How Blockchain is Revolutionising the Film Industry
Blockchain is already disrupting the future of the film industry and entertainment industry as a whole. Do you know how different the world is going to be in 10–15 years from now, once blockchain and crypto are a little more integrated into society?
For the moment nobody can precisely predict the blockchain future. But we can already hear the increasing roaring sound of the crypto turbine. Now we shall take a glance at the future and try to anticipate where these trends are going. I guess that nobody wants to get left in the past, right? Switch on your imagination and fasten the belts. Off we go!
From the Lumière brothers to nowadays
The cinematograph was born in the 19th century, got industrialised in the 20th, and entered the new millennium with a digital revolution already on board. Big cameras gave place to smaller ones, big screens gradually moved into living rooms, and both production and distribution became more agile, flexible, and globalised. The real revolution, taking place right now, is not related to the cinema itself. It is running in its background.
New opportunities with blockchain
Essentially, blockchain is a digital ledger. It is a new way to store data, where individual records, or blocks, are linked together in a single digital list, or chain. That information is then compiled, and decentralised in an encrypted database, available to everyone. Blockchain’s potential for the cinema sector is huge. It is not only a tool against piracy for identifying thefts. It opens new ways of financing, producing and distributing content, providing guarantees of trust and transparency.
Let’s take copyright infringement as an example. By creating an immutable record of transactions on any asset, blockchain can build smart contracts into legitimate film uploads and broadcasts, sending a signal to content owners whenever non-blockchain content is discovered online. The same can be made by the creator of a story, idea, or script. They can register it on a blockchain, and subsequent transfer of these rights will build a transaction history, protecting the original creator and all rights holders on the list. Since everything is recorded, this means that if that asset is viewed by someone in the chain, the creator can be paid immediately, without the need to wait for confirmation from studios, streaming platforms, or theatres.
With no need for the involvement of a third party, it can expand the micro-financing market, keeping records of the various stakeholders. You can even fund-raise your movie by tokenising each of the standard 24 frames per second, listing those in a database, in order to be paid accordingly and immediately each time any of them is reproduced.
The potential is really significant. There are already platforms that allow you to upload your project and market it to an audience, while investors check fan engagement, and decide if it’s worth the investment. The adoption of blockchain technology requires time and effort but the future is moving towards decentralisation. And the conventional film industry should be aware of these tendencies.
P.S. Palme d’Or for Blockchain
The recent Cannes International Film Festival was a symbolic event in terms of the developing tandem of the film-making industry and blockchain technologies. The French Federation of Blockchain Professionals visited the venue and participated in a series of blockchain-related activities that took place during the festival. According to their words, blockchain innovations were on everyone’s lips. There was a lot of buzz about penetration of NFTs, Web 3.0, and crypto into the motion-picture industry. Probably, the most vivid sign of the on-going interfusion was the fact that the participants could pay with cryptocurrency during the event.
This is only the beginning. Make yourself comfortable, keep your eyes wide open, and watch this fascinating long-lasting serial movie.