Blockchain and Publishing: Is this really an effective collaboration?
‘Blockchain’ is like a technological tree, which is rooting itself deep into almost every industry we can possibly think about. It won’t be surprising enough , if you come across a whole Library dedicated to Blockchain’s life achievements, in future. While Library reminds of books, the former reminds about Publishing firms. And about that; the way many publishing firms are collaborating with blockchain technologies now-a-days, doesn’t that indicate to something important? Is this new blooming friendship really going to be a benchmark pro-quo for some profitable business exchanges on both sides or, would this again lead to possibilities of unfavourable turn of events in near future? Lets check it out in details, and lets decipher everything, from the very beginning.
What is BlockChain?
The credit goes to Satoshi Nakamoto for bringing Blockchain into the real world in 2008, while this was just the pseudonym used, the real identity is still a mystery. Blockchains are basically a growing cryptographic links of blocks carrying information about their origin and modification, transactional data and link information about the pervious block. Being further modification-proof, blockchains are public, distributed ledger helping in peer to peer transaction between parties. Having an unique property of complex method of alternation of data within, makes it much secure and effective in many ways. The blocks form a link, and leave no room for any other block to come in between these two blocks.
Issues Publishing firms face?
Publishing is a collaborative term coined for the over-all preparation of books, software, magazines, journals, web material, apps, much more and making it available for public availability. They need to deal with copyright and intellectual property management and major financial distribution and financial revenue management. They require an extensive model to maintain both innovative production and a revenue structure that can keep them running smooth.
How Blockchain technology is helping Publishing firms?
Here are few points that describe best, how are these blockchains actually furnishing publishing industry:
1. With ‘Smart Contracts’ coming into picture through Blockchains, it would be much easier for Publishing firm to have an efficient upper hand in handling economic distribution amidst authors and gaining back the incurred cost. ‘Smart Contacts’, by the way is a coding structure falling above blockchains which ensures that the guidelines are met between two parties, before proceeding further. Not a legal contract though, but can be in future – if all hurdles are dealt well.
2. Blockchains are actually very useful in Copyright managements, in the world where proprietary is still done on papers, most of the time. Since the data in blockchains is almost irreversible, in comparison to any other secure electronic exchange. It opens many doors for authors to get the real credit on their rights, in real time basis without any authority surveillance or monitoring.
3. Blockchains are providing a much greater chance for Publishing firms to rework on the existing corporate model, meanwhile to follow and promote decentralization and automation, so that the work of original authors could reach the masses without their credit losses and importantly proper channels of financial royalties.
Publishing industry seems like, grabbing the big part of the cake in this deal yet Blockchains are not left behind. The latter gets to show-off its remarkable talent again, this time in the field of Publishing (after the grand success in Financial industry, we already know about).So far, it looks like this collaboration is going to be a beneficial deal at both ends. It seems, Blockchain is going to one revolutionary change for the highly evolving internet world.