How to use Blockchain in Publishing Industry in 2023?

Blockchain has become a hot topic in 2022, but for many publishers and advertising executives, it remains a mysterious aspect of the internet, apart from their core businesses.

 

Blockchain technology is currently widely used by businesses to generate revenue, enhance corporate operations, reach new audiences, and generate leads. You might not be aware of how the blockchain might help and possibly extend your media business, outside the fact that it powers non-fungible tokens (NFTs), such as digitalized magazine covers that can be sold for four figures in bitcoin.

 

Publishers should think about holding their cryptocurrencies on their balance sheets as NFTs become less mysterious. One of the biggest and most significant sectors in the world is publishing. The market is worth many billions of dollars, and it has existed for a very, very long period. 

 

Since many of the largest brands began selling things digitally more than ten years ago, publishers have been at the forefront of online product sales. Some industry insiders think that blockchain's advantages for publishing platforms could be the solution to a lot of the problems facing the sector.

 

What is Blockchain?

 

Blockchain is a method of storing data that renders system manipulation, hacking, and fraud difficult or impossible. A blockchain is a digital database of transactions that is replicated and dispersed across the whole network of computers that make up the blockchain. 

 

Every time a new transaction occurs on the blockchain, a record of that transaction is recorded to the ledger of each participant. Each block on the chain consists of a number of transactions. The decentralized database known as distributed ledger technology, or DLT, is controlled by numerous parties.

 

A hash, an unchangeable cryptographic signature, is used to record transactions in the blockchain, a type of distributed ledger technology. According to this, if one block in a chain was altered, it would be clear that something had been wrong. 

 

To completely destroy a blockchain system, hackers would need to alter each block of the chain, across all distributed copies of the chain. As fresh blocks are continuously added to the network, the security of blockchains like Bitcoin and Ethereum grows significantly.

 

Also Read | Applications of Cryptocurrency

 

The Rise of Blockchain in Publishing

 

Digital publication is likely to be disrupted by the blockchain. Simply by streamlining content distribution and enabling more efficient payments, this cutting-edge technology can address the problems that publishers have been dealing with for a very long time. 

 

Due to a lack of knowledge about how blockchain technology might be applied in the publishing industry, the majority of publishers have refrained from testing it. A recent survey found that while most publishers think blockchain has the potential to change the media, just about 10% of them have adopted technology into their business plans.

 

Blockchain was developed to support cryptocurrencies like Bitcoin, but it is now used for a variety of purposes, from collecting music royalties to registering voters. It has been touted as a way to bring security and transparency to copyright, payments, and content distribution in the publishing sector.

 

Also Read | A Gentle Introduction to Smart Contracts

 

Benefits of a Publishing Platform Employing Blockchain

 

Every sector of the economy, including publishing, might undergo a change thanks to blockchain technology. Every industry that has embraced it has experienced success. The publishing sector may actually experience independence, transparency, and security thanks to its dynamic default features.

 

1. Improving Publishers' and Authors' Economic Stability: 

 

Authors must rely on third-party service providers to deliver secure content distribution, payment gateways, or safe online transactions. The content market is significantly impacted by Amazon and App Stores. As a result, writers and developers don't get paid as much as they should for their labor. Blockchain technology, on the other hand, has the ability to do away with middlemen. 

 

Authors will be able to trace the dissemination of their content and establish a micropayment system for users thanks to blockchain technology. Additionally, authors will take back control of their work, moving up from the position of a content distributor to the primary source.

 

2. Administration of Supporting Projects: 

 

A book is not the only source of income for an author or publisher. Fan fiction, movie adaptations, and spin-offs can all bring in money from a book that has been published, claims Writers Weekly. Some of these ancillary initiatives are referred to as "accessory items," and they are employed to raise awareness of a book and maintain customers' interest in a brand's narrative. 

 

Authors and publishers will be able to secure these auxiliary projects for their usage by using a blockchain. Blockchain technology will make tracking easier because it is a decentralized ledger that allows any transaction to be carried out without obtaining anyone's consent.

 

3. Stakeholders' share of earnings: 

 

The advantages of blockchain technology will be felt by all parties. Designers, editors, and other stakeholders will be compensated in accordance with the blockchain database regulations. Blockchain technology allows for the permanent tracking and linking of a person's contributions to the advancement of publishing.

