Alibaba to use blockchain technology to distribute movie rights

The filmmaking arm of Chinese multinational conglomerate company Alibaba is looking to utilise blockchain technology to tokenise distribution rights for an upcoming film, according to China.org.

Alibaba Pictures has signed a memorandum of understanding (MOU) with blockchain company Breaker, who recently rebranded from SingularDTV, allowing the firm to distribute upcoming film ‘Striding into the Wind’ overseas using its blockchain platform.

Alibaba’s foray into blockchain technology was announced during the China Golden Rooster and Hundred Flowers Film Festival on November 20.

Li Jie, senior vice president of Alibaba Pictures and CEO of Alibaba’s ticketing app Taopiaopiao, said: “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.”

China’s relationship with blockchain technology has experienced a huge boost over the past month, with President Xi Jinping stating that “blockchain is vital for China’s future” at the end of October.

However, the optimism hasn’t carried across to cryptocurrencies, with a clampdown on the industry this week resulting in the identification of 39 “suspicious” companies believed to be carrying out illegal activities with virtual currency.

For more news, guides, and cryptocurrency analysis, click here.