The dawn of the digital age revolutionized industries across the board, and the literary world wasn’t skipped over either. The birth of blockchain technologies began a brand spanking new chapter in the world of publishing. The internet has already given the literary world a major facelift, but the future of blockchain has incredible potential for so much more. Crypto gambling typically come to mind when mentioning blockchain technology, but this digital revolution has only begun.
What is Blockchain?
Blockchain is unique on several levels. For example, the blockchain utilizes ledger technology that records immutable transactions. Every transaction takes place across multiple computers to guarantee superior security. Every transaction gets recorded on a block with each block containing a cryptographic hash of the block transaction before it. As each block transaction is recorded and mashed together, a chain of blocks forms. The way transactions are recorded is where the technology gets its name.
How Does Blockchain Impact Publishing?
Blockchain technology offers several advantages for the publishing industry. Before the internet, printing literature was the only way to spread the work. Printing brought multiple challenges the internet eliminated. Blockchain picks up where the internet left off.
- Transparency – Every transaction on the blockchain is recorded, but these transactions are viewable by anyone with network access. Transparency in publishing has unlimited perks, but there are a few cons. Transparent transactions put an end to common issues like copyright infringement or royalty disputes.
- Security – Blockchain ledgers are decentralized, meaning it is resistant to hacking. Unauthorized edits and distribution are extinct problems, thanks to blockchain’s tamper-proof smart contracts.
- Smart Contracts – Smart contracts self-execute agreement terms directly written into code. Smart contracts can elevate the world of publishing by automating royalty payments. Authors never have to worry about receiving their revenue. Plus, third parties are eliminated entirely.
- Immutable Record Keeping – Data that’s recorded on the blockchain can’t be modified or deleted. The integrity of publishing records provides an audit trail for book sales and distribution.
Benefits for Authors
Publishing books on the blockchain can offer numerous benefits for authors not found elsewhere.
- Direct Access to Readers – Publishing gatekeepers have previously prevented authors from directly publishing their literature to readers. Blockchain breaks down barriers to eliminate literary agents or publishing houses.
- Greater Control – Authors retain full control over their intellectual property, which wasn’t possible in the past. Before blockchain’s entrance to the publishing world, authors couldn’t control pricing, distribution, or marketing strategies related to their work.
- Fair Compensation – Smart contracts make it possible for authors to receive instant royalty payments. Authors are guaranteed fair compensation for their work.
- Global Reach – Blockchain-powered publishing platforms reach a global audience. Geographical barriers are ancient history. Not to mention, blockchain opens up new markets.
Challenges and Considerations
Blockchain technology will reshape the future of publishing. However, blockchain’s ledger isn’t perfect. Before diving in head first there are some challenges to be wary of.
- Technical Complexity – Blockchain technology is still new and comes with plenty of complexities. Publishers and authors who aren’t familiar with blockchain’s features must learn how to operate and implement blockchain’s features.
- Market Adoption – Blockchain-powered publishing platforms are still new. The widespread adoption of blockchain in literature will take some time. As it matures, blockchain’s ledger will only get better.
- Regulatory Uncertainty – Blockchain and cryptocurrencies are still evolving in many ones, like outside regulation. Blockchain operates on a decentralized platform that outside regulators are constantly attempting to penetrate. The legalities of blockchain’s publishing platform raise understandable concern for authors and publishers.
A Shift in the Literature World
Blockchain-based publishing platforms have created a shift in the literary world by offering authors new opportunities for creative expression. Authors also benefit from blockchain’s financial empowerment and distribution possibilities.
