Blockchain is a decentralized public ledger that contains the digital transactions of peer-to-peer networks. It was originally developed to serve as the infrastructure for cryptocurrencies such as Bitcoin but is now being used in other applications.
The publishing industry is one of the most prominent and most influential industries in the world. It’s a multi-billion dollar market, and it’s been around for a long, long time. Publishers have led the way in selling products online, with many of the biggest names going digital more than 10 years ago.
But not everything is rosy in publishing land.
Some industry experts believe that the benefits of blockchain in publishing platforms could be the answer to many of the industry’s challenges.
Blockchain in Publishing Is on the Rise
The blockchain is poised to disrupt digital publishing.
This innovative technology can solve the issues that publishers have been facing for a very long time just by simplifying content distribution and enabling more effective payments.
And as of right now, you can already some forward-thinking projects that are already utilizing blockchain technology to create innovative platforms within the publishing industry (such as Orvium).
The Main Benefits of Blockchain in a Publishing Platform.
Blockchain is a technology that can revolutionize every industry, including the publishing industry. Every industry that has attached itself to it has seen positive outcomes. Its dynamic default features can genuinely bring freedom, transparency, and security to the publishing industry.
1. Earnings Share Among Stakeholders
Thanks to blockchain technology, all parties involved will see the benefits. This includes designers, editors, and other stakeholders who will be rewarded based on the blockchain database rules.
An individual's contributions to the development of publishing can be tracked and linked permanently using blockchain.
All kinds of things can be digitized and automated using smart contracts. People and organizations can do business with one another without needing manual help from human intermediaries.
Contracts that are also on the blockchain will conduct and share sales among the stakeholders automatically — no one needs to work out the details every time or send checks by mail.
2. Creating Economic Stability for Publishers and Authors
In order to deliver secure content distribution, payment gateways, or safe online transactions, authors must rely on third-party service providers.
Amazon and App Stores have a significant impact on the content market. As a result, writers and developers receive less compensation than they deserve for their work.
However, blockchain technology has the potential to eliminate intermediaries from the equation.
With blockchain technology, authors will be able to track their content distribution and create a micro-payment system for readers. Authors will also gain control of their content and transform from content distributors into the first line of reference.
3. Management of Accessory Projects
If you're an author or publisher, a book is not the only way you make money. According to Writers Weekly, fan fiction, movie adaptations, and spin-offs can generate revenue from a published book.
Some of these surrounding projects are called "accessory products," and they are used to increase awareness of a book and keep consumers engaged in a brand's story.
Using a blockchain will afford authors and publishers the ability to protect these accessory projects for their use.
As a decentralized ledger that does not require permission from anyone to carry out any transaction, blockchain technology will simplify tracking.
4. Smart Contracts with Self-Executing Terms
The idea of self-executing terms has been around for years, but it was only recently made possible through blockchain technology due to its decentralized nature.
Smart contracts are not just for financial transactions and sharing of revenues. Blockchain can be used to carry out agreements and tasks. This technology is also ideal for carrying out arrangements with your customers.
For instance, a smart contract could offer a discount once a third-party payment processor verifies a customer’s purchase.
Smart contracts can be attached to almost anything, ranging from physical stores to online ones. With such a powerful tool, contracts will be able to be tracked, share profits, and even reimburse costs.
These are just examples of what's possible with smart contracts. Any contract can be updated and shared almost instantaneously.
Smart contracts — the use of blockchain technology to create contractual agreements — can significantly reduce time and cost when creating a contract.
5. Smart Wallets
Blockchain can ensure a secure payment system for publishers and authors by using smart wallets. These encrypted wallets will be able to deal with pre-defined cryptocurrencies or tokens used within a project’s ecosystem.
Blockchain also can create smart wallets that are encrypted and more secure than any other type of wallet on the market.
These wallets are able to deal with tokens for specific projects or business environments, making it easier than ever to make payments without having to go through a third party like Google Play or iTunes.
6. Productive Copyright Options
One problem that has long plagued the publishing industry is literary theft. Stealing someone else's work and claiming it as your own should be impossible to do, especially in this new era.
Blockchain technology automatically adds timestamps and person stamps to published materials which can provide a basic level of security for publications. It’s significantly more effective than traditional methods of marking books, such as by using watermarks, which have little to no purpose.
It can also protect rights for both authors and businesses. Authors are able to trace the ownership of their property back through the record of ownership with the help of smart contracts.
Not only that, but blockchain is also immutable, meaning that records of transactions can't be manipulated or deleted.
7. Blockchain Can Help with Digital Property Management
Blockchain can be a catalyst for the digital ecosystem by providing intellectual property rights. The current norms prevent e-books from enjoying the exact lifecycle of physical books. Under this system, you are not able to sell or even lend your e-book to someone else.
This prevents people from sharing their favorite book with friends and family members and prevents authors from earning royalties on secondary sales and lending fees.
Books you can buy at the store are a dying breed. E-books and blockchain offer an opportunity to make them more valuable than ever before by monetizing their usage, but this is only the beginning of what can be done with these technologies.
Imagine if we could share our e-books with friends or sell them at will – not just to other readers but also to libraries, schools, and universities around the world.
Blockchain has become the most secure way of storing data electronically. Once a story is written, it can never be changed without leaving behind a trace. Blockchain records every transaction for each copy of the book, so no one can duplicate or steal your copy to reap profits from your hard work.
Blockchain Publishing on the ready!
Blockchain is a revolutionary technology that has the potential to change publishing as we know it. It would allow authors to own their intellectual property and reap their work rewards without being at risk for plagiarism or copyright infringement.
Blockchain will be an integral part of digital publishing in the future.
We also talk about blockchain in our post: "Blockchain could revolutionize academic publishing".