End to Movie Piracy? Blockchain Technology in Movie Industry Debuts
"No Postage Necessary," played by George Blagden is a romantic comedy about a hacker that makes a living through stealing mail. The film gets its US and worldwide release in June. It is also being distributed through blockchain technology similar to Bitcoin. This may be one of the first instances of blockchain technology in the movie industry.
Blockchain Technology and Intellectual Property Rights
While not common in the movie industry, blockchain technology has been around for years and functions like a shared and encrypted "ledger" that is fixed such that users and third parties cannot manipulate the records. In addition to cryptocurrency, blockchain has been used in a variety of industries. The technology stores transaction data in a ledger that identifies buyers, sellers, and property akin to land records.
Assuming a blockchain system is used to distribute movies or other intellectual property rights, access through such a system could lessen piracy via a secure peer-to-peer payment system granting exclusive access to the digital media. This requires the blockchain system to provide the exclusive access to the media, which is nearly impossible to achieve. Moreover, it is possible to have a cryptocurrency hack, so no system is completely safe.
Blockchain Technology Movie Industry
"No Postage Necessary" is slated for theatrical release in June as well as available online to purchase through cryptocurrency. In addition, the movie is reported to allow moviegoers who upload a review to unlock Vevue tokens as rewards.
While hailed, blockchain technology presents a number of challenges. For example, if blockchain transactions in the ledger are kept completely anonymous, it becomes a tool for money laundering, organized crime, and terrorists. If the transactions are not kept anonymous or there is a security breach, blockchain technology presents enormous privacy risks.
Whether blockchain technology in the movie industry ends piracy remains to be seen. But it is nonetheless an interesting step forward.
Read more here: https://www.yahoo.com/news/hollywoods-first-blockchain-movie-end-piracy-055937341.html
Additional Reading on Blockchain Technology
Below is a list of additional blog posts analyzing blockchain technology:
In addition to Thriving Attorney, Darin M. Klemchuk is founder of Klemchuk LLP, a litigation, intellectual property, and transactional law firm located in Dallas, Texas. He also co-founded Project K, a charity devoted to changing the world one random act of kindness at a time. Click to read more about Darin Klemchuk's practice as an intellectual property lawyer.