Tech Mahindra launches Blockchain based Contracts and Rights Management system
Tech Mahindra Ltd., a leading provider of digital transformation, consulting and business reengineering services and solutions, today announced the launch of a new digital platform,branded as ‘Blockchain based Contracts and Rights Management System’ (bCRMS) for the global media and entertainment industry. Theplatform is designed to enable production houses and content creators to track revenue, royalty payments, manage rights and address content piracy by leveraging IBM blockchain.
Tech Mahindra’s new bCRMS platform is built on open source Hyperledger Fabric protocol and utilizes techniques like content hashing and forensic watermarking to track and trace content.The technology is industry agnostic and thereby it could also be used across other industries like trade, finance and healthcare that have a requirement for intellectual property and secured digital content. Built on IBM Blockchain, the platform will restrict unauthorized access and redistribution of digital content, mitigate content piracy and manage royalty payments. The platform is designed to be scalable and empowers artists, fulfilment partners and distributors with a clear, automated system for accessing and managing payments.
Rajesh Dhuddu, Blockchain and Cybersecurity Practice Leader, Tech Mahindra, said, “Fragmentation in the media and entertainment (M&E) landscape has had a profound impact on media consumption. Both media production houses and OTT (Over the top) players are creating intriguing content to improve customer stickiness and gain market share. This has ledto an exponential increase in fraud with revenue lost due to online piracy estimated to approximately $ 50 billion by 2022*. As part of our TechMNxt charter, bCRMS is developed to usher in the next generation of digital rights 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, preempt contracts or rights infringement and focus on redefining end customer’s content consumption experience”
bCRMS is designed to provide accurate, near real-time information and insights into the authenticity of content and detect any unauthorized use and distribution. Tech Mahindra is deploying bCRMS on IBM Blockchain for linear broadcast and Over-The-Top (OTT) service providers. Also, Tech Mahindra is part of the IBM public cloud ecosystem to help clients transform their operations and accelerate their hybrid cloud strategies and use blockchain technology to help foster trust and transparency across industries.
“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,” said Alistair Rennie, General Manager, IBM Blockchain. “Tech Mahindra is an important addition to IBM’s growing cloud and blockchain ecosystem.”