Anyone who knows how the publishing industry works must be aware about how little writers are paid and the middlemen who feed off their talents.
Year after year, as publishing platforms rake in moolah worth billions of dollars, writers only receive 5-10 percent of the revenues in the industry. Every publishing platform takes a huge chunk of the revenue and passes the leftovers to the writers.
It is not surprising that many talented people with great writing skills view their hobby as one of the least lucrative career pursuits and choose other lucrative career options available in the job market.
However, this is set to change with the entry of blockchain-based platforms and it can be a game changer for the publishing industry.
Blockchain-based platforms and blockchain technology does not intend to replace publishers and bookstores, but it only intends to make everything a bit more transparent and simpler for authors and writers.
Blockchain technology also intends to revolutionize the way business is done in the publishing industry by addressing the problems presently affecting publishers, from rights management to piracy.
Blockchain is a technology platform that is open to anyone and everyone and runs on millions of devices by which not only information, but anything of value such as money, art, music, scientific discoveries, title and deeds can be transferred and stored privately and securely.
Blockchain technology, when combined with micropayments – the payments that can be smaller compared to the conventional currencies, for instance fractions of a cent – will allow writers to sell their books on their own websites easily, publishing houses to shift to a pay-per-read revenue from an ad-based revenue, and publishers to contact writers whose script they would like to purchase.
As blockchain technology is secure and decentralized, the most feasible and longstanding impact it can make is by enabling writers, researchers, publishers, members of publishing platforms, to work on the same platform simultaneously ensuring secure collaboration and universal access.
Here are some startups that use blockchain technology to bring changes in the publishing industry.
Po.et: Po.et is an open, shared, universal ledger devised to record metadata and information of ownership for creative digital contents. It intends to create the biggest verifiable record of creative digital contents by creating an open platform on the Bitcoin blockchain. Po.et intends to revolutionize the publishing industry by creating distributed ledger for digital contents, which may serve as a platform for both centralized and decentralized media applications.
Po.et developed the idea after understanding that texts and quotes are often used by content scrapers or misattributed by media. Each time a writer creates and adds a piece of text to the database of po.et, the content receives an originality stamp in the form of a hash.
Amino Pay: Amino Pay combines blockchain technology with avertising and payments technologies to bring transparency, accountability, and integrity online advertising. Amino Pay focuses on digital advertising supply chain and solves the problem of loss of trust and revenue in the digital ad supply chain. Amino Pay uses payments to simplify media supply chain and verify advertisement views and instant payments clearing from brands to publishers, users and agencies.
Amino Pay has developed a product named as Amino Lens that ensures the authenticity of advertisers and it monitors, highlights, and reconcile each and every advertisements and money spent in the media supply chain.
PUBLIQ: PUBLIQ is a peer-to-peer distributed network that was established to support digital content creators and protect the rights and interests of both content creators and readers while creating and maintaining a free media environment. PUBLIQ is developing a decentralized communication platform for author of all types of news and articles.
PUBLIQ comprises three different layers – a content sharing layer that enables an author to safely post news and articles, a transactional layer that comprises a transfer and reward distribution system, and a reputational layer that assesses the authors’ reputation based on opinions of readers.
Brave: Brave is an open source browser that enables users to have a faster, safer and better browsing experience as well as supporting content creators via a novel attention-based ecosystem of rewards. Brave enables the readers to set a monthly budget that the browser automatically divides it between the chosen publishers.
The Brave browser anonymously and automatically monitors the publisher sites each user visits as soon as the user enables Brave Payments. The more frequently a user visits a site, the higher is the proportion of the user’s monthly contribution for that publisher. The browser also blocks ads.
Unlock Protocol: Unlock Protocol is a blockchain based access control protocol that allows users to monetize their software or content without depending on a middleman. It enables customers to manage all of their subscriptions in a steady manner and earn discounts when they share the best applications and content. Unlock Protocol has devised a protocol that enables a user to restrict access to their creations and allow customers to earn points after they come across and promote the high-quality creations.
The blockchain-based protocol can be applied to publishing, software licenses newsletters, or transportation systems.