Blockchain Technology to Play a Vital Role in Publishing Books
Several blockchain projects are now intending to adopt decentralization to support small publishers, and self-published authors contend with industry titans.
From launching blockchain-powered content distribution platforms to executing rights distribution on the network, blockchain in publishing could transform the market for good.
This new technology could signal the commencement of a new era in publishing and design new laws for how profits are distributed.
Smart contracts for immediate payments
The US book publishing industry registered incomes of $26.23 billion from publisher sales in 2017. This was a deterioration from the previous year, though it headed an essential breakthrough in the industry. Online retail channels equaled their brick-and-mortar rivals (in financial terms) and were set to exceed them.
As the publishing industry has become digital, there’s a demand for a new system for purchasing magazines and books. One that is more transparent and provides readers to compensate for what they desire.
Blockchain in publishing could support authors and artists in this industry to gain more from their work. It would decrease the requirement for third parties and negotiators between content providers and end-users.
Smart contracts on blockchains could build a safe working environment for authors and artists that offer to the publishing industry.
Photographers, writers, and editors could make a profit from smart contracts entered to release payment every time publishers accept the content.
The networks could provide for tracing every contract payment. This would constitute a comprehensive publishing history for every author, as well as magazines and publishing houses.
Better content distribution platforms
The retail book industry has evolved prominently in the past decade. With more brick-and-mortar book retailers withdrawing from the market, readers have shifted to purchasing books and e-books online.
Nevertheless, the confined number of vendors who manage prices and distribution makes it tough for authors to handle their publishing businesses.
Blockchain in publishing could provide for content distribution platforms that place more pressure on end-users and their requirements. It would enable readers to determine how they want to utilize content and pay for it. This would make it simpler for publishers to charge for individual pieces of content.
Readers wouldn’t have to spend on a monthly or yearly subscription to read a restricted number of articles. Blockchain in publishing could provide users easy access to more books and magazines and more liberty to accept where their money goes and which authors to bestow for their work.
Platforms like Po.et or Authorship are striving to disrupt the publishing industry by redesigning the relations between authors, translators, publishers, and other professionals that offer to create books and magazines.
More independence for self-publishers
Self-publishing is a way for authors to share their work without a conventional book publisher that manages distribution and copyright. Famous among indie authors in the past, self-publishing is currently an appealing option for famous authors as well.
Amazon controls this market as well. Authors proceed to depend on a third party to distribute their content, even if they hop the old mediators. Furthermore, the e-commerce giant takes just as much money as the average publisher that is approximately 30 to 40% of the revenues!
Blockchain in publishing could be the commencement of what is known as self-publishing 3.0, which allows content monetization and micropayments.
Decentralized networks would provide authors the possibility of managing licensing and copyright while distributing e-books via blockchain-based platforms. They could keep more than 70% of the revenues and build networks outside of Amazon and its rating system.
Useful tools to counter plagiarism and fraud
Blockchain technology can verify ownership of a piece of content. This indicates the author can confirm that he or she is the source of the material and has the power to profit from all sales. With a decentralized network in place, there is no requirement for a central authority to manage the process.
Blockchain could also hinder plagiarism. Any new content that employs an e-book as a recommendation would automatically attach the reader to the person who holds the original piece.
CERTO, for example, is a blockchain-based project that utilizes this technology to confirm the content origin of digital assets.
Once the author records the document on the blockchain, the CERTO app presents them with a certificate of authenticity.
Blockchain in publishing could start a revolution
The industry has seen an expanded number of start-ups utilizing blockchain technology to develop platforms and tools that allow sharing content. Publishers, authors, and readers can comfortably write, read, sell, publish, and purchase e-books in a safe environment.
Every author has the freedom to be the only owner of the content they have created and be compensated for their work. Blockchain can enhance transparency in the industry and streamline publishing processes, with more significant advantages for authors and end-users.