Even the film industry is warming to the cryptocurrency space’s benefits, with a main draw being Blockchain.
Over the past few days, we’ve learned of a few developments in the film industry in which
Blockchain is being used. Observers point out that the players in the industry often use deal structures that are intricate and reporting systems that are antiquated.
Considering Blockchain offers users a way to verify and record transactions securely, it’s an ideal solution for the industry.
Here, we’ll discuss some of the recent developments in the film industry as they relate to the Blockchain.
Crypto documentary
Deadline.com reported that the tech firm Slate Entertainment Group has acquired Fulwell 73’s cryptocurrency documentary Beyond Bitcoin. Fulwell 73 is a London-based television, film and music production company.
Slate bought Fulwell 73 for its Blockchain video-on-demand platform called Binge.
The documentary, Beyond Bitcoin, features several aspects of the space. According to Deadline.com, it ties together financier Ryan Radloff, Blockchain trade association executive Perianne Boring, and Bitcoin Cash creator Roger Ver over the course of one year. The period covers Ver’s Bitcoin Cash fork, regulatory issues, and the ICO explosion.
The documentary is expected to debut in March 2019 on the Binge service.
“We are going beyond the bitcoin price hype,” said film director Witzenfeld, speaking to industry trade Deadline.com. “This is a global portrait of an emerging future in all its complexity told through the lives of three diverse and deeply passionate pioneering dreamers.”
Blockchain fits perfectly
Slate’s acquisition is thought to make it the first of its kind Blockchain video on demand service. It’s commonly referred to as BVOD in the industry.
Slate is also taking advantage of being able to issue its own token, which is considered to be key to the development of its ecosystem. The tokens will be used to pay creators, producers and distributors.
Secured by the Blockchain, players, such as event hosts, will be able to see when payments are made and received.
Even more important, the technology will address one aggravating industry problem, and that is bad actors peddling fake tickets.
Hollywood embraces technology
In Hollywood, Blockchain also addresses the issues that have plagued sales agents, which have apparently come under scrutiny in recent years, according to ScreenDaily.com.
It reports that the technology could speed up evolutionary process, but at least one player says the goal is not to eliminate intermediaries.
To ScreenDaily.com, SingularDTV vice president of entertainment finance and development Daniel Hyman said:
“They all serve important roles. The distributor has an extremely important function, and the sales agents, the agents, the marketing teams, the PR… We’re not cutting them out: we’re sort of streamlining the process and by doing that it allows filmmakers and distributors and viewers and customers alike to share in that transparent, immediate knowledge of how goods and money are being exchanged.”
This article appeared first on Cryptovest