Fighting Pirates With Bitcoin, A South African Company Raises $265k In Funding

Piracy has been an age old problem plaguing many developing nations. Whether it be the cost of software or access to certain digital products, piracy is a growing alternative for those looking to get various products for free. Legitimate reasons have been highlighted as causes for piracy, but the sheer fact is that many content creators cannot afford to continue as many rely on sales as a way of life. However Custos media has launched its newest service using the Blockchain service to catch thieves in the act.

The service works on basic principles but it extremely flexible and has proven to be invaluable to its clients. The company has claimed to have raised over $265,000 in the latest round of funding bring the total closer to $400k. The South African company uses the code which is embedded in media such as video. This code is in the form of a private key which can be used to claim Bitcoin. Once the reward is collected by the user who found the pirated content it can become easy to identify the source of piracy.

“This means that a movie or eBook that goes out of the control of the intended recipient now has some vulnerability ‒ if it lands in the wild, the Bitcoins will be extracted and we are notified through the blockchain that the funds were moved. We notify our clients of the identity of the customer that is associated with the private key and they can respond accordingly.”

-Lutz

To conclude, a growing digital industry has found protection in the unlikely form of Bitcoin. With piracy on the rise at exponential rate, user’s particularly content creators are seeing their videos or music stolen on a daily basis. While copyright law is not enforced actively many think it is possible to get away with piracy, however Custos Media Technologies aims to protect the rights of content creators, whilst rewarding those who aid in the capture of pirates. Digital currencies have become so much more useful than fiat solutions to piracy, the future may see the rise of Bitcoin apps protecting producers and delivering an efficient and cheaper solution aimed to secure all of the revenue a creator could make.

Written By

Hi I'm Aleppo Allesadero a experienced bitcoin user and educator. Having worked for over a year in the bitcoin journalism ive seen bitcoin grow from strength to strength asserting its power against fiat currency. Hopefully you too can learn about this exciting new prospect which may help transform the way we see finance and economy on a daily basis.