Entertainment
Is there a Hollywood use case for crypto and blockchain technology?
Will Hollywood One Day Access Blockchain?
The question of whether entertainment industry dealmakers will ever embrace cryptocurrency and blockchain technologies as a solution to the age-old problem of Hollywood accounting is discussed by two experts in the crypto field in the latest episode of Variety “Strictly Business” podcast.
Tarun Chitra, founder and CEO of research and advisory firm Gauntlet and co-host of the crypto-focused podcast “The Chopping Block,” and Lee Reiners, a professor at Duke University who studies financial regulation, discuss the transparency and permanence of blockchain ledgers. This can be useful for transactions in which a number of participants have small profits that will be paid out over many years.
Chitra is an investor who emphasizes the need for a decentralized financial approach to crypto, that is, trusting the blockchain community rather than a large financial institution. He sees crypto as driving a new era of investment and risk-taking activities that are not beholden to Wall Street or other gatekeepers. Reiners is a crypto-skeptic who sees little use in alternative currency and financing options for the vast majority of Americans.
Chitra notes that in the United States, consumers have been doing business with what he calls “synthetic claims on real dollars” for decades. Cryptocurrencies emerged in the wake of the 2008-2009 global financial crisis, as the ease of building online communities grew through social media platforms, around the same time that trust in consumers in established financial titans has been shaken.
“From credit cards to Apple Pay, I would say that since the 1980s, everything has represented a big change in the way people manage their money,” Chitra says. “You can think about the challenge [decentralized finance] as a kind of user-generated funding. And the same way many social networks treat user-generated content, like users creating podcasts or videos. Finance has never really had users who can generate products, has it? But if you look at crypto – especially if you look at meme coins – people create and destroy assets all the time.
In a separate interview, Reiners expressed his doubts and concerns that unsophisticated consumers are vulnerable to crypto scams. In recent months, the Securities and Exchange Commission approved the creation of exchange-traded funds for Bitcoin, one of the most established cryptocurrencies, which will make it easier for mass consumers to purchase and trade these assets.
“It is clear to me that the disadvantages far outweigh the advantages,” says Reiners. “The challenge then is: what do you do from a regulatory perspective? RIGHT. And, you know, we don't have the most functional Congress right now. That's an understatement. I think the status quo from a regulatory perspective will prevail. And I think we're going to continue to see average people being harmed by crypto, as they have been for the last 16 years.
“Strictly professional” is Variety'The weekly podcast features conversations with industry leaders about the media and entertainment sector. (Please click here to subscribe to our free newsletter.) New episodes debut every Wednesday and are available for download on Apple Podcasts, Amazon Music, Spotify, Google Play, SoundCloud and more.
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