During the China Golden Rooster & Hundred Flowers Film Festival on November 20, Alibaba executive Li Jie shared that the company is using blockchain technology to boost Chinese film industry, reported local media outlet China.org.cn
Senior vice president of Alibaba Pictures Li Jie revealed that the company has signed a Memorandum of Understanding with blockchain-powered entertainment studio
SingularDTV to sell the overseas distribution rights of the movie "Striding into the Wind" on the EtherVision portal for tokens.
Li Jie also shared a belief that new technologies like blockchain have the potential to revert the negative revenue trends of the Chinese film industry. In his opinion, it is possible, if the whole film industry unites to work together on implementing blockchain technologies into their business models.
As COIN360 reported earlier, last week Bitcoin Rewards App Lolli accused Alibaba of breaking contract. Also, Alibaba allegedly used blockchain technology to trace over 400M cross-border commodities during this year’s Singles’ Day event, a large increase from last year’s 150M commodities traced via blockchain during the event.