RE: Blockchain in the Performing Arts
I don't think that they should be financed by ICO's...just because I don't want a coin for every fucking movie, but they could definitely be tracked by a blockchain. Perhaps they could even be paid according to some sort of profit sharing model thanks to a blockchain... I'm not sure it would help if a company went under on the last day, except if a company bought the resulting works, perhaps under contract they would actually be forced to pay them.
At the very least, it could be used to keep track of employees and the work they did on a project. This info could then likely be used to pay all the employees automatically. Of course, companies could have done this long ago, even without a blockchain.
The main benefit of a blockchain might be if you figured out some way to continue to pay those that worked in a film for years after, for every time the movie is streamed, or bought.
Yes, absolutely! There is a company that tracks royalties for you so you get paid for re-runs etc, but not for every single job that you do unfortunately, so blockchain could perhaps help in this area.
Your comment about not wanting a coin for every fucking movie - LMAO!!!
Well...I guess it wouldn't be too bad if they weren't traded on open markets. It's gonna be bad enough soon with all the coins based on companies. You could run it where people are paid in the coins for their stake, like a stock, and then paid out a return or something. It would likely be done differently by different movies.
A coin could also be used to fund a movie...but it really would be annoying if an actor had to keep track of all those. Can you imagine how many Nic Cage would have at this point?
LOL! True, too many coins!
I wonder if productions could just be funded with existing coins rather than doing an ICO, just like a traditional crowd fund but with crypto. I like your staking idea, people are more likely to get involved if they know that they'll get there coins back at the minimum.
Well...suppose you had a coin for your production company...you could sell them to raise money for production. Then you could pay employees with the coin, preferably in addition to some cash. It would be like stock. Maybe have a set number of coins produced every few months? Or have it based on growth or something?
You could also probably use it to pay out for productions based on how much they own...and it would make it super easy to just sell your stake from a movie or in a company.
Basically, it's fully possible, but you'd probably want a custom designed, or at least tweaked, coin.
You come up with some really good ideas; some of these ICOs could use a mind like yours to identify issues with their projects and also come up with solutions!
Funnily enough, I just stumbled across this article, which highlights solving the issue with copyrights and removing middlemen sucking out profits, such as accountants and distribution fees. https://awsmo.com/no-postage-necessary-worlds-first-blockchain-film-released-on-qtum/
That's really cool. There's another crypto, Slate, that's trying to be it's own rights ownership network for films...I think.
Kinda looks like there might be all sorts of crypto in the film industry in the future. Hell, there are various blockchain efforts for tracking things like the products in a warehouse. Tracking props and equipment could easily be done on a blockchain. They could also track who has copies of a film. I probably couldn't come up with the number of things they could do on the blockchain.
Slate... I'm going to look into that, sounds interesting.