Flagship blockchain oracles provider Chainlink and first-ever decentralized film financing network Mogul announced their upcoming partnership. According to a press release shared with Altcoin Buzz, Mogul will integrate Chainlink oracles in the v1 release of Mogul’s software. This will help Mogul in off-chaining the financial data like movie budget and profits. Effectively, this will enable audited disbursement of profits and fair distribution of dividends to the investors. Along with that, the Mogul software will always have access to precise ETH/USDC price quotations.
As a decentralized film financing network Mogul is working towards freeing the independent film industry of the existing challenges. The current independent film financing is opaque, lacks standardization and closing costs are high. Mogul is using blockchain technology to bring transparency and cost optimization to film financing. Furthermore, Mogul uses its STARS utility token for reward distribution and voting mechanism. Now it will use Chainlink oracles as a bridge between CAM and smart contracts.
Becoming an innovative and progressive film financier
Due to the lack of standardization, Mogul was facing costly financing procedures prior to using blockchain. That’s because the collection, analysis, and distribution of profits are difficult due to budget complexity and disparate parties. However, with the help of blockchain, Mogul has been able to lower its financing procedure costs. According to Mogul Productions’ Co-Founder and film advisory board member, blockchain in the film industry finds a perfect use case. That’s because it brings transparency to profit-sharing, expenses projection, crew, cast, and vendor payments.
CAM for automatic distribution of profits
Collection Account Manager (CAM) is an unbiased third-party auditor of all