That’s Blockchain Gossip …

It’s not that TMZ or Hollywood Reporter kind of gossip…

 

… it’s a protocol called “gossip”.

Gossip data dissemination protocol” is used in blockchains and allow peers to share information and broadcast messages to each other.

Yep, them blockchains gossip like a bunch of retired movie stars hangin’ at Musso & Frank Grill.

Okay, that’s enough geek speak.

The promise of blockchain technology in the  entertainment industry cannot be overstated. The number of stakeholders woven into film, television and new media productions number in the hundreds and thousands with nearly all of them taking up a spot on an accounting ledger or having some type of legal agreement binding them to the production entity. No production is too small.

Chain Of Title

The chain of title is an important collection of agreements and other assets establishing a filmmaker’s rights to all properties used in the development of a project. Blockchain provides a seamless, immutable, and trusted accounting of these assets.

Intellectual Property

The explosive growth of the internet and new media have made intellectual property rights more valuable than ever. Blockchains offer tremendous value to those requiring a record of all rights information, unregistered IP rights, proof of authorship, digital rights, and more.

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Agreements

Permissioned blockchains allow producers to track the endless number of agreements executed during development. NDA’s, contracts, directors & writers agreements, option & distribution agreements and more. Oh, and those deal memos crafted on the fly.

Production Accounting

Blockchains can produce reliable and trusted audits. Customization will allow only priviledged individuals and external organizations (auditors, funders, etc.) to gain real-time access to information specific to their role in a project.

Residual Payments

Hundreds of millions of dollars in residual payments are made annually. Blockchain can automate payments and reduce overhead costs and transaction fees using cryptocurrency (think stablecoins). Smart contracts can automatically execute payments at certain milestones.

Distribution

Distribution deals require verification of assignments, licensing agreements, E&O insurance, and more. For producers, a blockchain based chain of title is a passport to global markets and will effectively and efficiently provide the undisputed ownership of rights necessary for financing.

Blockchain Disrupts…

Banking + Payments

Blockchain technologies are disrupting some of financial services most iconic players. Technology giants blur the boundaries across industries, shaking up value chains, and setting new standards across a full range of services to global consumers.

 

 

Legal

Transactional law is being transformed by rapidly evolving open source technologies. Blockchains are secure, trustless, append only transaction superhighways which can securely store agreements, releases, assignments, deal memos, intellectual property and the endless list of legal transactions that make the creative assets of a producer / filmmaker bankable.

 

Film Funding

Blockchain allows the tokenization of any asset.  2018 will be remembered as a period of cryptocurrency-gone-wild with startups raising $8 billion in Initial Coin Offerings (ICO) from investors. For producers and filmmakers who need funding beyond the grants, subsidies and traditional sources, the evolving regulated Security Token Offering (STO), Initial Token Offering (ITO), and recent Initial Exchange Offerings (IEO) holds great promise. Cryptocurrency will disrupt film & television in the same way digital media displaced celluloid film.

Blockchain first appeared as the technology underpinning that badboy of cryptocurrencies, bitcoin. The bitcoin blockchain is a ‘Public Blockchain’, meaning that anyone, from anywhere on the planet, can join it using freely available software.

Quotes

“ “We think blockchain technology will help bring greater transparency for investors in the business and participants in a production. Right now there’s so much that’s murky when you invest in a movie,” said Christopher Woodrow, who The Hollywood Reporter claimed in an article in 2016 had been pushed out of a project in part because of excessive spending, told me in an interview.”

Jim Amos, Founder & CEO, Scout 53 Entertainment Consulting

"Blockchain in media and entertainment is giving companies the chance to reinvent their business models and reclaim the value they’ve lost from creation to consumption, whether through new entrants or digital intermediaries. They can re-set the digital playing field for the creators and curators using smart contracts, crypto tokens and smart content. Blockchain helps enable these players to connect directly with consumers."

Chris Lederer, Media & Entertainment Industry Leader, IBM

“While blockchain technology has the potential to fundamentally change the way our business is conducted in addition to helping us solve the piracy problem, understanding how the technology works and why it’s important is still very limited,”

Rouslan Ovtcharoff,  Founder-Board Member, Blockchain Global Entertainment Alliance

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