Tech Mahindra, the IT subsidiary of Indian conglomerate Mahindra Group, has launched a new blockchain-based digital contracts and rights platform for the media and entertainment industry.
Developed using IBM’s blockchain platform, which leverages the open-source Hyperledger Fabric protocol, the system aims to help producers and content creators efficiently track their revenue, royalty payments and digital rights.
Dubbed the “Blockchain Based Contracts and Rights Management System” (bCRMS), Tech Mahindra has pitched the platform as a key tool for preventing digital piracy.
In a statement on July 9, Tech Mahindra’s blockchain and cybersecurity practice leader Rajesh Dhuddu noted that for the media and entertainment industry, the 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.”
It will do so by providing a secure digital rights management system that can monitor the authenticity, authorized usage and downloads of online content in real time. The platform will also provide content creators with an automated management system for their payments.
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 Manidra’s TechMNxt charter, through which the IT giant is developing blockchain technologies and other solutions to help its clients to innovate their digital strategies.
Tech Mahindra makes notable investments in blockchain technology
Earlier this year, Tech Mahindra became the first Indian business to use R3’s blockchain-based Marco Polo Network for conducting cross-border transactions. It has also recently launched a blockchain accelerator in partnership with the government of the Southern Indian state of Telangana.
Last year, Tech Mahindra developed a blockchain-based financial management and insurance solution together with American distributed ledger technology firm Adjoint and also announced a blockchain-powered anti-spam phone call initiative, designed to help telecoms firms to protect their clients from unsolicited calls.