In recent years, video streaming technology has become increasingly popular on a global scale. The days of VHS tapes and DVDs seem long gone, but they didn’t leave without creating some negative consequences. With just a few main subscription services choosing the content that viewers are able to stream legally, many fans- especially those who have niche film interests- have been left with virtually no option but to illegally obtain the content they want to view. Filmmakers, on the other hand, have lost revenue as well as useful information about their fan bases.
Alan Milligan is the CEO of White Rabbit, a company that is using blockchain technology to address these problems. This is the gist of how White Rabbit works: once a fan offers tokens in exchange for the viewing rights to a film or series, White Rabbit will contact the rightsholder of that film or series and invite them to enter into a smart contract. If the rightsholder agrees, then they will receive the tokens and metadata from the user.
Operating as a plug-in for peer-to-peer streaming sites, White Rabbit allows for automatic transactions to occur when a user chooses and agrees to pay for content from rightsholders who have established a contract with White Rabbit. Occurring on the blockchain, these transactions are transparent, fast, and the revenue gets distributed in the exact way that was agreed upon.
“Allowing and sharing revenue with streaming sites that have all the intention of respecting the rightsholder, offering supreme service to the fans…investing in research and development for recommendation algorithms…that’s the alternative industry we are trying to help build up with the token,” says Milligan.
Tune in to learn more, or visit whiterabbit.one.