Blockchain technology has serious applications in the book publishing industry. It is something that can create significant advantages for authors and publishers. This multipurpose technology is not limited to bitcoins and cryptocurrency. This is not something you will often find in cryptocurrency articles on websites like Crypto.Review but it’s something worth mentioning as one of the benefits of the underlying technology in cryptocurrencies.
Introduction to Blockchain
Blockchain is an ingenious invention that makes it possible for digital information to be distributed but not copied. It is often referred to as a decentralised public ledger used to record transactions across numerous computers. It is what makes peer-to-peer transactions possible, taking away the need for a mediator, middleman, or central regulatory body for transactions without degrading security and reliability. Blockchain makes it possible for every stakeholder in transactions to have a record of what has been happening with the system, ensuring a greater level of security and reliability.
How Blockchain Disrupts Book Publishing
Basically, blockchain will change the book publishing industry by enhancing digitisation. With it, the ideas of intellectual property, ownership, contracts, and direct sales are significantly strengthened. It will give rise to a better platform for e-books or digital books.
With blockchain, books don’t have to be in print to make money. Books can be in digital format and be sold as such without having to worry about illegal reproductions. Well, illegal reproductions may not be completely eliminated but it will be greatly reduced as blockchain makes it possible to efficiently track copies and ensure that they are only usable to those who have paid for the digital books in their possession.
Blockchain creates a shared distributed ledger of records pertaining to books in circulation. It can contain information such as copyright, ownership, and licensing. It can also include a scheme for ensuring that the contents of the books will only be accessible to those who have made the payment or those who have rightfully obtained ownership. The cryptography that comes with blockchain technology helps prevent unauthorised access and piracy.
On the other hand, blockchain in book publishing can result in automated “smart” contracts. This means that rules can be set with regards to contract rights and property rights. It will become easier to agree on ownership and asset legal claims over possible intellectual property valuations. This is a boon to the legal aspect of book publishing. Authors will greatly benefit from blockchain technology as it will make the ownership and originality of their works easier to prove, track, and protect. This is in contrast to the current system wherein having a book published and sold has to go through various hurdles.
Better Direct Sales
As mentioned, through blockchain, books can be profitable and well-protected in digital format. This means that it will be easier to sell them through the internet both in digital or print versions. Even better, the payment can be made through cryptocurrency with the records appended to the blockchain. This will help ensure that only authentic copies are being sold and that the authenticity of what has been sold is preserved and protected. Also, this means there’s no need to rely on bookstores or retailers to sell books. The middlemen in book sales can be effectively taken out of the picture. This will make direct book sales easier, more convenient, reliable, and secure.
Blockchain is a welcome disruption in the book publishing industry. Through a well-thought-out and efficient implementation, it has the potential of greatly changing for the better the way books are published and sold. It is something the book publishing industry worldwide should consider adopting.