Tech Mahindra, the IT subsidiary of Indian company Mahindra Group, has employed IMB Blockchain in a new platform to combat digital piracy. According to a press release, the company has launched a new blockchain-based digital contracts and rights platform for media and entertainment industry.
Dubbed the “Blockchain Based Contracts and Rights Management System” (bCRMS), the platform was developed with the aim of helping producers and content creators to efficiently track their revenue, royalty payments and digital rights. The IMB blockchain platform was chosen because it leverages the open-source Hyperledger Fabric protocol. The company sees the platform as a key tool for preventing digital piracy.
Tech Mahindra’s blockchain and cybersecurity practice leader, Rajesh Dhuddu noted in the announcement that revenue lost due to online piracy for the media and entertainment industry is estimated to hit roughly $50 billion by 2022. He added that bCRMS aims to enhance revenues, pre-empt contracts or rights infringement and focus on redefining end customer’s content consumption experience.
The company aims to achieve this by providing secure digital rights management system that can monitor the authenticity, authority usage, and downloads of online content in real life. Moreover, it will provide content creators with an automated management system for their service payments. Tech Mahindra will enable all users of the new system, including liner broadcast and over-the-top service providers to have access to the IBM public cloud ecosystem.
In the past few months, Tech Mahindra has made significant investments in the blockchain technology. Earlier this year, it partnered with the government of the Southern Indian State of Telangana to launch a blockchain accelerator. In March, the company became the first Indian business to use R3’s blockchain-based Marco Polo Network for conducting cross-border transactions. Last month, the company also partnered with edutech company, Idealabs, to offer blockchain certificate courses in India.