Entertainment Industry welcomes Blockchain

loading "Blockchain technology has the potential to fundamentally change the way our business is conducted."

Rouslan Ovtcharoff, the founding board member has claimed, “Blockchain technology has the potential to fundamentally change the way our business is conducted.” A new non-profit aimed at promoting blockchain technology adoption for the entertainment industry and developing standards and best practices have formed the Blockchain Global Entertainment Alliance which has been implemented by a group of companies in the entertainment industry.

Millennium Media of the group’s goal’s founder-board member,Rouslan Ovtcharoff, has stated, “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,” blockchain could be imagined as a sort of distributed database that uses cryptography for security.

Wayne Marc Godfrey of the U.K.’s Purely.Capital, the founding member added, “Despite virtually all content being distributed on digital devices, the recording, management, transfer, licensing and collection of revenues remains a primarily slow and analogue process. The opportunity to deliver a frictionless, secure and trusted backbone to the entertainment industry … is incredibly exciting.”       

The newly formed alliance from the industry participants include Millennium Media, FilmTrack, Capstone Group, RightsTrade, Purely.Capital, Home Box Office Singapore, Portugal’s CineMundo, Berkley Media Group, PlayArte Pictures, Havoc TV, Bulgaria’s Nu Boyana Studios, Sweden’s Cinezen, Germany’s Cinemarket, and Scandinavia’s Scanbox Entertainment and Take One.

When Ovtcharoff was questioned about the potential involvement of Holltwood studios and Netflix, he responded, “I believe they will all join. It might take time because of their size. The idea to organize the BGEA was born last month and I have not spoken to any of them yet. My initial outreach was to international distributors,” 

The Society of Motion Picture and Television Engineers and the International Telecommunication Union currently supports the entertainment industry, because it was stated to focus on the goal of standard setting and standards-setting bodies. He has also stated it would be taken up as “key” which could involve those organizations representatives in the alliance,“but also WGA, DGA, SAG, BMI, talent agencies, entertainment law firms, financing companies. I would be approaching them about being a part of the BGEA as well.” Ovtcharoff claims that by the early January, alliance aims to complete a report explaining blockchain technology and how it is related to entertainment. There are more chances for the alliance to host an event focussing blockchain which would be probably occurring by late January or February.

Also read: https://www.civilblockchain.com/shortcomings-of-blockchain-technology/

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