Linius Technologies Limited has validated its previously announced blockchain strategy by successfully testing its blockchain technology.
View the explainer video here.
Linius has successfully validated this capability, that virtual video may be embedded in a blockchain, and smart contracts used to control the transactions associated with video files.
“Linius aims to fulfil the promise of blockchain and move beyond cryptocurrencies,” said Linius CEO, Chris Richardson. “We feel this is the natural evolution of our anti-piracy strategy and we aim to use blockchain to protect, distribute and monetise the video itself.”
On 20 December 2017, Linius announced plans to deliver the world’s first video blockchain, publishing its Linius Blockchain Strategy.
The company remains committed to delivering the benefits of blockchain to the video industry. Potential benefits include:
- Anti-piracy: Video assets and viewers can be validated prior to playing the video, eliminating improper play-out of the video.
- Auditability: Content owners, such as studios, can have complete visibility and control across the entire distribution chain, maintained automatically, removing intermediaries and expanding margins.
- New revenues: Users are sharing content right now, often illegally. Current anti-piracy actions attempt to stop this behaviour. The Linius Blockchain accepts this behaviour but ensures content owners are paid for it.
The details of the successful test are as follows:
- Linius virtualised several videos of different sizes, stored in the cloud on Amazon S3.
- On a private instance of Ethereum (a world leading, blockchain based distributed computing platform), Linius generated a smart contract to control transactions against the virtual video.
- Linius then successfully uploaded the virtual video into the blockchain, executed the smart contract transaction (with associated mining), and successfully retrieved a copy of the virtual video based on the criteria of the contract.
- That retrieved virtual video was then validated with ISOviewer.
“The company believes that this represents a major step forward, in that it validates Linius’ initial thesis regarding virtual video on blockchain,” said Richardson. “With traditional video, a blockchain would be impossibly big. And, the Internet standard video format MP4 does not work in blockchain. Virtual videos are ideally suited to digital assets, which can be recorded, transferred and managed by a blockchain.”
In the coming weeks, Linius intends to have the virtual video playing on a blockchain-aware player. At that point, Linius anticipates hosting a webinar to demonstrate this functionality.