The latest entertainment news from Hollywood is not about celebs but blockchain technology. In a surprising update, it is revealed that a group of companies from Hollywood have formed the Blockchain Global Entertainment Alliance. This is a non-profit group focusing on the adoption of blockchain in the media industry and developing a standard practice for its smoother operation. This emerging technology can bring in a fundamental change in the entire film industry.
This ledger form utilizes a distributed database and utilizes cryptography for security. It can store a large amount of data and is capable of making secured payments as well. It is known that this technology has been widely used in the field of finance and payment transfer successfully. The entertainment industry also deals with a large amount of finance and funds transfer which can get immense benefits with the help of blockchain integration.
According to the Hollywood Reporter, the founding board member of Blockchain Global Entertainment Alliance Rouslan Ovtcharoff stated that the blockchain has the potential to be in a fundamental change in the entire entertainment business. Ovtcharoff further added that this technology can help in curbing the problem of piracy. The entertainment news agencies are extending the support in terms of publicity and are spreading the word about it in the market.
Blockchain Technology Funding Films
In another interesting update, it is unveiled that individual investors will now be funding Hollywood TV series and films through blockchain. A group of producers, businessmen, and actors have created the very first entertainment blockchain powered studio. Interested investors can provide funds for new film and television projects with the help of project-specific tokens, as mentioned by P2P Finance News.
All the profits earned at the end get shared between the participants that who had bought tokens while making the investments in the project. The prime objective behind this idea is to break the monopoly of Hollywood boardroom which is reserved with selected directors. This blockchain focused entertainment news is certainly going to a wave in the Hollywood.[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. ]