Blockchain technology isn’t widely used in publishing yet, but that doesn’t make it useless. Since these industries have shifted to the digital space, publishing companies, academic journals, self-publishers, and writers stand to gain significantly from blockchain technology.
Selling and buying material and conducting online transactions are the cornerstones of online magazines and e-books. Blockchain and digital publication are, therefore, a perfect fit. Here’s how blockchain can revolutionize the e-book market. We will also outline the major challenges companies face with blockchain.
Role of Blockchain in Publishing
Here’s how blockchain can revolutionize the e-book market.
Better Payment System
All parties will feel the advantages of blockchain technology. The blockchain database regulations will compensate designers, editors, and other stakeholders. In addition, blockchain technology allows for the permanent tracking and linking of a person’s contributions to the advancement of publishing.
Smart contracts enable the digitization and automation of a wide range of processes. As a result, without manual assistance from human middlemen, people and organizations can conduct commerce with one another.
Enhanced Security
The global smart wallet market size is projected to grow at a CAGR of 5% by 2030. Blockchain can guarantee a safe payment method for publishers and authors through smart wallets. These encrypted wallets will be able to work with cryptocurrencies or tokens. Publishers can use only those tokens and cryptocurrencies that can be used inside an ecosystem for a project.
Blockchain can also be used to develop encrypted smart wallets that are more secure than any other kind of wallet now available. These wallets make payments without going via a middleman like Google Play or iTunes. This technology has made payments simpler and safer than ever before.
Streamline Digital Property Management
By granting intellectual property rights, blockchain can serve as a stimulus for the growth of digital publishing platforms. In addition, this technology prevents readers from selling or simply sharing the magazine with others.
Some digital e-kiosks, like the PressPad Store, use similar ideas to prevent the uncontrolled distribution of publications. People cannot share or publish the materials on pirate sites for others to download for free. They can only read in the browser without downloading a PDF file.
These publishing methods hinder individuals from sharing content with others and authors from collecting royalties on secondary sales.
Challenges
Blockchain technology offers numerous opportunities for the publishing industry. Yet, it also poses a few roadblocks. One of the most critical challenges is the basic criterion for standardisation. Companies must have an established framework of processes and guidelines to incorporate this technology. Moreover, mutual consent is also a must among all the stakeholders.
Bottom Line
Cooperation and teamwork across the business are essential for this to be successful. Because the technology is still in its early phases, it is unknown whether it can handle the huge volume of transactions generated by the publishing industry.
Additional research and development will ensure blockchain technology meets the industry’s expectations. However, with blockchain technology ongoing growth and advancement, we may expect to see more creativity and competitiveness in the publishing industry in the coming years.
Navkiran Dhaliwal is a seasoned content writer with 10+ years of experience. When she's not writing, she can be found cooking up a storm or spending time with her dog, Rain.
