Top 5 Benefits Of Using Blockchain In Digital Publishing
Blockchain goes ahead and lands the point that when there is no central control, there’s more room for trust. Blockchain is a decentralised digital ledger technology. Bigger brands and governments are using blockchain to improve their business models. The reason blockchain is relevant is because of its ability to share data in a fast and secure way without any participant/entity having to take responsibility for safeguarding the data or guarding the transactions. So how can publishers benefit from blockchain? Here are five benefits of using blockchain in digital publishing.
A sustainable option
Content creators often have to depend on a third party provider for content distribution, payment gateways and more. Distributors end up taking a large chunk of the revenue that’s meant for the creators. This is where blockchain works as a saviour. Publishers can eliminate any intermediary and help creators get the share they’re entitled to. The safe transactions also encourage micropayments and authors can track their distribution more effectively.
Blockchain and smart contracts
Blockchain also facilitates smart profit sharing. Stakeholders can really benefit from this! Any party contributing to the publishing can be linked using the public ledger feature.
Due to its decentralised nature, blockchain allows carrying out smart contracts wherein financial transactions and sharing of revenues is made simpler. Along with the writer, other participants can also be paid for their work. Smart contracts can be made through predefined rules and automatically assign revenues to stakeholders. Smart contracts can be used to carry out arrangements with your consumers online. They can be attached to almost anything - physical stores to digital shops. Contracts can be tracked, profits can be shared, complete accountability, and changes can be updated and shared instantly.
Better Copyright options
Copyright cases are plenty in the world of content, both digital and print. Blockchain prevents this entirely by adding stamps to the published materials (time stamps and person stamps) which provides a certain level of protection. It also protects writers and brands. One is able to track ownership back through smart contracts. Another good news, all updates or changes made on blockchain can be traced back. It cannot be deleted. Making it a safe place for both investing money and your native content.
Transparency leading into trust
Blockchain creates a space where brands can interact. The enablement of trust is one of the most important benefits of blockchain. Brands participate in business dealings that involve transactions or data sharing that may not have happened in a traditional setting. Cryptocurrencies are prime examples of trust between two parties who don’t know each other.
The security of blockchain stems from the basic functioning of it. It creates an un-manipulatable record of transactions with end-to-end encryption which ensures that all payments are safe money transfers. Data on blockchain is also stored across a network of computers which further makes it even more secure. It can also anonymise data and limit access to both party’s benefit.
Control on every step
Blockchain allows a lot of individual control over one’s digital data. This is a very important feature of blockchain and is increasingly relevant in this digital age. Data is invaluable today and with blockchain individuals can decide what chunks of data they wish to share, with who, for how long and carry this all out seamlessly through smart contracts by blockchain. Brands too have the same level of control. This makes the digital approach more approachable and detail oriented for bigger brands.
Conclusion:
Businesses today spend large amounts of money to improve their current systems. By using blockchain, organizations are able to bring down a lot of costs that come with third party vendors as it takes out the “middle man” - it’s decentralised and therefore there’s no need to pay a vendor. There are also lesser interactions while validating transactions further removing expenditure and the time.
Blockchain’s frontman will always be auditing - each transaction is recorded and cannot be manipulated. The audit trail will help keep tracks of digital assets through the digital journey of an individual and/or brand.
Blockchain is transforming our digital experiences on the daily. From NFTs of pixelated apes to gauging the growth of cryptocurrency - there’s a lot of digital change around us. The focus seems to be increasingly on democratised & decentralised platforms where people and brands can participate with ease. As more transactions become digital, it’s important to have systems like blockchain in place.