How Blockchain Can Prevent Software Piracy
Software piracy, or any kind of piracy really, is challenging and has been around for many years now. But tech giant Microsoft has found a way to combat software piracy through one of the most popular new technologies — Blockchain.
It might not be the simplest technology to understand. But it might very well offer a new tool to fight against software piracy. Ethereum can now be used to anonymously purchase pretty much anything from software tools and food to electronics. Without going any deeper into the technicalities, this cryptocurrency is open-ended, decentralized, and almost impossible to tamper with. Moreover, it is easily accessible.
According to a study distributed by the Global Innovation Policy Center for the U.S. Chamber of Commerce, global online piracy costs the U.S. economy more than $29.2 billion and as much as $71 billion in lost domestic revenues every year. While the numbers are high, it doesn’t consider the annual losses to the U.S. economy in employment and in the reduced GDP. The report also highlights that digital video piracy results in between $47.5 billion and $115.3 billion in reduced U.S. GDP every year, along with overall losses of 230,000 to 560,000 jobs.
To be sure, media companies have to take proper measures to secure their intellectual property from piracy, but this has not been enough considering the level of piracy. Now, researchers have contemplated that blockchain technology could potentially play a significant role in controlling this software and protecting against piracy.
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