ones in charge to understand what works, what doesn’t work and see exactly how the public reacts to their content broken down in micro-segments. Also, the decentralized nature of the streaming platform will play a very important role in removing the geo-blocking.
Blockchain to Change the Face of Hollywood
Worldview Entertainment founder, Chris Woodrow, is planning to launch a token called MovieCoin and expects to raise more than 100 million dollars through an ICO to be able to fund big film projects in the future. And, even though Hollywood was quite reticent over the entire Bitcoin rush and the extreme volatility that surrounds it, more and more companies that are building apps to use the utility of tokenomics, started to appear. When these companies will gain enough followers to convince everyone that blockchain, cryptocurrency and the film industry go hand in hand, the way big blockbuster budgets are gathered, as well as the entire face of Hollywood, will change.
Speeding Up Evolution
Thanks to the transparency offered by the blockchain technology, people that are looking for new ways to find financing and distribution will be able to easily track consumer data and earnings making the whole process faster and a lot less-bureaucratic. Since everything is out in the open, people won’t waste time having trust issues when it comes to investors and the way the money is spent and all that extra-time, energy and creativity can be put to great use, creating more appealing and relevant video content.
Just like it happened with every new technology that brought a sudden change in the way things are done, the relationship between blockchain and the film industry is still seen with weary eyes. But as time passes, blockchain and cryptocurrencies will consolidate their position and everyone will be able to witness the advantages they bring.
