Indian Tech and IT services multinational company Tech Mahindra has launched a new digital platform dubbed the ‘Blockchain-based Contracts and Rights Management System’ (bCRMS) for the entertainment industry. BCRMS was created using the IBM blockchain infrastructure that uses the enterprise-grade open-source Hyperledger Fabric blockchain. The digital platform enables content creators and production companies to track revenue, pay royalties, manage rights and tackle content piracy, with the platform currently focused on video content. The system will also streamline the procedures involved in contracts and remunerations plus helps combat piracy
Is blockchain the ultimate solution to piracy?
In particular, the Indian tech firm is launching bCRMS solutions for both linear broadcast and over-the-top ( OTT) providers, such as video streaming networks. The emergence of online streaming services was welcomed with open arms to the digital content sector. However, its rise to prominence has led to other challenges such as content piracy.
The menace of digital content piracy is the main problem that Tech Mahindra is trying to solve by launching bCRMS. The issue of content piracy is echoed in a recent statement by Tech Mahindra’s Blockchain and Cybersecurity Practice Leader, Rajesh Dhuddu. He cited an estimate by Intertrust software company that online piracy will result in a $50 billion loss of revenue by 2022.
Tech Mahindra’s platform to provide online streaming services as well
The firm will achieve this by providing online content with an identifiable digital fingerprint that can help track it. The bCRMS platform uses tactics such as hashing and forensic watermarking to allow media and entertainment (M&E) companies to monitor and track where the content has been distributed. Tech Mahindra hopes that the new system will allow related companies to curb illegal access to and distribution of licensed material.
In addition, Tech Mahindra ‘s latest innovation provides an unalterable audit path and provides service providers with precise data on download and streaming data. bCRMS also provides streaming services and automates royalty payments. According to Dhuddu, the platform can “orchestrate the entire media content life-cycle workflow across pre-production, post-production and distribution phases to enhance revenues”.