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"Blockchain technology has the potential to radically change the way our business is conducted," says Ovtcharoff, a founding member of the board.
A group of companies in the entertainment sector established Blockchain Global Entertainment Alliance, a new non-profit organization aimed at promoting the adoption of blockchain technology for the entertainment industry and the development of standards and best practices.
In its simplest form, Blockchain could be thought of as a sort of distributed database that uses encryption for security. "While blockchain technology has the potential to radically change the way our business is conducted as well as helping us solve the piracy problem, understanding how technology works and why it is important is still very limited," said the member of the founding board Rouslan Ovtcharoff of Millennium Media of the group's goal.
Adds founding member Wayne Marc Godfrey of Purely.Capital in the UK: "Although almost all content is distributed on digital devices, registration, management, transfer, licensing and revenue collection remain a process mainly slow and analogy.The opportunity to offer a simple, safe and reliable backbone for the entertainment industry … is incredibly exciting. "
Participants in the new-born industry include Millennium Media, FilmTrack, Capstone Group, RightsTrade, Purely.Capital, Home Box Office Singapore, Portugal CineMundo, Berkley Media Group, PlayArte Pictures, Havoc TV, Bulgaria Nu Boyana Studios, Sweden Cinezen, Germany Cinemarket and Scanbox Entertainment and Take One from Scandinavia.
Asked about the potential involvement of Hollywood studios and Netflix, Ovtcharoff replied: "I think everyone will join in. It could take some time because of their size." The idea of organizing BGEA was born last month and not I have already talked to any of them, my first contact was with international distributors ".
Regarding the stated goal of standard setting, standards-setting bodies such as Society of Motion Picture and Television Engineers (SMPTE) and International Telecommunication Union (ITU) currently support the entertainment industry. Ovtcharoff said it would be "key" to involve representatives of those organizations in the alliance, "but also WGA, DGA, SAG, BMI, talent agencies, entertainment law firms, financial companies. be part of the BGEA. "
Ovtcharoff reported that the alliance aims to complete a report at the beginning of January, explaining the Blockchain technology and its relationship with entertainment. The alliance is also trying to host an event focused on Blockchain, probably already at the end of January or February.
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