Application of Blockchain Technology in the Film Industry: Challenges and Opportunities of MovieBloc (MBL)
introduce
Blockchain technology has already demonstrated its significant impact in many industries, especially in film production and distribution. In order to break the monopoly of streaming media giants such as Netflix and Apple TV on the film and television industry, South Korean streaming media platform Pandora TV established MovieBloc in 2019. The platform aims to promote fairer content distribution by giving control back to creators through blockchain technology.
MovieBloc (MBL) Introduction
MovieBloc is a decentralized content distribution platform founded in 2019 and runs on blockchain technology. Its main purpose is to provide a fair and transparent film production and distribution ecosystem for content creators, curators and audiences. The platform was co-founded by Chris Kang, Jeffrey Jin and Peter Kim, who is also the CEO of Pandora TV.
Platform Features
The MovieBloc platform consists of three main layers:
Application layer: Provides the interface of the platform where users can purchase or rent movies and play high-definition videos. This layer also includes the BLOC community layer for creators to connect with other producers, investors, etc., and hire translators and designers.
Service layer: Use the Ontology blockchain to store and process large databases to improve platform efficiency. The service layer also includes service modules that connect the community layer, Market and Festival to facilitate smooth processing and transmission of services according to user types.
Decentralized core: Creators need to record content information, such as price and related information, on MovieBloc. Based on this data, the platform manages transparent token economic flows between participants and creators.
MBL Token
MovieBloc's ecosystem is powered by the MBL token. MBL tokens have multiple uses:
Payments and Incentives: Viewers can donate to creators using MBL tokens, giving creators more control over their works. Once a movie is uploaded, creators can set a fee for viewers to watch it.
Creator Income: Creators can earn income through advertising and other means. Viewers can also watch more movies by subscribing to premium content, thereby generating additional revenue streams.
Community participation: Internet users can earn MBL tokens by writing reviews, subtitles or promotional content. This way, viewers get a share of the creator’s income.
Challenges and Opportunities
While MovieBloc’s philosophy and goals are to be applauded, the price fluctuations of the MBL token also reflect the market’s differing views on its practical applications and future potential. Its price has experienced significant ups and downs, indicating uncertainty about investor confidence in the platform. These fluctuations may be related to the following factors:
Market acceptance: Whether MovieBloc can successfully attract enough content creators and viewers and stand out in a highly competitive market is the key to its ability to achieve long-term stable development.
Technical challenges: The application of blockchain technology requires efficient and secure implementation to ensure data integrity and transaction transparency. MovieBloc must overcome these technical challenges to win the trust of the market.
Industry competition: The competition in the streaming media industry is extremely fierce, and MovieBloc needs to provide sufficient value in terms of content quality and user experience to attract and retain users.
MovieBloc represents an innovative attempt of blockchain technology in the field of movie and content distribution. Despite the challenges, the goal is to reshape the relationship between content creators and audiences and provide a more equitable way to distribute content. As blockchain technology matures and the industry environment changes, it still takes time to see whether MovieBloc can realize its vision.
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