Apart from being known as the new way of creating money, have you ever been curious about how blockchain technology is transforming the film industry nowadays? If you are one of those movie geeks eager to incorporate cryptocurrency in your new film project or probably see how all these changes are taking place and what’s in store for the film industry, consider the following points.
Get the Facts
It’s difficult to understand exactly how new forms of technology can change the economy unless you know the basics. If you already understand how Bitcoin and other crypto forms of money work, you’re ahead of the game. But if the whole concept is new for you, do a bit of research and learn the main ideas behind it. Any resource that teaches cryptocurrency trading for beginners will do. Once you see how easy it is to buy and sell intangible assets like Litecoin and Ethereum, you’ll be ready to go.
Because every single action between parties on the block is meticulously documented, there’s never any ambiguity about who owns what, who came up with an idea first, or who sold rights to another party. The way the film industry has worked for more than a century was based on paper documents, not all of which were visible to everyone. When film produces use this new form of encrypted verification, there are no questions about ownership or copyright.
Fast Payment with Smart Contracts
One of the key features of blockchain processes is smart contract creation. That means that every party to a particular agreement see each step as it’s created and sign off before moving to the next phase. Actions, like payments, can be set up to be triggered by specific actions. For example, if you are due payment, you will receive your funds as soon as you deliver the goods to the producer. Of course, all money is delivered via the block in the form of cryptocurrency.
It’s nearly impossible to steal or pirate a motion picture when all transactions and communication are on the block. Things like plot summaries and scripts will be locked behind a verified record of ownership, which means anyone who tries to resell the information can be tracked and prosecuted. There’s also the question of protecting the video document, or the motion picture, from piracy. That task is a bit trickier but can be accomplished. Third-party service providers are currently working with producers to track the origin of pirated video and audio that appears online. These smart tracking systems can’t prevent theft but could possibly identify the guilty party in a matter of minutes. That power, in the hands of creators and copyright owners, might be enough to deter a significant portion of intellectual property theft.
A Few Negatives
As is the case with every new form of technology, there are a few roadblocks standing in the way of this one as well. First off, hackers and miners who want to disrupt the chain and shut the system down are out there. Their chances of success are low but even some of the large cryptocurrencies have had problems with hacks. No one is immune, but there are companies already working on optimizing security for the film and music industry. Another downside is the lack of anonymity. Every transaction on the chain’s ledger is public information. If you’re the kind of investor who likes to keep your data totally hidden from prying eyes, this could keep you from putting money into a film project.