"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."
A group of Hollywood and international entertainment companies are coming around to the idea of blockchain, forming the Blockchain Global Entertainment Alliance (BGEA).
The announcement revealed that the alliance is meant to initiate an industry dialogue in blockchain adoption for the entertainment world. Furthermore, the growing consortium of companies will aid in developing common standards and practices for the nascent entertainment blockchain movement.
Rouslan Ovtcharoff from Millennium Media, and a founding board member of BGEA stated:
Ovtcharoff went on to explain, "The learning curve to anyone unfamiliar with this general purpose technology is steep. We are creating the Blockchain Global Entertainment Alliance to promote blockchain technology while educating those who are not familiar with blockchain technology and its many uses in the constantly evolving entertainment industry."
Industry participants in the BGEA include Millennium Media, Capstone Group, Nu Boyana Studios, FilmTrack, Purely Capital, amongst others. The companies forming the alliance are scattered worldwide to include the U.S., Pan Asia, Latin American, and Europe.
"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 press release explains that BGEA is a non-profit designed to educate all forms of entertainment companies on the benefits that blockchain has for the entertainment industry. In addition, it's meant to promote and support the technology’s use for a range of protocols, including funding, rights management, transparency, payments, contract enforcement, royalty distribution, micropayments for content, ticketing, aggregation, and creator/end-user relationships.
The alliance comes at a time when blockchain-based production companies such as TaTaTu are launching, making the time for industry professionals to gain the proper resources and education on blockchain now.