According to a research conducted for the US Chamber of Commerce by the Worldwide Innovation Policy Center, global internet piracy damages the US economy at least $29.2 billion and as much as $71 billion in lost domestic earnings per year.
While this statistic is important, it does not account for the yearly costs to the US economy in terms of employment and lower GDP (GDP).According to the analysis, digital video piracy costs the United States between $47.5 billion and $115.3 billion in lost GDP each year, as well as 230,000 to 560,000 job losses. 1
To be sure, media firms have made attempts to safeguard their material from piracy, but these efforts have not been sufficient to completely halt the process. Analysts now predict that blockchain technology might play a role in the future ownership of this material and protection against piracy.
- Each year, digital piracy damages the US economy at least $29.2 billion in lost domestic revenues, as well as a $47.5 billion to $115.3 billion decline in gross domestic product (GDP). 1
- One option for combating digital piracy might be to use blockchain technology.
- A blockchain Internet and distributed ledger technology (DLT) might, in principle, let pirates hide their illegal piracy operations online.
- Blockchain is already being used by businesses to combat piracy via content monitoring and digital watermarking.
Blockchain as a Player in the Fight
While blockchain is unlikely to be able to effectively eliminate piracy on its own, it may be best used to this cause as part of a bigger campaign to combat piracy.
Part of the reason for this is because there are several probable causes for piracy, and researchers have yet to come up with a solid explanation for the behavior. Cultural conventions, a lack of availability, unaffordability, and even a general perception of media material as having no intrinsic worth may all lead to pirate activities.
In principle, if the Internet were constructed on blockchain technology, it would be impossible or exceedingly difficult for pirates to distribute and profit from media material illegally. The rationale for this, apparently, is that a blockchain Internet would enable the monitoring of illegal activities using distributed ledger technology (DLT).Individuals would not be able to conceal their pirate operations as easily as they do today. A blockchain Internet, on the other hand, remains speculative.
The estimated number of digital pirated viewings of US-produced movies per year. 1
At this moment, one way that blockchain may assist to fight piracy is via content monitoring. Vevue is a blockchain streaming service that is creating technologies to monitor media content’s life cycle. “If someone duplicates material monitored by our technology by any available methods, including videoing or recording a screen, our platform will be able to identify the owner of the device/system where the content was last played,” says founder Thomas Olson. 2
In this situation, blockchain does not monitor the material; instead, a unique computational method built into Vevue’s initiative does. However, blockchain would enable surveillance data to be effectively stored and shared. In other words, blockchain is a record that Vevue’s team may use to trace the operations of its unique technology.
Blockchain may also aid in the process of digital watermarking, which is similar to bounty hunting. CustosTech, a South African business, has created a patented digital watermarking method using the bitcoin (BTC) blockchain. This technology enables the inclusion of a monetary incentive, such as BTC tokens, in media files. These watermarks are inserted in such a manner that the content receiver cannot detect them and they are difficult to erase. If a file is pirated, CustosTech can scan the watermark to discover who the file’s lawful receiver was. 3
The fact that a monetary reward may be embedded in the process may serve as an incentive for persons outside of the media sphere to assist in the discovery of stolen materials. CustosTech’s bounty-hunting program is open to the public. Hunters may earn BTC by assisting in the tracking down of illegal content.
The concept of compensating consumers with bitcoin for their aid in combating piracy extends to Rawg, a cross-device game discovery site. This company’s goal is to build a blockchain system that pays video gamers with cryptocurrency tokens for successes in the game. Only non-pirated games and legitimate platforms allow gamers to synchronize their accomplishments for token awards. In this way, Rawg is providing an incentive for gamers to avoid piracy on their own, rather than a bounty-hunting reward.
Many more projects are looking at anti-piracy and blockchain technologies. Are they likely to completely eliminate the practice? No, although they may assist in reducing the amount of money lost as a consequence.
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