Blockchain technology and cryptocurrencies are set to be the biggest innovations we have seen in the world of finance and technology in the years to come. It is extremely encouraging to see how businesses all over the world have begun to investigate the benefits that these innovations can bring to their operations, and blockchain, in particular, is being adopted across a wide array of sectors.
Therefore, it should not be a surprise that the movie industry is looking at blockchain in a big way, and we have a decentralized film financing platform ready to go now as well.
The platform in question is Mogul Productions, which has partnered with Biconomy, which is a blockchain relayer infrastructure network, to increase the effectiveness and usability of Mogul’s technology. This is being done in preparation for a launch that will allow Mogul’s users to be able to use it in an easy manner, with these users largely being people within the film industry in the United States of America.
This is a brilliant example of how blockchain can be used to improve efficiency, especially in the entertainment industry, and the movie industry is just one sector where blockchain is already making a mark.
We have seen blockchain and crypto be used in the likes of gaming and internet streaming already to change the way those sectors work, while another area where it has gained a lot of prominence is in online gambling.
There are multiple online casinos where users have the option to place bets through cryptocurrencies, so they can play litecoin roulette, for example, while many of these platforms are also using blockchain to support their games and therefore make them quicker, faster, and more reliable.
These sites are seeing a lot of traffic due to the advantages that crypto and blockchain give them, and thus are a great example of how these innovations can transform prospects and change the way entire sectors operate.
It may be too soon to say the same about movie financing, but Mogul is already making a difference in this space. The partnership with Biconomy will allow Mogul users to access free sponsored transactions, while it also reduces the cost of running the platform by 50%, thereby benefiting Mogul’s owners and operators as well.
The aim is to use blockchain technology to allow easier access to financing for film projects, as well as allowing voting for fans, and exclusive rewards. The platform is looking to bring audiences and filmmakers together right from the scriptwriting stage up until the movie shows up on the big screen, and it is also aiming to create transparency with regard to film financing.
The platform has been built to support thousands of transactions per second, and it does not require prior knowledge about crypto or blockchain to use. There will be zero or extremely minimal transaction fees as well, which should make it attractive to users.
It is already working on collaborating with the likes of Netflix, for example, to further enhance the streaming experience for users, and this shows just how wide the scope is when using blockchain technology.
The partnership with Biconomy is vital in this regard since first-time users will not need to face the challenges that are usually faced in such situations, such as needing to buy Ethereum to make their first transaction, or transactions getting stuck and not going through to their digital wallets.
Biconomy will allow Mogul to scale operations with a robust system in place to support transactions, and therefore this should be a huge first step towards the advent of DeFi in the film-making world.