Blockchain has become a topic on everyone’s lips as this new technology is revolutionising industries. Blockchain is commonly associated with Bitcoin, being the most famous cryptocurrency. Cryptocurrencies prove that blockchain technology works and can be utilised to change any industry.
In Africa and the world, blockchain technology can revolutionise the film industry. As filmmakers use blockchain technology’s various advantages, blockchain can assist filmmakers with digitising ownership records. Currently, filmmakers are using blockchain technology to create a digital fingerprint. This is done by putting content on the blockchain where it can be time stamped to produce some records, which means the information is protected.
How Blockchain Can Revolutionise the Film Industry
Here are a few ways blockchain can revolutionise the movie industry:
- Blockchain can reduce risks associated with investing in the movie industry.
Independently producing a film can dig pretty deep into the pocket. Releasing a movie can be very expensive; movie creators usually make movies with the assistance of industry stakeholders. Stakeholders can then pay for copyright infringement, which can be secured using a blockchain ledger.
- All film transactions can be transparent with blockchain
Blockchain technology validates a transaction and ensures transparency in all activities. The decentralisation that the network has to offer ensures that all transactions are legit before they are verified. This means the movie industry can verify and account for their financial transactions.
It will be difficult to remove any stakeholders as it’s easier for them to monitor transactions on the blockchain network. Some film creators take advantage of their stakeholders by removing them. This also means stakeholders can monitor content distribution or any illegal financial transactions.
Transparency also means no funds meant to create the movie will be misused. It’s easier to track cash flow and how it’s being distributed with Blockchain.
Introducing the Nollycoin
Nollycoin is an example of a coin created for Nollytainment (the Nigerian Film Industry). Nollycoin allows producers and their collaborators to use coded contracts to licence their content on the blockchain. It’s also the first coin designed to curb problems associated with the creation, film financing, and distribution of any Nollywood productions and other 3rd world industries.
The primary purpose of Nollycoin is to provide copyright protection and deal with any piracy issues. It will also provide a backing for the best producers in Nollywood and act as a universal means of exchange. It also enables fair compensation for any collaborators when creating the movies.
The open and transparent record-keeping of the ledger for stakeholders can open multiple opportunities for film directors. The Nollycoin blockchain can also assist in creating high-quality movies and other creative forms of art.