Bitcoin and blockchain – Bringing a new era in the movies industry!
Bitcoin and blockchain are the most popular topics nowadays. Blockchain is a technology on which bitcoin works, and after the massive success of bitcoin, several other industries have also started adopting the blockchain technology. You must use Bitcoin Storm for trading bitcoins and earn quick profits. Blockchain is left a massive impact on the movie industry, and you can learn more about its impact in the following paragraphs.
What aspect connects bitcoin and the movie industry?
The vital aspect that acts as a bridge between movies and blockchain is decentralization. Bitcoin is a decentralized cryptocurrency which means any third party or intermediary does not control it. Such platforms offer excellent control and freedom to the users, which is the primary reason behind the sudden increase in the use of bitcoin in the movie industry. There are several essential aspects of the movie industry, but the most important one is funding. A lot of funds are required for creating movies, and blockchain technology help the creators to raise funds.
Blockchain allows them to gather funds through crypto funding. It is an excellent concept and has tremendous scope for the future. However, blockchain crowdfunding is a bit complex, but once the movie industry gets used to it, it will offer them tremendous benefits. There are numerous movies that have used crypto funding to raise funds for the projects, and several upcoming movie projects are planning to use it.
There are several most significant aspects of blockchain that have revolutionized the movie industry, and one of them is the Smart contract. It is an incredible feature that allows the movie industry to use modern contract systems to sign deals and record data in a safe way. It offers massive advantages to the movie industries all over the world. It allows the users to create an agreement, contract or lease. It is way different from the traditional contract system as it involved no financial intermediary or third party. Each smart contract is based on blockchain technology which makes it unchangeable.
Smart contracts cannot be modified, altered or changed, which makes them safer and minimizes the risk of frauds and scams. It is a positive sign for the creators as they will always own the right over their content and will be able to earn the right amount of revenue from it as everything recorded in the smart contracts won’t be changed in any way.
Does crypto funding have any scope in the movie world?
One of the biggest confusions in the mind of people is that if crypto funding will turn out to be a successful and useful concept in the future. It is an excellent concept, but the movie industry needs to wait a bit more before fully adopting the concept. Most of the top filmmakers are funded by huge studios, which is the reason that crypto funding is a concept that is only used by the small filmmakers who fail to gather funds from the big studios.
No interference of any middlemen
Normally, there are several intermediaries and middlemen working in the movie industry, but with the introduction of blockchain technology in the industry, the role of all the intermediaries has been almost removed. Blockchain is a public ledger that offers complete freedom to the users and eliminates the need to be dependent on the middlemen. It not only provides convenience but also helps to save a lot of money as you need not pay any commission to any intermediary. Moreover, blockchain ensures that the ideas and concepts stay owned by their real creators, and they get complete credit for their hard work. Normally, it gets stolen by intermediaries, but it won’t happen with blockchain technology.
Better connection with the consumers
Blockchain in the movie industry focuses on removing the role of third parties and establishing a direct connection between the creators and the content consumers. It gives the final decision power to the consumers without the involvement of any third party. Blockchain allows different communities from all over the world to connect and have a bit from different content and enjoy. Moreover, blockchain will push the creators to focus more on quality than quantity. So, it will surely help in enhancing the quality of content that is being offered to the content consumers.