 

Smart contracts enable the digitization and automation of a wide range of processes. Without the need for manual assistance from human intermediates, people and organizations can conduct business with one another. It won't be necessary for someone to constantly iron out the kinks or mail checks because contracts that are also on the blockchain will conduct and distribute sales among the stakeholders automatically.

 

4. Digital wallets: 

 

By utilizing smart wallets, blockchain can provide a safe payment method for publishers and authors. These encrypted wallets will be able to work with cryptocurrencies or tokens that are already known to be utilized inside an ecosystem for a project. Blockchain can also be used to develop encrypted smart wallets that are more secure than any other kind of wallet now available.

 

These wallets make it simpler than ever to make payments without going via a middleman like Google Play or iTunes since they can handle tokens for specific projects or commercial settings.

 

5. Self-Executing Terms in Smart Contracts: 

 

Self-executing terms are not a new concept, but because of blockchain technology's decentralized nature, they have just lately become practical. Smart contracts are not merely for money transfers and income sharing. Blockchain can be used to execute activities and agreements. Additionally, this technology is excellent for carrying out agreements with your clients.

 

For instance, if a third-party payment processor confirms a customer's purchase, a smart contract can provide a discount. Virtually anything can be connected to smart contracts, including online and physical stores. Contracts will be able to be tracked, share earnings, and even pay charges thanks to such a strong tool.

 

These are but a few instances of the potential of smart contracts. Almost instantly, any contract may be amended and shared. Smart contracts, which employ blockchain technology to generate contractual agreements, can considerably cut down on both the time and cost of contract creation.

 

6. Blockchain Can Aid in the Management of Digital Property: 

 

Blockchain's ability to grant intellectual property rights can act as a driver for the digital ecosystem. E-books cannot now experience the same lifecycle as physical books due to cultural conventions. You aren't allowed to sell or even rent your electronic book under this method.

 

This makes it impossible for readers to recommend their favorite books to friends and family members and makes it impossible for authors to get royalties from secondhand sales and lending fees.

 

Store-bought books are a rare breed that is vanishing. By monetizing their use, e-books and blockchain provide the potential to increase their value beyond anything previously possible, yet this is just the tip of the iceberg. Imagine if we had the option to freely sell or share our e-books with others, including libraries, schools, and institutions all around the world.

 

The most secure method for electronically storing data is now blockchain. A tale cannot be modified after it has been written without leaving a trail. Blockchain keeps track of every transaction for each copy of the book, making it impossible for someone to copy or steal your copy and profit from your labor of love.

 

7. Effective Copyright Alternatives: 

 

Literary theft is one issue that has long plagued the publishing sector. It should be hard to steal someone else's work and claim it as your own, especially in this modern age.

 

Blockchain technology can offer a fundamental degree of security for publications by automatically adding timestamps and person stamps to published materials. It is substantially more efficient than more ineffective older techniques for marking books, like the use of watermarks. 

 

Additionally, it can defend a company's and an author's legal rights. With the aid of smart contracts, authors can determine who originally owned their works by consulting the ownership record. Because blockchain is immutable, records of transactions cannot be changed or removed.

 

Also Read | Role of Blockchain Technology in Secured Payments

 

Challenges for Implementing Blockchain in Publishing

 

Although blockchain technology has a wide range of advantages that publishers can make use of, it has not yet become widely used. To provide particular facts and figures on its use by publishers is still too early. Most applications are still in the testing phase. Why is this taking place?

 

Even while the blockchain is a fascinating technology full of potential and possibilities, it is not without difficulties. The first step should be learning how to apply it to publishing successfully. The implementation is difficult, too. Unfortunately, implementing blockchain is expensive and necessitates a lot of storage. Talented professionals must be hired in order to use it efficiently.

 

The enthusiasm around the blockchain is legitimate and well-founded. There is little doubt that this trend will gain popularity. It is crucial for you to recognize and understand the need for publishers and authors to gain advantages from the blockchain at this time.

 

Also Read | The Dark Side of Cryptocurrency

 

End Note: Seeing Blockchain as a long-term investment

 

Publishers and media companies are currently in the initial stages of the blockchain revolution. Blockchain for digital publishing is still in its early phases.

 

The potential advantages of blockchain and its use in the publishing sector unquestionably point to a promising future. We are all still beginners when it comes to implementing blockchain-based technologies, and the algorithms and programs used in blockchain applications are still in the early stages of development. 

 

Blockchain will become a crucial component of the publishing sector, allowing content producers to protect their intellectual property rights and guarantee secure distribution.