Blockchain for the Publishing Industry
Blockchain is about to make publishing more accessible than ever before. The cutting-edge technology can solve many of the problems that publishers have faced in recent years, such as distribution difficulties and payment options for authors. We’ve compiled a list of seven ways Blockchain might be utilized in the publishing industry.
- Share Earnings Among Stakeholders
Smart Contracts 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. Create Economic Stability for Publishers and Authors
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. Manage Accessory Projects
Using a blockchain will afford authors and publishers the ability to protect accessory projects for their use. E.g. fan fiction, movie adaptations, and spin-offs. 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
Blockchain can be used to carry out agreements and tasks. 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 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.
6. Productive Copyright Options
Blockchain protects the rights of both authors and publishers. They are able to trace the ownership of their property back through the record of ownership with the help of smart contracts. These records of transactions can’t be manipulated or deleted.
7. Blockchain Can Help with Digital Property Management
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. Audio/ebooks and blockchain offer an opportunity to make books more valuable than ever before by monetizing their usage. Imagine if we could share our e-books with friends or sell them at will — as the author and publisher continue to reap benefits from each transaction long after it was sold the first time.