Indian multinational technology company Tech Mahindra has launched a new blockchain-based digital contracts and rights platform for the media and entertainment industry using IBM Blockchain.
The platform is developed using IBM’s blockchain platform, leveraging the open-source Hyperledger Fabric protocol.
The platform system aims to help producers and content creators in various arenas such as:
efficiently track their revenue
royalty payments
digital rights
[NEWS] Tech Mahindra to Launch Blockchain based Contracts and Digital Rights Management Platform for Global Media and Entertainment Industry Read More: https://t.co/VjGeAHoboT#blockchain #news #ibm pic.twitter.com/ZLKgmbcueW — Tech Mahindra (@tech_mahindra) July 8, 2020
The platform- known as the “Blockchain Based Contracts and Rights Management System” (bCRMS) can act as a key tool for preventing digital piracy.
On July 9, a statement highlighted by Tech Mahindra’s blockchain and cybersecurity practice leader Rajesh Dhuddu noted that for the media and entertainment industry, revenue lost due to online piracy is estimated to hit roughly $50 billion by 2022.
Dhuddu said that bCRMS aims to:
“enhance revenues, pre-empt contracts or rights infringement and focus on redefining end customer’s content consumption experience.”
The system will provide a secure digital rights management system that can monitor authenticity, authorized usage and downloads of online content in real time.
.@tech_mahindra launches blockchain-based contracts and digital rights management platform leveraging IBM Blockchain to enable production houses and content creators to track revenue, royalty payments, manage rights and mitigate content piracy. https://t.co/jzOHCTsFCm — IBM India (@ibm_in) July 8, 2020
The platform will also provide content creators with an automated management system for their payments.
Moreover, all users of the new system, including linear broadcast and over-the-top service providers, will have access to the IBM public cloud ecosystem via Tech Mahindra.
Development of bCRMS is part of Tech Mahindra’s TechMNxt charter which is aimed at developing blockchain technologies and other solutions to help its clients to innovate their digital strategies.
Source: Cointelegraph | Image: Unsplash