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Blockchain + Smart Legal Contracts

::::::Disrupting Film, Television & New Media

The promise of blockchain technology in the entertainment industry cannot be overstated.

The number of stakeholders woven into film, television and new media productions can be in the hundreds or 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.

The promise of blockchain technology in the entertainment industry cannot be overstated.

The number of stakeholders woven into film, television and new media productions can be in the hundreds or 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.

For production accountants, the use of permissioned blockchains will enhance recordkeeping processes, add security and redundancy, and bring efficiencies to reconciliation, financial reporting, auditing, and tax preparation. Key stakeholders, wishing greater visibility, can be granted access to certain day-to-day operations such as a funder wanting to compare real-time activity to a pre-established draw-down schedule.

While blockchain based smart contracts and smart legal contracts will not supplant entertainment lawyers, many of the hundreds of agreements used to secure the likes of underlying rights, intellectual property, and certain boilerplate contracts used to engage above-the-line and below-the-line participants, can be templated and then executed on (or off) the blockchain.

One crucial component to successful product distribution is the Chain of Title. The chain of title is a collection of documents, legal agreements, assignments, copyrights, etc that prove the production entity has secured all the rights necessary to distribute. A production entity incorporating blockchain technology and smart contracts can trust that a clean chain of title will be available to financiers and distribution companies.

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