In a world where password sharing has become commonplace, a Brazilian startup, H3aven, is revolutionizing the way we access our favorite streaming services with a pioneering NFT solution.
Flipping the script on Netflix
On May 23, streaming giant Netflix announced an additional monthly charge of BRL 12.90 for users who share their passwords with people outside their households. This global policy, however, is teetering on the edge of a legal predicament in Brazil, where it could potentially violate the Consumer Defense Code (CDC), according to the consumer protection agency Procon of Espírito Santo. The agency is seeking clarifications from Netflix and threatens to take legal action, as reported by G1.
This standoff could find its resolution in the innovative application of blockchain technology. By creating a tokenization layer for user credentials through dynamic non-fungible tokens (NFTs), it becomes possible to prevent password sharing while ensuring user data privacy. Dubbed “Tokenized Access Control,” this ground-breaking solution could service not only Netflix but other platforms like Spotify.
Behind the scenes
H3aven‘s invention has garnered accolades at this year’s ETHGlobal Hackathon in Tokyo, proving the concept’s ingenuity. H3aven’s co-founder, Antonio Hoffert, suggests that Netflix could maintain its traditional login process—using an email and password—while incorporating this new tokenization mechanism behind the scenes.
Implementing NFTs creates an interface that maintains a user’s subscription history, capturing contract changes and new payments, for example. It also curbs duplication of credentials. João Henrique Costa, another co-founder of H3aven, theorizes that people will become more cautious and won’t be able to share their login information anymore since anyone could use the NFT and make transactions on the user’s behalf using its private keys.
A sequel in sight
This blockchain use case, set to hit the market by September, offers a range of possibilities for business models, from enhanced privacy and security to revenue anticipation through smart contracts, bypassing the need for bank or investor intermediation.
Despite this, Netflix appears to maintain a reserved stance toward crypto-assets, particularly in terms of advertising. As the industry continues to evolve, only time will tell how these cutting-edge technologies will reshape the digital landscape.
Source: nft.news
This information is published by the NFT News media team.
