Elastos is pleased to formally announce our official partnership with WeFilmChain. WeFilmChain empowers filmmakers and video content creators to modernize their industry through the use of blockchain technology.
WeFilmChain’s platform is designed to solve major pain points in the film industry concerning the funding, management and delivery of content. The current filmmaking processes are costly, time-consuming and stressful, with legal arrangements and accounting mechanisms being two of the main issues. Also, specialized fundraising platforms are currently scarce for the film industry and content creators do not have an accessible way to monetize their content without a third party. WeFilmChain provides a full suite of services to help talented filmmakers realize their goals and make films for the 21st century.
By using smart contracts, the platform protects the interests of all parties involved and increases collaboration between them. It also makes sure all the financial resources are allocated to the filmmaking process by cutting costs and controlling the flow of capital. On WeFilmChain, anyone can crowdfund movies of all types and sizes by connecting with investors worldwide transparently and securely. Micro-budget filmmakers, mid-size independent films and studio films are all able to benefit from this solution. The platform also integrates other features like: VOD/streaming, online training and film marketing among other features.
Elastos is the ideal platform for WeFilmChain to build on because it can guarantee end-to-end security for its users. Using the Elastos Runtime, digital assets rights and data can be executed and transferred in a sandboxed environment. All of the video contents of WeFilmChain will be stored in a decentralized manner using IPFS, preventing any risk of hacking. WeFilmChain will also benefit from our secure DID system, provided by the Elastos DID sidechain that is merged-mined with Bitcoin. Movies on the WeFilmChain platform will be authenticated and exchanged seamlessly on the Elastos network.
Before signing an official partnership, Elastos and WeFilmChain organized a conference in Vancouver on July 9th to present their cooperative blockchain initiative.
To build their platform and revolutionize the film and entertainment industry, WeFilmChain plans to integrate the Elastos technology such as our blockchain functions, Elastos Carrier and ID sidechain functions. The completely decentralized architecture of Elastos enables WeFilmChain to create a next generation solution for content producers and consumers. WeFilmChain’s VOD DApp utilizes the Elastos Carrier for high-speed data transmission between smartphones users. Any content on the platform has unique registered copies under the form of digital capsules in the Elastos ecosystem, allowing creators to fully control their IP rights.
By joining their unique technologies, Elastos and WeFilmChain can better realize the vision and potential of both systems, and achieve a seamless opportunity that benefits all users.
The CEO of WeFilmChain, Garnet Campbell, presented at the One Year Anniversary Event on August 25th in Thailand. He expressed his enthusiasm for collaborating with Elastos saying, “This summer, we had a visit from a special guest, (Feng) Han came. When he heard our presentation, he said ‘I want to share something with you I think you’ll like,’ and he started to tell us about Elastos. It was exactly what we were looking for, a way to register our digital assets, our movies on the blockchain and suddenly our vision became a lot clearer because of his visit. If we can use this technology to help people get credit, help them to get paid, help make the money move, if we can do that, we will be their superheroes.”
WeFilmChain has already partnered with strategic organizations like Wonderfilm which is producing 10 movies this year including Moose with John Travolta. Elastos is looking forward to support the development of WeFilmChain, a game-changing platform for video content creators.
Posted in: ELA News