Piracy is hitting the movie industry, and now blockchain is trying to solve the problem. A recent press release reveals a new product called HashCash trying to do just that.
Over $22 billion goes to pirates annually
As per the release, HashCash is taking a step towards eliminating piracy with the help of blockchain technology.
Available statistics indicate that profits in the movie industry will grow up to $50 billion by 2020. This is compared to the $38 billion amount earned in profits in 2016. The statistics cover the American movie industry alone. This will only be possible in a piracy free environment. The statistics add that more than $22 billion is lost to pirates on an annual basis.
As a matter of fact, the traditional anti-piracy campaigns are not enough. Most people in the industry believe blockchain could help salvage the situation. In an interview with The Sun, CEO of the Motion Picture Association of America, Charles Rivkin said:
“Blockchain is an extraordinary technology that I think is going to be disruptive and productive in any number of industries. I think it is too early to tell, and I am no expert, but it might help a lot with secure distribution of product digitally and it might help in our fight against piracy.”
HashCash revolutionising movie industry through blockchain
In light of this, HashCash is offering to avail movies to customers on the blockchain network. The company will legally share the content to customers through smart contracts. Due to the decentralized nature of the blockchain network, data stored on the platform is unalterable. The network will facilitate protection of the IP address and managing of the digital rights of the content. “It supervises the creation and implementation of the smart contracts along with content distribution and collaboration with the various filmmaking departments,” the press release adds.