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FilmChain - FinTech for the film industry

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by Startacus Admin

How one fintech startup, FilmChain, is using blockchain to help filmmakers with the money side of things...

Filmmaking is a vastly more involved process than pointing a camera at some actors and shouting ‘action’. There is a huge amount of work that goes on behind the scenes film industry and financebefore actors are even cast and long after they’ve handed in their costume and gone home. From location scouting and negotiating with said location’s owners; to cobbling together props, costumes, lighting rigs, and whatever other needs pop up; to catering.

Smaller, indie filmmakers try, of course, to get as much of their films done as possible for free and for cheap, but every step of the way, filmmakers are paying out money. Keeping an eye on this money flow and making sure everything is clear for accountants and so on is the last thing anyone wants to think about at any time, but particularly so a creator creating.

London-based fintech startup FilmChain knows this, and they have created a platform to make the financial side of filmmaking easier, using that seemingly infallible thing that no one understands: blockchain.

Blockchain picRunning on the Ethereum blockchain, the FilmChain system ensures the security and transparency of sending funds and allocating payments in your project from start to finish. The benefits of FilmChain include an automated collection service with the facility to chase due payments, legal support, automatic and real-time statements, and the ability to collaborate. All of this and more brought to the fundamental transparency and security of blockchain.

FilmChain have partnered with the likes of Imperial College London, Innovate UK, and the German Producers Association, putting them in a good position to deliver just what filmmakers need and to keep adding more to the platform.

Mid June has been a good time for FilmChain this year, seeing them nominated Best High Growth Woman Founder in the UKBAA Angel Investment Awards, named One to Watch by the Creative Industries Federation, and finalists of Hottest Blockchain Project category of The Europas tech startup awards (which will be held on June 27).

One less headache and hassle for filmmakers can only ever be good, and sending and chasing money is a big headache.

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Published on: 23rd June 2019

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