StreamSpace, a Texas-based Blockchain company, is working to use the Blockchain technology for the development and decentralization of the film industry.
The company is building a video marketplace that will connect filmmakers directly to customers, eliminating the need for conventional distribution channels.
“The movie industry is dominated by a handful of distribution leaders that retain the lion’s share of profits generated in the industry. Furthermore, as many as 80% of the films produced each year are never seen by an audience,” StreamSpace said in a white paper.
The marketplace will allow filmmakers to a price for their movies and receive payments immediately from consumers. The system will be developed using cutting edge technologies like decentralized storage systems and blockchains, according to a report in Coin Idol.
According to the white paper, StreamSpace is looking to create “a novel distribution platform and an ecosystem community that will give consumers an opportunity to enjoy quality film content unavailable from conventional distribution channels.”
The company filed a patent application for ‘decentralized nodal network for providing security of files in distributed filesystems.’ It is building a system to “for providing secure storage and transmission of files in a computer system utilizing encryption and block-chain techniques.”
The storage and distribution network will have all of the key features that filmmakers want for their digital projects. The system will include a secure monetization engine that places more than 90% of payments directly into the hands of the filmmakers, according to the company.
“Our goal is to become the world’s leading destination for innovative film content, with a deep catalog that will enable personalized viewing experiences and that will be rewarding for our two core customers, independent filmmakers and indie film aficionados,” StreamSpace said in the paper.
There are nine key components to the StreamSpace platform: Secure storage method of the video content; Blockchain transaction ledger; Front-end decoder and embedded HTML5 player; Content recommendation engine; Secure digital wallet; Private token exchange; Community-focused front end for filmmakers; Social media channels that link filmmakers to each other and to their audiences; and initial coin offering/Token crowdfunding campaigns.
A secure digital wallet will allow consumers and filmmakers to manage their accounts and stored assets with confidence. A unique digital wallet format will allow the account value to be held in StreamShare tokens (SSH) and will support transferring to fiat or other digital currencies, while a second digital wallet will be created to reward the individuals who support the network by offering storage capacity for content. This second token system will be called StreamSpace Coins (SSC), which will be convertible to SSH, according to StreamSpace.
Meanwhile, StreamSpace plans to launch a new financing service to help filmmakers raise the money for their small or mid-budget film projects. The company believes that many independent filmmakers will be interested in working with the company to raise between $100,000 and $1 million to finance new projects.
StreamSpace isn’t the first firm to identify film as an attractive market segment for Blockchain technology. Several other firms – including DECENT, Ethereum Movie Venture, FLiK, LBRY, SingularDTV, Steem, Veredictum, VirtuTV – are already working on blockchain-based projects for secure streaming video content distribution.