Blockchain is an excellent way of keeping track of transactions. The underlying technology of blockchain—decentralized ledger technology—has ledger in the title. A ledger is an account book of final entry, in which business transactions are recorded.
There’s no better way of keeping track of entertainment content from inception through production through distribution through consumption than blockchain.
HashCash sees the value of this chain of custody as a way to be able to exclude the sort of piracy that even now fills BitTorrent and other peer-to-peer torrent variants. Led by American piracy, billions of people torrent pirated content every year.
“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
I don’t BitTorrent video content anymore. I did when I lived in Berlin but that was only because of International copyright restrictions. When I moved there I was unable to access my Hulu and Netflix—and lots of YouTube content as well.
According to BlockTelegraph, HashCash will be “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 DLT’s chain of custody will not only prevent piracy and theft it’ll also guarantee royalties for the original content creators, not only for big books, big film, and big music. Because there will be so many fewer middlemen in this blockchain-based chain of custody model of streaming content from the content creator directly to consumer, the price point will probably be reduced to only a couple dollars, making it more affordable and convenient enough to access legally, rewarding the men and women who put in the hard work to provide our entertainment for us.