• Jul 2, 2020
  • By Filmio Team

What does the future of blockchain technology look like?

The Filmio platform relies on blockchain to support all of its features. For everything from the sharing of intellectual property and negotiation of contracts to the exchange of cryptocurrency and tokens, Filmio’s blockchain platform is an all-inclusive system facilitating secure, transparent, peer-to-peer transactions between fans, creators and investors. 

Filmio, however, is not the only platform using blockchain as its foundation for providing comprehensive services and quick, safe transactions. For the last few years, Forbes has published “The Blockchain 50,” showcasing the innovative ways companies like Anthem, JPMorgan and even the United Nations are integrating blockchain into their standard operations. More companies are using cryptocurrencies to raise funds in the form of ICOs, and 50 percent of Americans would spend cryptocurrency on everyday purchases.

Blockchain is quickly becoming so mainstream that it will soon be part of daily life. Social distancing requirements and stay-at-home orders have solidified our need for convenient ways to conduct business with each other remotely, and the technology is in place, waiting for us to take advantage of it. Filmio is a leader in the transition, with a comprehensive format that supports both transactions to interactions. It provides the kind of framework necessary to bring the average user into the fold using an industry that everyone understands: entertainment. 

Blockchain as a Service

Just as most companies did not build their own internet service, they are also not building their own blockchain. Instead, they are investing in Blockchain as a Service (BaaS) to build their own programs over a distributed ledger that provides all the transparency and security inherent in blockchain. 

Amazon, for example, provides clients with blockchain tools so companies like Nestle can enhance the traceability of their products. Tracr is a BaaS platform that allows jewelry companies to register their gems so customers know the origins of their diamonds, rubies, emeralds and more. Anthem uses BaaS to make it easier for customers to access and share their medical records without worry of unlawful access or tampering. 

Blockchain’s security and transparency emerges from the fact that all data stored on-chain is decentralized. Transactions are stored in blocks, and multiple servers, called nodes, store the data so that any alterations must be verified across all nodes. Nothing is ever deleted. Every change is simply an amendment to the original data, and all data is accessible to everyone in a public ledger. Filmio is a BaaS company, and its innovative approach to building a decentralized entertainment industry is the basis for the P2P transactions and contracts it supports.

Cryptocurrency

Cryptocurrency is a digital currency and medium of exchange stored on blockchain’s digital ledger. Companies are using cryptocurrency to invest in startups, Starbucks and Square are beginning to accept it as payment for goods and services, and much of it is not tied to any government’s dollar value, making it immune to the rise and fall of a region’s power regime. It is not regulated by a central bank, and anyone with internet access has the ability to use cryptocurrency for investments, purchases and EFTs directly between two individuals. 

Bitcoin is the most commonly recognized cryptocurrency, and its value just keeps growing. The benefits of transparency, anonymity and the global nature of crypto support a continued increase in value as time passes and we become more dependent on using blockchain-powered apps to support our financial activity. 

Other forms of crypto are growing in popularity, and many are specific to their platform or the industry that supports them. Filmio uses a dual token model that supports the actions within their platform, allowing fans to exchange tokens for access to content, and creators to exchange tokens for audience-building and creative assets. Investors will be able to use security and utility tokens to support creators in their projects, facilitating entire productions in a P2P setting on the platform.

DeFi

The functionality of decentralized finance is one area where blockchain tools can really shine. P2P transactions make it easy for actions to occur quickly, with no intermediaries. This means fewer fees and no room for human error. Historically, centralized banking systems have made financial institutions vulnerable to cyber attacks, resulting in major losses and decreased consumer confidence. But DeFi services provide a secure solution because scammers and hackers must make it through an enormous network of nodes in order to implement a successful infiltration.

As DeFi services become more available, 1.8 billion people who currently don’t have access to banking will be able to use the system to do business. People who are geographically marginalized, or those who live in areas of the world where governments can suddenly seize assets without warning will no longer be vulnerable because of weak centralized systems. People without bank accounts will not be shut out of loans, mortgages and other financial transactions, and we will no longer entirely rely on outdated credit checks and banking history for lending decisions.  

DeFi is one of the fastest-growing sectors, with $1.64 billion in crypto locked into DeFi investment as of the writing of this article. Decentralized Apps (Dapps) are growing so fast that it is currently profitable even to borrow money in some instances, according to Forbes. As consumers continue to realize the benefits of Dapps, and their use becomes more mainstream, DeFi is beginning to look like the financial sector of the future.

Filmio’s decentralized platform is the foundation of the entertainment industry’s future, with its flexible, self-contained system that makes use of all the best elements of blockchain to create an infrastructure for growth and expansion. Filmio’s exemplary structure is one of the trailblazing innovations of the blockchain revolution, and its progress is certain to keep growing alongside the technology that supports it.