Australian blockchain startup Veredictum has announced the launch of ‘Veredictum Scripts’, which is a blockchain-based manuscript protection platform in the film and television industry that is aiming to protect the ownership of creative works.

According to the reports by ZDNet, Tim Lea, CEO of Veredictum claims that the blockchain technology has not been used in the space to create a script distribution model previously. He was also eager to utilize the technology while designing the platform realizing that it has the potentials to solve the industry’s piracy issues.

"Piracy is our big, hairy, audacious goal. We want to reduce piracy by 80 percent, but you have to approach piracy from two sides. It's not just here's the deterrent effect, it's also about how to make the distribution better, so we're leveraging blockchain-based technology, linked to peer-to-peer technologies in general to look a whole new distribution structure," Tim said as reported by ZDNet.

The company website states that, by submitting creative works with Veredictum Scripts, the works will be permanently registered to the bitcoin blockchain with a permanent cryptographic record that confirms the work’s registered date and time. This registration information is captured in uniquely identified registration certificate that can be taken print or stored online.

"In terms of post-production, one of the core products that is in development -- that's going to take a while for it to be finalized -- is the idea that we will actually watermark videos armed with the information that we've actually hashed to the blockchain. So, those will be digitally fingerprinted in such a way that even if somebody strips out information, the digital fingerprint will still be there," Tim added.

Few key features of the platform are that it is easy to access, fast to register, secure storage of the works, among others. Also, script owners can securely send the link of their work to individuals who want to read and owners can have an eye on their work whether it has been accessed or not.