An upcoming film being released by a movie studio under Chinese mega-corporation Alibaba is to have its rights distributed via blockchain technology.
Alibaba Pictures has signed a Memorandum of Understanding (MoU) with blockchain technology firm Breaker, Yahoo Finance reported.
The agreement will see Breaker, originally SingularDTV, tokenizing rights to the film ‘Striding into the Wind’ for international distribution. The rights will be traded via blockchain using Breaker’s platform.
The novel approach to distribution was disclosed to the public at the China Gold Rooster and Hundred Flowers Film Festival with an announcement issued on November 20. As part of the announcement, Li Jie, Senior Vice President of Alibaba Pictures, elaborated on Alibaba’s continued interest in cinema, stating:
“Why does Alibaba still choose to make films? Because the film industry has unparalleled influence. When we calculate the economic impact of the film industry, we should calculate huge benefits and influence that movies bring to society and the relevant economies.”
Alibaba Pictures’ decision to harness blockchain comes as the Chinese government in recent weeks has indicated a changing view towards the technology.
While the country has so far been strict on controlling the budding tech, its leaders have recently painted blockchain in a more positive light. President Xi Jinping recently remarked that “blockchain is vital for China’s future”.
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