COI Blockchain Foundation, a subsidiary of China Ocean Heavy Industry, on Wednesday announced its strategic partnership with Singapore Flamingo Foundation Pte, specifically for its blockchain-based streaming platform NewStar.
Under the signed agreement, COI Blockchain Foundation has given some ideas of the layout of the entertainment and blockchain, expanding new investments. This came as a part of the foundations plan to explore and invest in the development of blockchain technology.
Disrupting live streaming with blockchain
As many tech companies are trying to disrupt several fields using blockchain technology, NewStar has focused on the lucrative live streaming industry.
Per the company, it is aiming to transform the underlying economic system of the entertainment industry through the blockchain technology, and re-structure a decentralized ledger and settlement system to deposit, confirm, store and distribute valuable content in the entertainment industry.
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“With the boom of Live Streaming industry, streamer has come into existence. Based on our understanding, streamers seem to be extremely profitable job with the backing of a competent team and numerous fans base,” the announcement stated.
As based on the decentralized solution, the platform is putting content producers and consumers in direct contact without a third party by building a set of decentralized solutions. And the blockchain technology will also help in recording every token transaction transparently.
Moreover, to compete with major streaming players, the platform is distributing 100 percent of the revenue to the streamers.
With the partnership, NewStar is also looking to improve its underlying technology by leveraging the resources and influence of COI Blockchain Foundation. Both companies will also jointly promote the projects developed for the streaming industry.