Is blockchain the new future of authors and the book publishing industry?
Is blockchain the new future of the publishing industry?
We are in a new technological age, so there is no doubt that blockchain is a revolutionary technology with the potential to transform publishing. Authors would be able to maintain ownership over their intellectual property and profit from it without the worry of plagiarism or copyright infringement.
What is blockchain?
Blockchain is a distributed, unchangeable ledger that makes recording transactions and managing assets in a corporate network easier. It was created to serve as the infrastructure for cryptocurrencies like Bitcoin, but it is currently being utilized in a variety of different applications including the publishing industry.
Today, there are several forward-thinking projects in the publishing sector that are already employing blockchain technology to establish creative platforms such as NFTBOOKS.
The current state of the publishing industry
It’s not easy for a writer to catch the attention of a publisher. Perhaps the book is not appealing enough, or the publisher can not afford to print a huge number of copies or advertise the book. The number of readers who have the financial means to pay is similarly limited. Therefore, it leads to the situation that authors write books but can not spread their books.
Furthermore, even if the writers find a publisher for their book, they must pay the publisher a charge if the book does not sell well. If a publisher chooses an author, this author will only earn 10–15% of the book’s sales revenues as royalty. They will also relinquish control over the publication process and give up their rights to the book.
The NFTBOOKS project investigates a blockchain publishing model centered on authors, which provides value for micro-authors by monetizing existing intellectual property. Let’s continue to explore the benefits blockchain brings to authors and the publishing industry using the NFTBOOKS platform.
The benefits of blockchain to authors and book publishing
- Providing Economic Stability for Publishers and Authors
The use of blockchain technology has the potential to eliminate the need for middlemen. Authors will no longer rely on third-party platforms such as Amazon, Google Play, or the App Store to publish their works; instead, they will reach out directly to readers. Authors will be able to track their books’ dissemination and utilize blockchain technology to create a payment system for users. Authors will also guarantee ownership of their work, transitioning from content creators to first-line profitable beneficiaries.
- Smart Contracts & Smart Wallets
Blockchain records when a customer purchases a book from an author, a translator receives a book from an author to translate, a reader borrows books from lessors,… The adoption of blockchain to smart contracts might make the transaction process smooth. The terms of conditions on smart contracts have been agreed upon by all parties. Contracts will be able to be tracked, shared profits, and even reimbursed costs.
Blockchain can ensure a secure payment system for publishers, authors, readers,… by using smart wallets. Currently, NFTBooks supports MetaMask and Trust Wallet, two of the largest and most popular crypto wallets that help you make transactions easier. These encrypted wallets will be able to deal with pre-defined cryptocurrencies or tokens used within a project’s ecosystem.
- Reselling/Lending digital book
When you buy an eBook from Amazon, you only purchase a license to read it; you do not own it. It is not lendable or resellable. However, blockchain technology allows you to do both. Because of the decentralized ledger that keeps track of where and when an item moves, blockchains allow an object (an eBook) to be tracked wherever it goes. Blockchain technology might make it easier to resale or lend eBooks while also keeping track of who held the digital file and for how long. NFTBooks is already experimenting with this through blockchain.
Blockchain is ideal for publishing because an author can use blockchain to record the book’s rightful owner. It’s in the blockchain, and no one can dispute it. With the aid of smart contracts, authors may track the ownership of their property back through the ownership record. As a result, if a publisher uses blockchain to track its titles, it may be much simpler to spot when a copy has fallen into the wrong hands or is being distributed unlawfully. Thus, with blockchain, the situation of copyright violation will be significantly reduced.
Faced with the challenging reality of the publishing industry and the rights of authors, NFTBOOKS has broken traditional rules and models. Blockchain is not only the future but also the present, a foundation for innovation and development. Let’s start the journey to the time of globalization, monetization, democratization.