The entertainment landscape has been continuously evolving with time and technology, precisely this time it is blockchain technology. There has been a great reformation in the last few years with the upgrade in techniques and the entire ecosystem of entertainment fraternity. Indeed, both technology and rapidly changing factors have converged together which form a brilliant hi-tech image of the future.
The entertainment companies are looking forward to exploring novel innovative methods to stay ahead in the market and the proverbial curve. In fact, several new companies are making the use of cutting-edge technology like blockchain to enhance their operations such as production and distribution. One such newcomer is SingularDTV which has made this ledger form completely operational within their systems.
SingularDTV runs on a blockchain technology enabled by Ethereum network along with ConsenSys venture production studio. It operates on a local cryptocurrency dubbed as SNGLS which facilitates transparency in production and distribution. This system is far better than the traditional monopolistic distribution systems.
The prime objective of SingularDTV is to make a studio in a box which empowers new applications and methodologies in the creation of a project until its distribution. The blockchain is applied in four major categories such as development, production, distribution and support. This is the very first blockchain entertainment studio turning the entertainment industry towards a more decentralized structure giving a complete creative control, as mentioned by Forbes.
Blockchain Alliance In Hollywood
According to Advanced-Television, the formation of Blockchain Global Entertainment Alliance (BGEA) by the consortium of Hollywood and International entertainment companies has come into the effect with the goal of promoting blockchain technology. This iconic step will alleviate the adopting and acceptance of blockchain. It will also be used in for funding, payments, rights management, contract enforcement, ticketing, royalty distribution and content.
This non-profit alliance will educate all sectors of entertainment genre to begin and practice blockchain within their domains to leverage the benefits of this emerging technology.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]