Most people know that going into business means inevitable hard work and roadblocks. No one, though, knows the frustration of — and banking fees associated with — waiting a week or more for funds to show up in an account until he or she personally experiences it.
This is the pace at which money traditionally moves. No one fantasizes about spending the weekend searching for lost or corrupted records. Data vulnerability is a common problem, however, especially when that data is centrally stored.
Fortunately, thanks to exciting developments in blockchain, these problems are now preventable. When businesses set up their operational infrastructure on-chain rather than inside a centralized system, financial transactions process without manual paperwork, saving money and time. In addition, files, transfer records and contracts become transparent and immutable when they are stored across multiple nodes. Thanks to blockchain, businesses can now be built in a way that was previously impossible.
How blockchain changed business
In 2017, HSBC teamed up with seven other banks to create a trade finance blockchain platform known as Contour. The UK based bank started using the platform to exchange large international letters of credit for shipments of goods in 2019 and it is set to completely change the future of global commercial banking. The platform has reduced processing time from five to ten business days to less than 24 hours.
De Beers developed the blockchain platform Tracr to track its diamonds from mining to sale. Now, nearly a dozen jewelers are using the platform to keep highly detailed, transparent records about where every gem was sourced and where it has been since. Dole has been using similar technology to trace its food products, and customers will soon be able also to see where all of their products have been. The FDA also plans to implement blockchain into its blueprint to support a “New Era of Smarter Food Safety.”
Businesses and governments everywhere are beginning to understand the full potential of blockchain, and they are looking for ways to incorporate it into their operations. Cryptocurrencies have moved from a mysterious fad that no one could really understand to a legitimate currency and popular fundraising option for new businesses. Additionally, investing using blockchain-supported currencies feeds back into itself. The more a cryptocurrency is used, the higher its value should become, increasing the profit of the cryptocurrency invested in a company.
When a business builds a blockchain platform, peer-to-peer transactions make it easier than ever to give users kickbacks and rewards for their actions. Entire internal economies can be built on-chain. There is no need for third-party verifications because blockchain provides incomparable levels of security. Information is stored across multiple nodes, and on-chain transactions must be validated through a majority of nodes in order to be accepted. This type of record storage and interaction makes it nearly impossible to tamper with, corrupt or delete data.
The Benefits of Filmio
Filmio is pioneering the use of blockchain in the entertainment industry, making use of all of the platform’s best features to bring a whole new experience to its users. The Filmio Decentralized Platform (FDP) will revolutionize the way films and TV shows are made, opening up creators’ access to investors, giving investors confidence in their risks and building stronger ties between fans and content.
On the FDP, creators who load a project in any stage of completion onto the platform can immediately begin receiving feedback from fans. Fans are encouraged to engage with content on the platform and are rewarded with FAN tokens. These tokens can be traded in for perks like pre-sale tickets to a project’s release, support toward a specific creator or exclusive content created just for them. Creators use the feedback they receive to sculpt their content for better reception. As engagement grows, so does a project’s GO Score. This is the metric that investors use to gauge potential success.
Throughout a project’s growth, creators are also rewarded with tokens they can use to purchase promotional materials and other supporting assets. When a GO Score reaches a certain threshold, projects enter the Greenlight Competition where they are matched with investors looking for content in specific genres. Investors have access to the deep metrics associated with the project they are considering because it is stored directly on the blockchain.
When investors find a project they want to fund, doing business is quick and simple with peer-to-peer transactions. They can work with creators to build a smart contract that satisfies everyone without the time and expense of getting additional parties or attorneys involved. Smart contracts automatically pay out currency directly to creators, as conditions of the contract are met.
The benefits of using blockchain within the entertainment industry are proving indisputable. Blockchain creates a frictionless environment where creators, investors and fans can collaborate like never before. Filmio is leading the way to a new era by creating an internal, self-supporting economy within the FDP that allows everyone direct access to each other, and to the metrics necessary to generate projects that people want to see.
Join Filmio Today
Stay up to date on Filmio’s latest developments by following us on Facebook, Telegram and Twitter. Keep checking in on our blog, too, to learn about our exciting progress as we move forward into this new era.