Hollywood will use blockchain technologies in the movie industry

Decentralized Pictures (DCP) CEO Leo Matchett said that blockchain-based voting could open Hollywood’s doors to new players in the film market. Together with director Roman Coppola, the DCP CEO created a non-profit organization that launched a blockchain-based program to sponsor film projects.

The platform operates as a decentralized autonomous organization (DAO) where filmmakers can post their works and users can vote for them. The winners will receive funding to bring their projects to life. The system operates on the company’s own tokens, but Decentralized Pictures has a board of directors that runs the company and oversees the projects that are voted on.

«We can use blockchain to empower artists, find new creatives, and create great content. Now our company is not trying to replace the classic film industry system. We’re trying to go alongside it and reach the same heights, albeit with different tools ,» Matchett said.

According to Matchett, Hollywood has an obvious problem: most studios and production companies reject a huge part of the material and ideas they are sent because of the overload of information processing departments. Decentralized Pictures, on the other hand, offers viewers to choose the projects they like.

Interestingly, this is not DCP’s first initiative to implement Web3 in Hollywood. Back in April, director Steven Soderbergh donated $ 300,000 to Decentralized Pictures, saying that it was one of his experiments and he was interested to see if blockchain film financing would work.