By
Temitope Olatunji
April 17th, 2024
Mogul has also made the process of revenue accounting and profits distribution regularly to the appropriate parties more easy and effective with the appointment of a Collection Account Manager (CAM).
Film financier and production company Mogul will ride on its partnership with a multi-billion dollar blockchain oracle network, Chainlink, to facilitate transparent dividend distribution amongst film financiers. Managing film finance in the past had been difficult and complicated for the company, such that systems used to compromise profit distribution.
Fortunately, with the integration of Chainlink into Mogul’s systems, the film production and financing company hopes to make profit distribution a much more manageable task.
“We’re pleased to provide a secure oracle solution for Mogul to enable them to use real-world data from trusted sources to coordinate film financing processes,” said Chainlink Business Development exec Daniel Kochis while explaining how the film firm will benefit from his tech company.
Chainlink to Aid Distribution of Investments Rewards
To ensure that all dividends from the USD-dominated budget are distributed according to the prevailing market exchange rate, Mogul will utilize Chainlink’s ETH/USDC decentralized Price Feed. The company hopes to cultivate voting, investment, and rewards through leveraging blockchain technology.
As a decentralized film financing platform, Mogul ensures the best films are produced since it connects film financiers, movie creators, movie fans, and other contributors. In order to make independent film financing more transparent, the company would educate the entire script-to-screen process to investors and audiences. Cashflow generated from the film projects – instead of that accrued from outside sources-is normally utilized to settle investors in film finance.
Mogul to Use Unique Rewards System for Film Distributors to Better Predict a Film’s ROI
With STARS, in-app payment and utility token, Mogul users can exercise their voting rights as they will take part in formulating primary decisions that relate to movie production. Most developers rely on Chainlink in building various applications as it not only enables them to source high-quality data from several blockchains but it also offers them a channel to get real-world data. Owing to that attribute, Chainlink has become the most relied upon blockchain oracle in the market, especially for those wanting to power universal smart contracts securely.
“Currently, these are all very manual processes that happen behind the scenes. By bringing verifiable off-chain data to the blockchain through our integration with Chainlink, we can provide our investors enhanced transparency, while protecting the privacy and confidentiality of our cast and crew,” Mogul clarified.
CAM to Arbitrate on Automatic Distribution of Profits
Diversity of the parties, the complexity of budgets as well as the enormous number of transactions has undermined financial transparency in traditional film financing. Therefore, Mogul would utilize the onboard Chainlink system to transfer the financial data onto a blockchain in order to make the managing of the film proceeds more efficient.
Mogul has also made the process of revenue accounting and profits distribution regularly to the appropriate parties more easy and effective with the appointment of a Collection Account Manager (CAM). As an unbiased Mogul films third-party auditor, CAM is mandated to feed Chainlink oracle nodes with profit-level data that triggers a transparent distribution of financial proceeds.
In terms of smart contract and blockchain technology as a whole, Mogul intends to explore various other avenues such as the implementation of an effective voting system and digital asset token in addition to constructing a recoverable smart wallet as well as a reward and in-app currency token system.
Finally, Mogul’s top executives stated in the press release: “We’re excited to explore even more opportunities with Chainlink and enter new verticals for blockchain and film together.”