Tech Mahindra Limited, an Indian multinational technology company, recently announced the launch of a new digital platform. The new platform was developed using IBM’s blockchain platform and was announced on the 1st of July. It was also branded as “Blockchain based Contracts and Right Management System’ (bCRMS) for the media and entertainment industry.”
According to Tech Mahindra, “Blockchain-based Contracts and Right Management System (bCRMS) is based on the Hyperledger Fabric Protocol and helps production houses and content creators with several benefits that increase their revenues, manage rights and prevent content piracy.”
An advantage of the platform is the management of Contracts and Rights and settlement of any disputes. Another benefit of the new development is to “track and trace content rights distribution.” This prevents piracy of media content while providing encryption, watermark and content hashing. In addition, the platform also includes Royalty Management which serves production houses by tracking and auditing the inward and outward flow of payments.
Rajesh Dhuddu, Blockchain and Cybersecurity Practice Leader of the tech company said:
“…bCRMS is developed to usher in the next generation of digital right management systems for the media and entertainment industry that orchestrate the entire media content life cycle workflows across pre-production, post-production and distribution phases to enhance revenues, pre-empt contracts or rights infringement and focus on redefining and customer’s content consumption experience.”
As stated by the general manager of IBM Blockchain, content creators and advertisers worldwide will find a solution to any digital rights management problems. He added that the digital media market will be able to “track the quality and authenticity of content as well as track downloads and usage of the content in a clear and flexible manner.”
Over the years, Tech Mahindra has made significant investments in blockchain technology. In 2019. The company partnered with financial technology company, Adjoint, to launch a blockchain solution that offers treasury and insurance solutions. Also, Tech Mahindra became the first Indian business to use R3’s blockchain-based Marco Polo Network.
Image Credits: Pixabay
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