In the past, books and handwritten works used to be one of the most essential means for passing down information, knowledge and culture. Currently, in the new era of information and communication technology, books are being converted to digital formats, which aids in the process of democratization and monetization.
The dilemma is how to ensure the accuracy and sustainability of digital books while ensuring fairness for the authors. When finding the right solution to this issue, NFTBOOKS paved the way by applying blockchain to the eBook platform.
What is Blockchain?
Blockchain, also known as Distributed Ledger Technology (DLT), makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing. In particular, each block in the chain contains a number of transactions, and whenever a new transaction happens on the blockchain, a record of that transaction is added to the ledger of each participant.
Blockchain is an especially promising and revolutionary technology because it reduces risk, eliminates fraud, and provides scalable transparency for a wide range of applications. The most well-known (and maybe most contentious) application of blockchain is in cryptocurrencies (digital currencies or tokens) such as Bitcoin, Ethereum, or Litecoin, which can be used to buy goods and services.
Application of blockchain on e-Books.
When applied to publishing, blockchain is a powerful anti-counterfeiting and anti-piracy tool that will allow authors to host, distribute, and monetize their digital content. NFTBOOKS distributes royalties to all book contributors automatically using smart contracts.
NFTBOOKS aspires to provide an online platform that allows writers to edit and self-publish their works in the form of an eBook into a blockchain system without any intermediary. Because blockchains are immutable, if a system records that you possess an ebook on a blockchain, that record will be there in perpetuity. Every eBook's content would then be safe against deletion, tampering, or revision.
Readers would then securely log in to this eBook’s blockchain and make a payment transaction to have access to the material they desire. The eBook blockchain agents would be in charge of recording payments and ensuring correct distribution to content creators. The most prominent point is that it would be absolutely transparent.
When you buy an eBook on our platform, it creates a blockchain record of your purchase, establishing your ownership of the file. You will be given a token that will serve as proof of ownership. The file can then be sold, lent, rented, or given away to someone else, that is up to you. This allows for the formation of new secondary markets for digital files, such as the reselling or renting of digital books to others, while also ensuring that royalties are distributed fairly. When this happens, a new ownership record is created on the blockchain, and the token is transferred to the new owner. In other words, blockchains allow for safe ownership transfers that are not influenced by a third party.
Blockchain, according to NFTBOOKS, is the finest encryption technology for eBooks and it will undoubtedly transform our digital era. NFTBOOKS sees technology as a means of generating new revenue streams and lowering operating expenses while also offering convenience to everyone.