Tech Mahindra has launched a new digital platform addressing challenges content creators could face in terms of digital piracy.
The company has built the new Blockchain-based Contracts and Rights Management System (bCRMS) “on open-source Hyperledger Fabric protocol. It utilises techniques like content hashing and forensic watermarking to track and trace content,” according to a Wednesday statement.
The platform will provide “accurate, near real-time information and insights into the authenticity of the content. It will also detect any unauthorised use and distribution,” the statement added.
As an industry-agnostic technology, the platform “could also benefit other industries, such as trade, finance, and healthcare. These require intellectual property and secured digital content.
The new system, built on IBM Blockchain, will also mitigate content piracy and manage royalty payments.
Furthermore, it is “scalable and empowers artists, partners, and distributors with a clear, automated system for accessing and managing payments.”
Digital piracy has been one of the main challenges for artists, content creates, advertisers, and others.
The US Chamber of Commerce said, in a June report, that there was a “dramatic” increase in digital video piracy. It said this was costing the US economy $30bn annually.
Rajesh Dhuddu, Blockchain and Cybersec Leader at Tech Mahindra, said the system can “usher in the next generation of digital rights management for the media and entertainment industry.”
“Fragmentation in the media and entertainment landscape has had a profound impact on media consumption,” Dhuddu said in the statement.
“Both media production houses and OTT (over the top) players are creating intriguing content to improve customer stickiness and gain market share. It has increased fraud and revenue loss due to online piracy estimated at $50bn by 2022,” Dhuddu highlighted.
Meanwhile, Alistair Rennie, General Manager at IBM Blockchain, pointed out that digital rights management “is a problem that impacts artists and content creators worldwide. It potentially costs the industry billions every year.”
“Tech Mahindra’s innovation addresses this challenge with a new approach. It enables the digital media market to track the quality and authenticity of content in a flexible manner,” Rennie added.
Tech Mahindra is a $5.2bn provider of digital transformation, consulting, and business reengineering services and solutions.
It is working with more than 25,000 professionals across 90 countries, serving 973 global customers including Fortune 500 companies, according to its official website.
In June, the company ranked 21st among India’s Best Companies to Work for in 2020, by Great Place to Work Institute in India.
Tech Mahindra also ranked 15th in the Forbes Global inaugural Digital 100 list in 2018.
The Conference of State Bank Supervisors (CSBS) in 49 US states have agreed to a…
Societe Generale – Forge [...]
The United States Internal Revenue Service (IRS) has encouraged tech firms to help create new…
New laws are under consideration in India that could ban trading in cryptocurrency in the…