In what could be a major sign of movie industry warming up to blockchain, Hollywood filmmaker Jeremy Culver next movie “No Postage Necessary,” a romantic indie comedy, will be the first film to be released with the help of the blockchain technology.
The movie will release in June. Along with its debut in select US theatres and VOD, it can be bought through blockchain-based video app Vevue, where viewers can pay in the digital currency. Veveu is a peer-to-peer incentivized video network built on Qtum, which is considered an advanced blockchain in the world.
Talking about the use of blockchain technology, Culver, who wrote, directed and produced the movie said the technology has the potential to change the world.
#blockchain is so much more than a way to make money. True value is obtained through #peace & understanding. Trust & #integrity are essential in obtaining this fulfillment. #blockchain provides the transparent transactional backbone of these values. @NoPostageFilm
— Jeremy Culver (@JeremyECulver) March 24, 2018
He hoped that this initiative would herald a new shift in the way content is consumed. Among the advantages of the use of blockchain is the safeguard of Intellectual Property right, transparent royalty payments, and it will stop duplication, which will lead no film being pirated anymore, he was quoted by the Star report.
Will it lead to lessen the work of PR and market or eliminate them? is still a matter of debate.
In a layman language, a blockchain is a centralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without the need for a central certifying authority.
Indian film industry is yet to react to this development. There is no denial from the fact that Indian film industry is facing piracy issue. Hindi film industry incurred around Rs 18,000 crore losses due to piracy in 2016, according to a Mid-day report.
The adoption of blockchain might not happen overnight. But it is high time for movie makers to jump into the ecosystem. It can be a possible alternative for independent producers to finance and distribute their projects.
Meanwhile, the Indian government, which has warned against investment on cryptocurrency, is also seemed positive about blockchain technology.
NITI Aayog, the think-tank of the government of India, is also working on building the country’s largest blockchain network – IndiaChain – with a view to reduce frauds, speed up enforcement of contracts, increase transparency of transactions, and boost the agriculture economy of the country.
Last week, India’s first blockchain-based network went live. MonetaGo, a US blockchain firm, interlinks three online bill-discounting exchange platforms to implement the blockchain for their operations.