Advantages of Blockchain in the Film Industry

The introduction of blockchain technology into the film industry is bound to have a number of potential benefits. Unfortunately, many consumers don’t fully understand blockchain technology and how it works nor are they prepared to accept that this technology could potentially be beneficial. If you’re trying to figure out how the blockchain fits into film, checkout these top  Advantages of Blockchain in the Film Industry and what it means for transactions as they apply to movies of the future.

The more you understand the blockchain, the more you’re able to apply it to the film industry and begin to see the Advantages of Blockchain in the Film Industry. That’s why, the first major step to finding and assuming the Advantages of Blockchain in the Film Industry is to have a firm and unequivocal understanding of the blockchain.

What is the Blockchain?

Blockchain technology represents a digitally distributed, decentralized and fully public ledger that is existent across various networks and is most widely known for its connection to cryptocurrencies such as Bitcoin and Etherium.

Blockchain technology is digitally formatted and basically maintains an ongoing ledger of record transactions that guarantees the fidelity and security of a record and its data. In doing so, the blockchain guarantees trust without the added need for a trusted third party network.

How Does Blockchain work in the Film Industry?

Blockchain technology is bound to be popularized in the film industry in a wide variety of ways, but let’s take a simple example to make it easier for you to understand. Think about film financing. Traditionally, if you loved a film and wished it had a sequel, you would have to pitch the sequel to a big studio and hope that they would support your idea and greenlight it so that it could move forward with acquiring funding and ultimately being produced. The likelihood of which is incredibly slim overall!

Now, think about that same sequel you want and let’s explain how it would work with blockchain technology. With the blockchain, you have the right to seek that a film be produced and you can raise funding for it. In fact,  you don’t have to be rich and you don’t have to be a big studio in order to support the movie.

Anyone can support the film and overtime, the decentralized financing of the film could in fact take place. The result, you can push for production along the blockchain and you can encourage others to support the idea so that you actually can get the film produced.

Advantages of Blockchain in the Film Industry

As you can see, one of the Advantages of Blockchain in the Film Industry is the ability to make transactions transparent so that you can generate funding for your film and move forward with production. The blockchain and its public ledger allows anyone to see transactions that are being made and, when films are tied to the blockchain, the transactions involved in the film also become transparent, public knowledge.

These transparent transactions means that everybody in the industry is going to be honest, and those who are not, are going to be called out – immediately. Financial transparency is one of the best parts of blockchain technology in the film industry, but there are other Advantages of Blockchain in the Film Industry too. Consider the following:

• The blockchain is resulting in increasing liquidity for the film industry. When films are funded on the blockchain supporters can back as much or as little as they want.
• The blockchain also automates agreements between funders or supporters.
• The blockchain ensures that payments through smart contracts are made and that they are made accordingly.

Smart contracts are one of the biggest Advantages of Blockchain in the Film Industry. These contracts collect funding from various financiers in a fast, low-cost way that is much better than traditional negotiations ever could be. These contracts are also behind the responsible distribution of funding and revenue that is owed to stakeholders involved in the film.

There are really a lot of potential advantages and benefits that can come along with the use of blockchain technology in the film industry.

As you can see, there are a number of benefits that come from engaging in blockchain technology in the film industry. The actual Advantages of Blockchain in the Film Industry are as wide and still unknown in many ways as film once was a century ago. As we continue to increase the use of blockchain technology in filmmaking, and businesses and brands employ additional technology in the future, we’re bound to see more advantages come to light.

For more information about how the Advantages of Blockchain in the Film Industry might impact your project, give Beverly Boy Productions a call. We specialize in film production but we’ve also got insight into the blockchain and the impact it’s having on the film industry.