The blockchain technology has already made its way into the core traditional sectors and now music and art are also taunted. Industries gain a lot of benefits from blockchain such as enhanced efficiency, but creative industries are using blockchain to increase accountability and remove the trust factor. Media and publishing industry joined the race of blockchain adoption.
Use cases of blockchain technology in publishing
One of the publishing industry’s main issues revolves around plagiarism and copyright. The legal option of litigation if both expensive and time-consuming. Now, blockchain could become the solution to the publishing industry’s most ardent issues.
While publishing a work, identifying metadata can be uploading to a public ledger by the author just like cryptos use the distributed ledger model to verify if transactions in the network are legit.
The updates made by the author will be timestamped and available to be viewed publicly. A smart contract can also work to check the entire main chain for matching work. If another piece of content is found, the author will not have the exclusive copyright over the work.
More case uses are viable as well. For instance, if a media house wants to publish a book available on the blockchain, the original creator can get a fee for letting the house use the content. The system is automated and the fee can be predetermined by the author and deposited in their wallet in digital tokens.
The most significant projects using blockchain in publishing
Po.et is a shared ledger that is set to record authors’ metadata of any original digital content.
“In the same way that blockchain technologies have revolutionized the financial industry by creating an immutable and distributed accounting ledger serving as a platform for financial applications, Po.et will transform the publishing industry by creating an immutable and distributed ledger for creative works,” the platform’s developers explain.
Mediachain.io is a peer-to-peer platform for sharing data across apps and organizations via blockchain technology.
Amino Pay’s target is to resolve the issue of declining revenue in digital ads via blockchain technology to verify ad views and clear payments between creators, publishers, and agencies.
Kreds Blockchain is a platform that monetizes digital participation. The project aims to launch a blockchain-based news aggregator to welcome new users with micropayment and earning models.
The benefits of blockchain are penetrating more industries and its impact on the publishing industry becomes more and more noticeable as well. This and more issues have been discussed at a Forbes event called Blockchain in Publishing that was held of April 18.