How Blockchain Technology Could Revolutionize the World of Publishing
Blockchain technology is rapidly entering all sectors of business and development. The music industry has already witnessed numerous artists release their songs and albums for sale on platforms running on the blockchain. Currently, there are several platforms like Choon, where customers can also stream their music. In the same vein, it seems that the world of publishing isnt much behind in the race to embrace the tremendously malleable technology.
Blockchain Enters The World of Publishing
The versatility of applications that blockchain provides has made it a desirable technology used for the management and optimization of publishing processes.
Publishers handle an array of activities related to the pre and post-production of text into a finished piece of work. Simply put, publishers are the people who organize and prepare everything after the first draft of a text is completed by the author. In essence, their job is crucial for the successful release of written information in the form of articles, studies, reports, thesis, and books in the market.
Blockchain can be used in several aspects of publishing in order to boost productivity, limit costs and improve security. Efficiency is a key factor in the publishing world, and blockchain may be the next big revolution in the industry. The way the decentralized ledger works allow for numerous people to input their work, while all the information stays protected because of the numerous validations and storage performed across the network.
Benefits Of Blockchain in Publishing
One area where the blockchain technology can be very beneficial is contract preparation.
Blockchain operates with smart contracts, which are faster to put together, significantly more secure and easily accessible for all sides of the agreement. The ledger ensures that such contracts are authentic, as they are validated by nodes throughout the whole network.
Once two parties reach an agreement, it is recorded in the ledger and becomes binding. Many publishers and authors find this additional level of security tempting, as it can also be the key to reducing piracy. Piracy is one of the significant problems publishers and authors face, as it deprives them of earnings which should legally be theirs.
Smart contracts also make clearing transactions easier, as they provide the opportunity for automated payments when certain conditions and project milestones are reached. For example, when an editor submits the corrected text, the payment for this work can be automatically released, even if the publisher is not available to check the content at the exact same moment. This versatility of distributed ledger technology (DLT) based ...Read full story on btcmanager.com