The movie-making arm of Alibaba Group, Alibaba Pictures, has kicked-off the development of the Chinese film industry on <a href="https://www.cryptoknowmics.com/crypto/chinas-spending-on-blockchain-technology-will-exceed-2-billion-in-2023/">blockchain </a>technology. The English Language Chinese news outlet China.org.cn <a href="http://www.china.org.cn/arts/2019-11/22/content_75436759.htm">reported</a> the move.

An executive from Alibaba Pictures revealed they firm signed MoU with SingularDTV for its new firm, "Striding into the Wind." The agreement with the blockchain-based decentralized entertainment platform, SingularDTV, aims at tokenizing the overseas distribution rights for the new film.

Through the payment of blockchain token, Alibaba Pictures sold the distribution rights to SingularDTV's blockchain distribution portal EtherVision. 

With this initiative, the distribution portal will be able to distribute the film overseas through its blockchain platform.

The Chinese film industry participants often held panels on how to develop the industry using blockchain technology. In this case, the senior vice president of Alibaba Pictures, Li Jie, noted that "they [industry] are trying."

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<h2>Alibaba Pictures Leads Chinese Film Industry to Blockchain</h2>
Jie's statement supposedly indicates that the development today comes as a step in exploring the application of blockchain for the industry. More so, the new movie now emerges as the only Chinese mainland film project selected by SingularDTV.

Also, the CEO of Alibaba's ticketing app Taopiaopiao, Jie, noted that blockchain could cause the industry to maintain a high growth rate. He expressed a strong belief that technology opens up new opportunities for the Chinese film industry. 

Jie shared in detail the opportunities and challenges new technologies have brought to the film industry. For this, he predicted for the driving force and increment potential of Chinese films by blockchain.

He believes that the application of blockchain will address the hurdles facing the industry due to the introduction of the internet. The industry faced issues of attracting the mass to watch a film rather than playing online games.

Conclusively, Alibaba Picture revealed plans to develop new infrastructures to help improve the efficiency of filmmakers and industry participants.

Alibaba Pictures Adopts Blockchain to Tokenize the Distribution of New Film

Ibiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.

Alibaba Pictures Adopts Blockchain to Tokenize the Distribution of New Film

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