Since Japan designated Web3 as a “national strategy,” an increasing number of traditional companies in the country have either merged or are contemplating integrating their businesses with Web3, Jangdeok Ko, the CEO of the non-fungible token (NFT) marketplace SBINFT, has said. Ko conceded however that many of these companies are still in the “trial-and-error stage,” […] Source CryptoX Portal
Tech Mahindra, the IT subsidiary of Indian conglomerate Mahindra Group, has launched a new blockchain-based digital contracts and rights platform for the media and entertainment industry. Developed using IBM’s blockchain platform, which leverages the open-source Hyperledger Fabric protocol, the system aims to help producers and content creators efficiently track their revenue, royalty payments and digital rights. Dubbed the “Blockchain Based Contracts and Rights Management System” (bCRMS), Tech Mahindra has pitched the platform as a key tool for preventing digital piracy. In a statement on July 9, Tech Mahindra’s blockchain and…
The Criminal Proceeds Recovery Act, which was legislated in 2009 in New Zealand, has resurfaced in the news recently as the country’s authorities have been relying on it in an international operation with a crypto twist. As part of a joint operation, in the United States, the police has seized an estimated $6.7 million in cryptocurrency and $1.1 million in bank funds from a man after months of investigations of online movie piracy. Jaron David Mclvor, a software programmer, was living with a relative at the time of the arrest,…
The national police force of New Zealand have seized between NZ$6.2 and NZ$6.7 million in cryptocurrency from a man who allegedly was involved in online movie piracy in the United States. Two accounts of the seizure At 5:00 AM local time, on Nov. 23, the New Zealand Herald reported that New Zealand police had restrained around NZ$6.7 million (USD$4.2 million) in cryptocurrencies and NZ$1.1 million (USD$700,000) in bank funds under the Criminal Proceeds Recovery Act (CPRA) from the 31-year old software programmer, allegedly Jaron David McIvor. An hour later, authorities…
Television industry research firm Digital TV Research forecasted last year that the revenue loss of TV series and films due to online piracy would reach $52 billion by 2022. Since this figure doesn’t factor in the revenue that would be lost to the piracy of sport, games, pay TV and other forms of media content, the sense is that the cost of piracy to the media industry is much larger than $52 billion. The reality is that blockchain — as of today — isn’t ready to eradicate piracy. Moreover, any…