Perfect money to bitcoin is one technology that makes it easier to acquire this cryptocurrency. But how can cryptocurrency and the blockchain help various industries like those in the film industry?
A brand-new company is taking on the concept of blockchain to facilitate in the movie and filming industry. Historically, technology and the film business have had a relationship that is unstable. Many years ago, Blockbusters regulated the market on home-movie and notably vetoed the chance to buy Netflix for a meager 50 million US dollars. Currently, Netflix has a 120 billion dollar market cap and is self-assured to rule the film business for years to come.
Market top notchers like Netflix are certainly conducting a test with algorithmic programming in addition to AI, to make an attempt to remove people out of the equation to minimize budget yet providing viewers what they want. Yet there are other sorts of technology that can assist in upgrading and enhancing the independent film industry and even have the likelihood to transform how motion pictures are created, more significantly, how the all production crew such as actors, directors, and line crew are compensated.
FilmChain is a project initiated by BigCouch whose co-creators are Irina Albita and Maria Tanjala. The aim of FilmChain is to upsurge liability and transparency in the dim financing world of independent film by means of blockchain which is the central technological component of Bitcoin. Nonetheless, in their demonstration in a startup pitch event at the Berlinale’s European Film Market, the duo was fast to throw light on the myth that blockchain and Bitcoin are like peas in a pod which they aren’t. As a simple way to tell them apart, Bitcoin is a digital currency or digital money while the blockchain was formed in a decentralized manner to keep a record and account for transactions via Bitcoin which has at present spread out to make use of for a range of commercial purposes.
FilmChain is an income collection and distribution platform that operates and functions on blockchain technology. The platform wishes to assist creators of film and digital content by collecting proceeds and issuing them automatically to shareholders. If the platform is a success, this implies that one can bid farewell to heaps of middlemen who pocket a portion of revenues during and after the process of filmmaking.