Blockchain technology is considered to be the new frontier in publishing, and here are 10 reasons why this could be true. Will blockchain revolutionize the publishing industry? Learn how blockchain works and how it could impact the publishing industry and blockchain pr agencies in this article. Take a look!
1) Attention control
The term Attention Value has been coined to describe a potential benefit of Blockchain. It means that if you manage to hold people’s attention for long enough, you can deliver messages with high enough value that they are willing to take action based on your proposition.
Attention Value implies that we live in an Attention Economy, where one is only as good at his or her ability to get someone else’s attention and win an exchange. As a publisher, I am very interested in maximizing my ability to capture others’ attention through content creation and curation so I can leverage it into revenue streams—and new relationships.
2) Personalized content
One of the biggest trends in publishing is customized content for subscribers. These readers want to feel that their favorite magazines or newspapers truly understand them, and nothing tells a reader you do than when you tailor your content to their interests.
Of course, with so many publications out there already doing customized content, it’s tough to stand out. Publishing companies are increasingly turning to artificial intelligence (AI) technology and automation solutions (such as blockchains) to give readers more personalized information than ever before.
3) Onboarding authors
One of my favorite questions to ask authors is why did you write your book?, and I love it because there are always two different answers. The first one usually focuses on what readers will get out of reading their books, like knowledge or entertainment.
The second response focuses on why they wrote their book, which can be boiled down to, what would I want if I was a reader? Once you start thinking about things from that angle and can imagine your ideal reader as a real person with feelings and emotions, you can create content that helps them in some way – whether they read your book or not.
4) Content storage management
Blockchain technologies can allow you to manage your content seamlessly, giving writers better control over their data. Distributed file systems like InterPlanetary File System and Exoscale IPFS make it possible for writers to keep track of their documents online and share them with others in an open-source fashion.
They also help content creators easily access existing datasets, information, and research material so they can build upon other people’s work without having to duplicate it. These technologies provide a key benefit to any business by lowering storage costs and increasing storage capacities.
But on top of that, making your work more discoverable makes sharing of information easier than ever before – again encouraging collaboration across teams.
5) Audio/video content
While written content is still king, video is quickly taking its place. Just as text-based content has created an echo chamber of sorts, so too can video.
Video is a great way to personalize your message and give a voice to your brand, but you want to make sure you’re delivering on that promise before you spend money on making high-quality videos. Using inexpensive online tools such as WeVideo will help keep costs down when creating videos.
Why would a reader support an author? In today’s market, it takes a lot more than simply writing books to be successful. It takes a strong brand, good marketing, and plenty of salesmanship skills. If you want to fund your projects, you need to cultivate a following of people who support what you do as an artist or writer.
7) Payment processing
More than half of all ebook purchases are made on Amazon, and Amazon takes a cut. Yes, you can use your PayPal account or Visa to pay for books, but that’s an extra step. As credit card providers implement 3D Secure authentication standards and move to support NFC payments, paying for ebooks with a smartphone will become as easy as tapping your phone against a POS terminal at checkout.
By 2017, about 10% of digital payments in Europe and 35% in North America will be contactless (see The Rise of Contactless Payments). Once we start tapping our phones to pay for everything—cabs; coffee; bus tickets—it won’t be long before we’re buying books with Apple Pay at Starbucks. Will publishers take their cut?
8) License management
Often overlooked, understanding and licensing your content is a critical step to selling digital products. With books, music, and videos being sold at different rates, you must know what rights you have to sell your product.
For example, if you’ve already sold ebook rights to an established publisher (as they will often take all formats), then you will only be able to sell print-on-demand copies of your work. Similarly, if you don’t have music rights for a piece of work or just one format/version, you must be aware of what can be licensed.
9) Peer-to-peer transactions
A distributed ledger technology, like blockchain, is essentially a peer-to-peer transaction system. This has value for all parties involved in a transaction because it removes central points of failure and costs—that is, it removes banks as intermediaries.
Not only that, but if your digital book is on Amazon using their Kindle format and readers can load it onto their e-reader and read it without an internet connection then you’ve reduced distribution cost again. To make sure that your book is recognized as such by readers who are used to reading in standard formats—no matter what format they purchased or downloaded your book in—consider adding metadata via extensible markup language (XML) to organize books into categories.
10) Database storage management
The blockchain’s potential benefits don’t stop with payments and contracts. Another great use case is data storage management. Think about it: currently, when you purchase a movie online, you own that movie in perpetuity.
You can re-watch it whenever you want, but if your hard drive crashes or gets stolen or destroyed, so does your digital content library forever. That’s why most cloud storage companies offer a backup solution that allows you to keep an additional copy of your files on another server somewhere else (iCloud and Google Drive do too). Imagine instead of being able to store all your digital content on multiple devices around the world at once—with no backup hassle involved.
Blockchain technology is already heavily used in the financial world, and now it’s being considered an innovative solution to many problems in other industries, including publishing. The technology could help with: protecting copyrights, limiting content distribution based on region, and more.