Piracy in the entertainment industries around the world is a growing issue that, previously, had no foreseeable solution. Streaming platforms have attempted to combat the issue by offering low-cost libraries of shows and movies on any device. Yet, torrenting and piracy sites still see billions of users per year around the world, and the U.S. led with the most visits in 2017. A Silicon Valley company called HashCash is attempting to change that legally with the help of the blockchain.
HashCash plans to revolutionize the entertainment industry by collaborating with various production houses, celebrities, and directors. It plans to create a streaming database using blockchain technology that would eliminate the need for piracy. The platform will be available globally and give movie and tv fans the opportunity to stream content legally. The platform would also benefit the entertainment industry as it won’t be illegally downloaded or streamed. “Blockchain is here to stay in the entertainment industry. It offers the world an immutable record of intellectual property rights along with transparent and secured royalty payments—all of which directs us towards a future which promises freedom from movie piracy,” says Ishan Roy, the Head of Products at HashCash.
According to HashCash, the entertainment industry is already using Blockchain-based platforms in a number of ways, so conversion won’t be a difficult feat. Blockchain is one of the safest ways to encrypt data because it’s nearly, if not completely, impossible to tamper with. Because of this movie companies are using blockchain to encrypt and send data during production. When someone uploads to the blockchain their IP address is then recorded. This will facilitate royalties by recording who the original creator of the content was, making it harder to duplicate successfully. Since blockchain is so safe it also makes it easy to set-up payment methods as well. Imagine a world where, if you want to watch a movie, all you have to do is find it and pay as little as a few dollars to have it instantly.
HashCash hasn’t released any information regarding its plans for monetization. Time will tell what the future of blockchain technology will be as it’s still so new. Blockchain has already revolutionized our economy with things like cryptocurrency, which made headlines last year as bitcoin grew in value to nearly $20,000 USD per bitcoin. For more information on HashCash and how they’re using blockchain technology to revolutionize various industries, check out their website.