Information technology (IT) services firm Tech Mahindra said on Wednesday that it has launched a digital platform for the media and entertainment industry, branded as ‘blockchain-based Contracts and Rights Management System’ (bCRMS).
The platform will help production houses and content creators track revenue and royalty payments, manage rights, and address content piracy by leveraging computer hardware company IBM’s blockchain solution, the Pune headquartered firm said in a statement.
The bCRMS platform is built on an open-source Hyperledger Fabric protocol and uses techniques such as content hashing and forensic watermarking to track and trace content. It can also be used in industries such as trade, finance and healthcare, which have a requirement for intellectual property protection and secure digital content, the statement said.
Hyperledger Fabric refers to a modular blockchain framework, which acts as a foundation to develop blockchain-based products, solutions and applications.
“Fragmentation in the media and entertainment landscape has had a profound impact on media consumption. Both media production houses and over-the-top (OTT) players are creating intriguing content to improve customer stickiness and gain market share. This has led to an exponential increase in fraud, with revenue lost due to online piracy estimated to (touch) approximately $50 billion by 2022,” Rajesh Dhuddu, blockchain and cybersecurity practice leader for Tech Mahindra, said.
Tech Mahindra is also part of the IBM public cloud ecosystem to help clients transform their operations, accelerate their hybrid cloud strategies and use blockchain technology to help foster trust and transparency across industries, the statement added.
“Digital rights management is a pressing problem impacting artists, content creators and advertisers worldwide, potentially costing the industry billions every year. Tech Mahindra’s innovation using IBM Blockchain helps address this challenge with a new approach that offers the digital media market the ability to track the quality and authenticity of content as well as track downloads and usage of content in a clear and flexible manner,” Alistair Rennie, general manager at IBM Blockchain, said.