Swedish start up Cinezen Blockchained Entertainment, which is using the secure blockchain-based revenue collection system for content providers of VOD (video on demand) services, claims the complex mathematical algorithms employed in blockchain technology make for an incorruptible system.
Blockchain video on demand or ‘BVOD’ differs from traditional VOD services in that it bypasses the need for royalty reporting and invoicing, as every content provider is part of a blockchain network with immediate access to secure transaction data. The agreements were signed at the Berlin Film Festival’s European Film Market, and the companies that have signed up for its BVOD service include LA-based FlexyMovies, Denmark’s LevelK and Moscow’s Antipode Sales. Other deals are due to be inked soon judging by the considerable interest at the EFM, Cinezen says.
Blockchain: A secure computerised system of storing linked data that is protected by cryptography, effectively protecting private data from being accessed by third parties. A blockchain typically stores information on transactions and accounts. It provides efficient and effective security by creating an encrypted hash (an encoded alphanumeric string) of the previous block in each block of the chain, a timestamp showing when the block was encoded and recording the data of the next transaction in the chain. Simply put, it is a super-secure method of protecting information in a chain of transactions. A blockchain also ensures that an accountancy record of the transactions is secure and verifiable. As an ‘open, distributed ledger’ it can be referred to at any time by the parties participating in a transaction, allowing them to check and verify the information held in the chain of transactions. For example, a company operating a cash-back scheme for purchases can keep track of individual payments and the cash-back owed securely, via countless individual records held on a range of computers around the world. The multiple copies make it virtually impossible to create false accounts, thus protecting users against fraud.
Short for ‘blockchain video on demand’ – this is a term …
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