On Wednesday, the COI Blockchain Foundation, a subsidiary of China Ocean Heavy Industry, declared its strategic alliance with Singapore Flamingo Foundation Pte, particularly for its blockchain-based streaming platform ‘NewStar.’

Under the approved agreement, COI Blockchain Foundation has given some opinions of the layout of the entertainment and blockchain, developing new investments. This came as a part of the foundations plan to examine and invest in the advancement of blockchain technology.

As many technology companies are seeking to agitate several fields using blockchain technology, NewStar has concentrated on the productive live streaming industry.

As per the company, it is striving to reconstruct the underlying economic system of the entertainment industry by the blockchain technology, and re-structure a decentralized ledger and settlement system to deposit, store, confirm, and distribute worthy content in the entertainment industry.

“With the boom of the Live Streaming industry, the streamer has come into existence. Based on our understanding, streamers seem to be an extremely profitable job with the backing of a competent team and numerous fans base,” the announcement stated.

As it is based on the decentralized solution, the platform is placing content producers and customers in direct contact without an intermediary by creating a set of decentralized solutions. And the blockchain technology will also assist in recording every token transaction transparently.

Furthermore, to compete with significant streaming players, the platform is sharing 100% of the revenue to the streamers.

With the collaboration, NewStar is also looking to develop its underlying technology by leveraging the resources and power of the COI Blockchain Foundation. Both companies will also collectively promote the projects developed for the streaming industry.