Strategic Cooperation Established with Bitllywood, a Leading Blockchain Based Film IP Platform
The China Based Blockchain Platform Leverages Wanchain to Protect Intellectual Property Related to Films
In March of 2020, Wanchain has reached a strategic cooperation with Bitllywood, the Beijing based film IP blockchain services provider.
The two parties worked together to establish a blockchain based model for the protection of intellectual property related to film and television.
The model works to realize the protection of various forms of intellection property including video, images, music, text, and other formats, and to allow for the blockchain based circulation of such intellectual property.
Under the universal cross-chain framework of Wanchain, film and television IP assets will be allowed to circulate freely between different public and consortium chains, greatly increasing the liquidity of IP assets.
Major Chinese media site Xinhuanet reported on the cooperation and new model of IP protection in a March 17th article:
What is Bitllywood
Bitllywood is a decentralized platform for the protection of film and television IP using on-chain certification.
Latest Bitllywood film with on-chain IP protection, “Nihao, Edwin”
As China places more and more importance on the development of high-tech industries and the application of blockchain technology, Bitllywood has adopted blockchain technology at its core, adding an important piece to the legal compliance of film and television copyright. Bitllywood is committed to building a blockchain based ecosystem for film and television creators.
For more information, please navigate to the Bitllywood official website.
IP Market Current Situation in China
Currently, the process for IP authorization and storage of certificates is complex and not transparent. The maintenance of copyright in film and television IP is difficult and costly, and the procedures are cumbersome. The these difficulties have led to inefficient IP markets, and a great loss of potential value.
Bitllywood aims to address this problem. Through the cooperation with Wanchain, Bitllywood has now implemented “one-click” on-chain permanent storage of IP certificates, and will resolve IP authorization through smart contracts.
“the market for film and television IP is huge and has potential. Unfortunately, there are no good market regulation in China, which makes value creation based on IP difficult” — Bitllywood founder Robin Luo
Bitllywood will use blockchain technology for the storage of film and television IP, to protect IP intellectual property rights, and to trigger authorization and copyright transactions related to IP.
China’s film and television IP market is about to usher in its golden age. In recent years, more and more high-quality film and television IP have appeared in China. Aided by the rapid development of the Internet and blockchain technology, the IP industry is prepped for geometric growth.
Cooperation between Wanchain and Bitllywood
“Quality IP assets should be protected, discovered and circulated, and blockchain technology will empower future quality creators, reduce their investment costs and let them focus on content creation.” — Robin Luo, founder of Bitllywood
Bitllywood aims to promote the accelerated integration of blockchain for the IP industry, making the IP market more dynamic and expanding monetization channels.
From left to right, Robin Luo, founder of Bitllywood, with Li Ni, global vice president of Wanchain, and Huang Chao, COO of Bitllywood
Wanchain, as the blockchain technology provider, is focused on building the world’s leading distributed cross-chain infrastructure. With the help of blockchain’s properties of decentralization, anti-tamperability, and traceability, Wanchain will help Bitllywood implement blockchain based IP certification, IP transfer, and chain management.
In the future, the two parties will work to implement the free circulation of IP assets between different public and consortium chains through T-Bridge, Wanchain’s universal cross chain framework.
“Due to the continuous evolutionn of technology, we have now reached the stage where blockchain technology will truly serve the real economy. We are very happy to see that Bitllywood chose Wanchain as a technology partner and are looking forward to providing a new blockchain-based scenario for the IP industry in China and even globally” — Li Ni, vice president of Wanchain
Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in Beijing (China), Austin (USA), Kuala Lumpur (Malaysia), and Madrid (Spain).