This year Big Couch/FilmChain’s Maria Tanjala is proudly speaking during the Cannes Film Festival at the Nostradamus Seminars, 11:00AM, 11th May. If you are attending this year’s festival we would love for you to come along and debate how Blockchain technology can impact the future of the screen industry. We are in great company including: Erwin M. Schmidt, Dana O’Keefe and Alan Milligan.
FilmChain aims to empower independent filmmakers by allowing them to benefit from an increased share of revenue and significantly reduce their overheads. This is all made possible by minimizing time and resource wastage, with a greater focus on transparency and productivity. In doing this FilmChain plans to create a platform which supports entertainment companies by collecting revenue from everywhere their product is being exhibited or sold. We then administer the money and allocate revenue to the people who were involved in the film such as; investors, cast and crew. This assures that the people who deserve payment receive the correct amount.
So Why Use Blockchain and What Is It?
Imagine you need to send money across the world, you go to a bank and they agree to send your money to its destination, but to do this they charge you high transaction fees and even then the transaction itself can take days. The Blockchain network is a public ledger of every transaction ever made, which is visible to anybody who can access the network.
These transactions are not stored in one place, but across a vast number of computers creating a decentralised network. The decentralization of these records has a number of advantages varying from security, cost and speed. For instance, if a computer running the Blockchain got hacked and somebody attempted to edit the data, it would have no effect, for the hacker would have to access every single computer running the blockchain network, in which there are thousands. As a result of this, the same transaction we spoke about earlier can be fulfilled for ZERO fees and be completed almost instantaneously using Blockchain technologies. Blockchain is not just useful for the screen industries, but can be used for: managing supply chains, assuring quality of products, ensuring accuracy of accounting… Believe me the list goes on!
So How does Blockchain relate to FilmChain?
FilmChain is developing on the Ethereum Blockchain. Ethereum is important as it allows its users to develop ‘Smart Contracts’, which authorize agreements to be automatically validated, signed and executed by utilising the Blockchain Ledger. In theory, this eliminates the need for a middle man and enables FilmChain to manage the collection and allocation of revenues arising from a specific film project, all autonomously.
Basically, if you are in the “Waterfall” we will get you paid from the monies coming in from distribution. Instantly, safely, and transparently. Oh, and for lower fees.
Reports and data analysis of revenues
FilmChain plans to collect and analyse data to empower producers, allowing them to make more informed decisions about their project and its future. For example, you will know how much money your film has made, where it was generated, in what channel etc. Data is key! The use of Blockchain assures that the data is transparent, allowing producers and crews to know exactly where their money is going and allowing them to adjust their business models in real time.
Are there any downsides?
Simply put, Yes. As with any new technology issues arise, and Blockchain and Ethereum are no different. The tech is currently in development, and we are building user-friendly interfaces to make the complexity disappear. We don’t want to change behaviours, just make the process more efficient and transparent.
I hope this helped you learn about what FilmChain is attempting to offer and the implications Blockchain technology has on the screen industries and many other areas of business. Hopefully see you at Cannes!
Team Big Couch/FilmChain