Besides cryptocurrencies, a significant number of industries owe their success to the blockchain, most recently, NetObjex Inc. rolled out a digitals rights monitoring and royalty attribution service that is entirely based on distributed ledgers (blockchain).
By leveraging the powerful attributes of blockchain such as security and transparency as well as integrating the internet of things, this revolutionary service will track online content and set-top boxes in real-time. Principal beneficiaries of this product are set to include, producers, broadcasters, artists, censorship authorities, rating agencies, and so on.
Raghu Bala, the CEO of NetObjex, reiterated that the implementation of the decentralized blockchain technology would smoothen operations in the digital content industry, improving overall performance as a result. He particularly highlighted the lack of transparency among players in the sector. With the adoption of the blockchain, the inefficiencies brought about by intermediaries will be forgone, resulting in higher productivity.
Over the years, the media and the online entertainment sector as a whole have faced problems pertaining issues such as subscriber count, piracy, digital rights and allocation of royalties.
Bala added that the introduction of distributed ledgers that are bolstered with the internet of things will provide an instant yet a long-lasting solution to the problems as mentioned above. This is certainly reassuring to the industry's stakeholders, given that the speaker has vast experience in the media distribution sector.
The presentation was made during the CII BigPicture Summit, a conference that brings together innovative minds from the technology world. This year’s edition was held in Delhi, India. It featured IoT-enhanced web players and set-top boxes exchanging info with the NetObjex system using the Iota Tangle blockchain database.
At the end of the demo, the system promptly displayed the results of the royalties' distribution. After this, Raghu concluded by requesting stakeholders to appeal for fast adoption of the service since it creates an even field for all participants in the content distribution sphere.
This is a firm that engages in the provision of digital asset management services using blockchain and internet of things technologies. As of now, its clientele includes smart cities, media, supplies and logistics, and transport systems.