• May 19, 2020
  • By Filmio Team

The Benefits of On-Chain Data

Among all of blockchain’s pragmatism, the level of transparency it supports is one of its most appealing features. Businesses in all sectors are adopting the technology to facilitate growth and expand opportunities. Many are finding great success in using transparent, immutable platforms to add value to markets that had become complacent, mostly due to strangling regulations that historically served as a substitute for trust and transparency. 

Filmio solves the issue of creative complacency in the film industry by building a more fluid process that everyone can see and participate in. Because of Filmio’s public ledger system, fans have access to all activity that happens on-chain surrounding a project, giving them a much clearer picture of where their time and money will be invested. Investors also have access to essential metrics that will help them decide which projects to fund. Finally, creators can build a portfolio of verifiable data to support the success of their projects, building strategic partnerships and more efficiently getting their films funded. 

Blockchain is quickly moving from a fringe technology that no one could understand to one of the most valuable developments in decades.

Recording on chain

Blockchain’s distributed and immutable transparency is a fairly simple concept. Data is stored in blocks, and those blocks are distributed across multiple servers, called nodes. When the data is edited, a new block of information gets added to the chain, and it is then tied to every previous block. Data never gets deleted; every version is stored forever, and everyone can access it when it is on a public ledger. This means anyone can see all transactions that happen in relation to the blocks, and they are time stamped for added security.

Distributed storage makes data nearly impossible to alter or lose. Any changes must be verified across a majority of nodes, and hackers would need to access them all at once. As long as at least two servers are operating, any changes a hacker tried to make would be thwarted by the other server. 

Blockchain’s structure of immutability means that soon it will be accepted in courts as official documentation. Businesses are increasing its use in their record keeping to improve auditing speed and accuracy, and smart contracts are becoming commonplace in industries like real estate, music and insurance.

The advantages of writing data to the blockchain

In the entertainment industry, the need for transparency is just as strong as it is in any other business, and blockchain benefits everyone who participates. It strengthens project recognition through fan involvement, investor confidence through verified data and creator viability through greater proof of concept. 

On Filmio’s platform, fans have the opportunity to be drawn into a project through access to information that matters to them. With consumers’ attention being pulled in every direction these days, strategic matchmaking helps people manage their focus. Making a project’s budget a matter of public record raises intrigue in a project. Visible popularity metrics attract attention, and having direct contact with creators helps fans build anticipation.

For investors, Filmio makes it easier to dive into interesting projects with fresh ideas. A losing film project loses big, so taking risks on original material is less common than it would be if we had improved predictive metrics. Filmio’s platform solves this problem, too, by using on-chain storage for every interaction with a project. Investors have direct access to feedback with fans, and any changes the creator has made to fine-tune their material. 

Filmio also opens new doors for creators by developing new pathways to funding. As soon as creators on-board their content and build an audience, fans can buy presale tickets to the project’s release or even sponsor their favorite creators. Artists can boost their earnings by taking advantage of the promotional material Filmio offers, increasing funds as they build relationships with fans and investors. When the opportunity arises to pitch their projects, a full portfolio of metrics is waiting on-chain for creators to support their projections for potential success.

Conclusion

Banks, businesses and even government organizations are beginning to recognize the benefits of blockchain’s immutable transparency, and they are quickly embracing the change. Storing data on-chain makes it more dependable and accessible than ever, and it facilitates better business models based on trust rather than regulation. 

The entertainment industry stands to win big from adopting blockchain solutions, and Filmio’s platform — built on principles of trust, transparency and frictionless access — provides the infrastructure to completely revolutionize the way people interact with the creative process.

On the Filmio Decentralized Platform, fans can easily learn about the projects that pique their interest and get to know the inner workings of the process. Investors can make exciting funding decisions with confidence when they have dependable data sources. Content creators have access to all the tools they need to build the kinds of projects they have always wanted to create. 

With Filmio, everyone who participates has a hand in guiding the entertainment industry toward a new frontier. Like and follow us on Facebook, Twitter and Telegram, to join the conversation and learn about all of our latest developments.