Blockchain: A Comprehensive Solution for Film Production
Did you know that last year’s global box office revenue set a new high of $42.5 billion? North America accounted for around $11.32 billion. The media and entertainment sector in the United States continues to produce a diverse range of content for customers from a variety of sources.
The use of blockchain technology is affecting the dissemination of this information, at least in part, at this time. Blockchain is a secure, encrypted, digital distributed ledger that is chronologically time-stamped with unalterable data. The term “block” refers to a specific data structure within the network, whereas “chain” refers to an orderly arrangement of blocks. A peer-to-peer network of nodes, cryptography, and a consensus model are the three key components that make up each blockchain.
At this time, the usage of blockchain technology is altering, at least in part, the transmission of this information. Blockchain is a computerized distributed ledger that is safe, encrypted, and chronologically time-stamped with unchangeable data. A “block” is a specialized data structure within the network, whereas a “chain” is an ordered grouping of blocks. Each blockchain is made up of three fundamental components: a peer-to-peer network of nodes, cryptography, and a consensus methodology.
Blockchain is being investigated as a new way to reduce content piracy, increase transparency, improve royalties distribution, democratize oversight of digital assets, and digitally support a dynamic and connected global network of content producers, distributors, and audiences in the media and entertainment industry. It may also be used to develop and maintain smart contracts in the future.
THE PROCESS OF PRODUCTION
Large television and movie studios used to be the primary producers of media and entertainment material. With the advent of the internet and streaming services, however, this pattern has shifted dramatically. Anyone with smart and/or mobile technology may now access features, series, documentaries, and other fascinating content (typically for a cost).
Independent production firms may now produce high-quality content without having to invest heavily in infrastructure thanks to blockchain technology. To combat piracy and identity theft, they can also store and validate their content on a blockchain. If a huge production firm buys the rights to a small film, the revenues can be shared on the blockchain, fostering transparency. Furthermore, when visual effects are dispersed across the blockchain network, manufacturing costs can be decreased.
HOW MOGUL IS CHANGING THE GAME
Filmmakers can use Mogul to bypass centralized, massive production houses. Filmmakers and movie viewers can utilize our STARS token and ongoing fund to create a decentralized vote and financing framework where the best films are chosen for the big screen.
Lending, dApps, and then… Film are three major DeFi opportunities.
dApps and lending have long been two of the most well-known DeFi use cases. We leverage the concept of borrowing funds directly from lenders utilizing bitcoin as security rather than traditional assets like real estate and gold in lending.
dApps, on the other hand, are the smarter, younger relative of banking apps that customers are already familiar with. New use cases, like as what we’re doing with DeFi and movies, are still emerging.
The platform’s development team has created a quadratic voting unit that allows STARS holders to earn up to a 0.5 percent daily income on their balance by casting and betting votes. Users are encouraged to express themselves using our system. As a result, decisions that reflect the entire community, rather than just the person with the most tokens, are reflected in this type of voting.
Being a leading project in the Blockvhain for movies, The mogul team has finally taken on a dedicated project where they have announced the first-ever movie vote slate.
The buzz and news has been everywhere since the beginning of the Mogul project and earlier this week, a teaser was put out about big news and here we are feasting on this progress of the Mogul Productions team.
- Terminal Station
The blockchain-based voting process willbeging on the 5th of augst down to August 19th, and this will be the first time ever that cryptocurrency holders get to govern the financing of a Hollywood movie whiledecentralizing the process and giving the power to the hands of fans.
I have published an article as regards this new development and it is visible here.
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