February 18, 2018
Since the revolution of the internet, the publishing industry has undergone a big change in the way authors write and readers enjoy the works. Along with the flexibility in access to literary products, there lies the risk of violating intellectual property. With the manipulation of copying and pasting, millions of work have been used without the acknowledgement of the work’s owner.
Thus, an author who traditionally did not often consider many legal issues about writing his/her book now has to become more cautious. However, it has been said that there has been an innovative technology capturing the capability of improving the rights of whom devoted their time and creation to write. Such technology is called blockchain.
Blockchain can power “smart contracts” to provide authors a tool to manage digital rights and allocate revenue shares to contributors to the creative process. Smart contracts also have the potential to replace traditional contracts, which can give authors more power over the content they generate.
Moreover, all of the transactions for a creative work could be seen and validated, including who accessed the work and how much revenue the work is generating at any point in time (1). Thanks to blockchain development, each creative work can be provided with a unique cryptographic ID, verified with the blockchain. This means ownership can be traced and creative content securely shared.
Another issue in publishing industry is the fact that creative content can be mispriced. However, if the demand for creative content can be tracked, pricing could be more dynamic. Prices for creative content could fluctuate according to supply and demand. Furthermore, authors could control prices and have the ability to set prices themselves without having to go through a complex web of intermediaries.
Full Of Risks And Challenges
Despite the potential benefits, several challenges remain for the blockchain. While blockchain may provide authors with a larger revenue generated from their creative content, questions remain as to what extent they can market and promote their creative content without the help of traditional agents such as publishers or record-label companies. There are concerns that self-publishing or self-promoting material may, in fact, lead to less revenue for some authors who would otherwise benefit from agents’ support.
Storage of content on blockchain is also a problem, especially if we are talking about a large network of users with increasing transaction amounts, which needs to be reflected on a blockchain. For example, the size of bitcoin blockchain, which consists only of metadata (data about transactions), reached almost 130Gb in September 2017 (2). Finding correct incentives for users, which are ready to store relevant data will be a very challenging task, since their costs associated with storage may be substantial.
Blockchain technology is obviously prospective to change the way to distribute copyrighted content in a digital world. Specifically, it may enable unprecedented accessibility to information about copyright ownership, transparency and traceability of its subsequent changes. Therefore, blockchain development should be attractive for all copyright owners for getting royalty payments instantly and having technically-enabled sovereign ownership over digital content produced.
Not only in publishing but also in all sectors of creating content including movies, music, art and literature will blockchain prove its superiorities. This is one of countless appealing topics presented at Vietnam Blockchain Week. Gathering key players in blockchain technology, it is promising to bring participants chance to develop further potentials that this disruptive technology may bring to improve content creators’ rights.
Vietnam Blockchain Week 2018 organized by Infinity Blockchain Labs is going to take place on Mar 7-8, 2018 at Riverside Palace (360D Ben Van Don St, Dist 4, Ho Chi Minh City). This event is expected to join by 30+ world-class blockchain and interested about 1500 attendees all over the world. To have more information, please visit: www.vietnamblockchainweek.com
About Article Publisher Infinity Blockchain Labs
Infinity Blockchain Labs is a visionary R&D company engaged in intermediary and RegTech services employing blockchain technology. We focus on forming alliances with established businesses and regulatory institutions across various industries, as well as providing collaborative incubation for early stage blockchain projects.
IBL aspires to empower Vietnam to become a global leader in blockchain development and therefore are committed to sharing information to nurture a passionate, educated blockchain community. One of the ways we maintain our role as ecosystem pioneer is by helping create educated blockchain enthusiasts. We are committed to sharing information and resources to help Vietnam become a blockchain hub through conferences, courses, contests, alliances, workshops, speaking engagements and incubations. Information regarding topics like hard forks helps people become more familiar with key blockchain concepts and thus able to adopt the technology.
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Contact: Nicole Nguyen PR@blockchainlabs.asia