Blockchain-powered P2P startup for the entertainment sector MinersINC has raised angel funding from V C Bothra, a Singapore-based businessman. It aims to enable creators of entertainment content — movies, music, games, etc — reach out to consumers, who can access the content directly and also rate it.
Founded in October 2017 by Nitin Narkhede and Deepak Jayaram, MinersINC is using blockchain to enable a robust technology-driven system that can offer solutions problems faced by the Indian entertainment industry such as piracy, revenue leakages, rights management, and opaque systems.
The Singapore-headquartered, MinersINC, with focus on India, has been developing a new platform in stealth mode for the last nine months. It plans to launch its platform in the fall of 2018.
Nitin Narkhede, co-founder, MinersINC, said, “MinersINC was started because we wanted to create an ecosystem that makes consumers a core and integral part of the of the entertainment economy. We also wanted to provide means for creators to personalise content and express freely while getting closer to their consumers. Blockchain technology will be at the heart of this platform and will give us a truly democratic platform.”
MinersINC: Connecting Creators & Consumers
To address the lack of connect between creators and consumers, MinercINC plans to deploy a community-driven approach in the entertainment sector for content creation and distribution, enabling direct and more rewarding interactions between all the stakeholders that make up the entertainment economy.
With a presence in India as Mangata technologies Pvt. Ltd, the company aims at providing benefits to all stakeholders of the economy – creators, consumers, and regulators.
With use case of Blockchain, the company wants to empower creators to sell directly to their intended audience making it a capital-light model from production to content distribution.
Further, with its engaged consumer community, the company will enable consumers to participate and drive activities on the platform and also get incentivised for their passion and attention.
For its product MYNK, Blockchain is being used to prevent potential revenue leakages and promote transparency in transactions, thereby adding to the exchequer’s revenues while reducing the need for them to spend on enforcement.
Deepak Jayaram (Deejay), co-founder, MinersINC, said: “Great cinema is our collective legacy, but content needs to discover its true value and not become a victim of an archaic distribution system which limits audience choices instead of enhancing them. Our platform will create an engaging environment which will reward consumers for following their passion for entertainment.”
Blockchain Gaining Foothold In India
In the world arguing over cryptocurrencies, the underlying technology— blockchain— has gained significant impetus. Even in India, the states like Uttar Pradesh, Karnataka, Andhra Pradesh, Kerala, Telangana and Maharashtra are either working on the pilot projects or are in the process of developing PoCs for e-governance, based on the Blockchain.
While the Telecom Regulatory Authority of India (TRAI) has directed telecom operators to adopt blockchain technology to register telemarketers and to improve the complaint redressal system for unsolicited calls.
However, investments in the sector have been very few and far in between. Recently, Blockchain-based job-listing startup SpringRole raised $1.3 Mn private funding from its early investors – AlphaBlock Investments, Brock Pierce and Scott Walker’s Blockchain investment and consulting firm DNA, Isaac Lee’s BlockWater, and Wavemaker Genesis.
A market research published by outbound HR company Belong found that only 0.25% i.e. 5000 of the entire 2 Mn-member Indian developers community have the capability to work on blockchain-related projects.
According to 6Wresearch, India’s blockchain market is set to grow at a CAGR of 58% during 2018-2024. No wonder, companies across sectors are increasingly looking to find use cases for the blockchain.