Blockchain is a buzzword we still choose not to discuss. Let’s admit, not too many of us actually understand it. Fortunately, for the believers of this technology they are all still headed to try to make a mark and change in the world with blockchain.
Blockchain-powered P2P startup for the entertainment sector MinersINC has raised angel funding from V C Bothra, a Singapore-based businessman. It aims to enable creators of entertainment content — movies, music, games, etc.
Founded in October 2017 by Nitin Narkhede and Deepak Jayaram, MinersINC is using blockchain to enable a robust technology-driven system that can offer solutions problems faced by the Indian entertainment industry such as piracy, revenue leakages, rights management, and opaque systems through their product MYNK.
Blockchain Simplified by Nitin Narkhede
The co-founder of MinersINC simplified the concept and meaning behind blockchain.
Blockchain holds cryptographic proof of a transaction on a 32byte string that is replicated and stored on multiple nodes at the same time. The information once recorded cannot be changed or deleted; it’s secured and encrypted; it’s immutable. Like Internet & intranet, blockchain could be Public (with permission) or private (without permission).
As the name suggests, the chain connects multiple network nodes and stores copies of the transaction on each of them instead of just one node connected to database. Multiple nodes creates tamper-proof and immutable records. Hence, a single node failure in the network will not affect the data or transaction stored on blockchain.
What is MinersINC?
MinersINC could be the future of cinema and the Indian entertainment industry as a whole! It’s an ecosystem that brings content creator closer to content consumers using blockchain technology. It’s an effort to bring generations of movie lovers to experience the magic of movies and give control to the creators. They aim to equip the creators with the power to challenge the status quo and disarm old systems of distribution to create a future focused environment where everyone can pursue their passion for cinema and their love for participating in the entertainment economy.
MinersINC was started because we wanted to create an ecosystem that makes consumers a core and integral part of the of the entertainment economy. We also wanted to provide means for creators to personalise content and express freely while getting closer to their consumers. Blockchain technology will be at the heart of this platform and will give us a truly democratic platform. – Nitin Narkhede
With a presence in India as Mangata technologies Pvt. Ltd, the company aims at providing benefits to all stakeholders of the economy – creators, consumers, and regulators.
Challenges In The Indian Music Industry
Piracy in 2018 is still a major problem for the Music Industry in India. 1%-2% of music is consumed by way of legal purchase in India, whereas 99% of the music consumption is still illegal. From all this the digital platforms are more focussed on popular content, are heavily influenced by Record labels making it a glass ceiling for new artistes to get discovered. The streaming companies need more consumption and thus go for the more popular content. Even while the only label driven popular artist make the money making cut on the industry payments do not go to artists directly. No visibility on revenue flows. The auditing process is cumbersome audit and a ton of misleading accounting by copyright owners.
Major music labels just give 10%-15% of revenues to artists (after label has recouped all costs of recording, manufacturing and promotion). Even VoD platforms like Youtube pays a few thousand dollars to artists for over 100 million views. The work of artists gets copied and there is no means by which artists can come to know about it and get their justified share or sue the copying entity.
MinersINC looks towards creating an ecosystem that brings creators closer to consumers.. They want to help in preserving the legacy of great movies and music for our future generations. The company will enable content to discover its true value and empower consumers with choice. This way there will be a platform to that rewards consumers for following their passion for movies and music. All this leads to co-create an entertainment ecosystem that will arrest revenue leakages and enable monetization opportunities.
Great cinema is our collective legacy, but content needs to discover its true value and not become a victim of an archaic distribution system which limits audience choices instead of enhancing them. Our platform will create an engaging environment which will reward consumers for following their passion for entertainment. – Deepak Jayaram (Deejay)
This company got on board Anurag Kashyap as an industry mentor who has shown them the way through their new journey. The application is expected to go live in December this year. We’re very excited to see some positive change in this industry. Looks like it’s slowly time to see the light at the end of the tunnel.