Blockchain technology has made documentation of all operations and transactions in any business more easier than ever before. Can blockchain technology and smart contracts for publishing industry be beneficial? One of the major challenges faced by the publishing industry is digital piracy of original content or content theft in paper. By hiring blockchain developers for publishing, today publishing industry is able to authenticate and trace back all content back to its source of origin.
One of the opportunistic blockchain solutions for publishing industry comes with smart contracts. Smart contracts for publishing are one of the boons offered by the blockchain technology. With smart contracts, publishers can connect with content creators, writers, artists, etc. directly without any middlemen intervention. Smart contracts help artists to maintain their work safe and secured digitally. Also, it helps to track operations and transactions in real-time. This makes sure that artists / publishers get paid without any delay or malpractice.
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Do you want to know how smart contracts work for publishing industry to protect and secure your original work?
Smart contracts benefit writes to keep their content original through proof of evidence, publishers get benefitted by protecting digital assets against digital piracy. The most beneficial of all are the readers and reviewers. Readers get the accessibility to content without any country legal restrictions or limitations. Reviewers get the ability to cross reference the content with multiple sources for better understanding and quicker review.
Smart contracts impact sales, rights and contracts by speeding up the process of sales, publication review, monitoring demand in real-time, locating target customers, peers easily and conveniently. The time taken to process and secure Intellectual Property Rights (IPR) is in privacy with smart contracts and thus all publications are protected with encryption and unique digital identities.
Let us deep dive in detail on how smart contracts for publishing industry works:
Smart Contracts Allow Publishing Your Work In Your Own Terms
Smart contracts don’t just contain the standards, terms of conditions or contract regulations. It rather also monitors all operations and keeps in check that all operation is in alignment with the set standards and regulations. It monitors all operations in real-time. Smart contracts are also adaptable to the network changes and updates. Thus, when new publishers and artists become a part of a smart contract or a blockchain network, smart contracts automatically update the system and keep the users informed of the transactions made.
Initially the nodes in a smart contract may take minutes to publish the artist’s work to the network but all royalty payments are managed in real time and this establishes a strong and secure publishing infrastructure.
Process of How Smart Contracts For Publishing Industry Works
Stage 1: Content creation by the artist
In this stage of smart contract, the work of the artist is not yet published. The artist first creates their content and associates with the publisher via smart contracts electronically that operates using blockchain. The artists look for suitable publisher and choose the best suitable choice and waits for publishing approval.
Stage 2: Content Storage
Unlike the traditional methods where the chances of artists work being copied or misused by publishers, blockchain puts a full stop to all this. Once the artists create their content, their original work is stored in a distributed ledger platform that is monitored by the smart contracts of which they are a part. This keeps the original work of the artist safe and secure.
Stage 3: Waiting for review
In this stage, publishers who all like the content of the artist, validate and verify its potential and originality in work. They review the article in full detail and the status of it can be tracked in real-time via smart contracts. All notifications are sent in real-time and everyone is informed.
The number of publishers reviewing the content or work of the artists depends upon the type of smart contract and preference of the publisher or artist.
Typically, a smart contract for publishing the work of an artists is passed once at least 7 publishers say that the work is original and proceed to reviewing.
Here, publishers are selected and the bid for publishing is made using tokens.
Stage 4: Reviewing
In this stage, all of the publishers who are assigned to a particular publishing work of an artist, each of the publisher cast their own votes to identify in overall if the work of the artist should be published or not. At the end the work of the artist is also reviewed in detail and scrutinized for ensuring uniqueness.
Stage 5: Acceptance
After publishers review the work of the artist, all statuses are updated in the smart contract and the work is published in the network chain. After all the above is accomplished the work of the artist becomes authenticate and smart contracts does not allow their work to be digitally copied or stolen. It protects all their intellectual property rights. In this stage, the publisher and artist both get full access to the nodes in editing, updating and removing the content of the artist.
People Involved In Smart Contracts For Publishing Industry
Writers and content creators submit their work in decentralized news network (DNN). This does not guarantee that the work of everyone will be published. This is merely just the initial stage of content creation that becomes a part of a smart contract in the blockchain network system of the publisher.
Reviewers read, edit and vote upon the work that is displayed in the decentralized news network to validate potential to identify which work should be permitted for public display and consumption. The important task of the reviewers is to ensure that the work of every artist is adherent to publishing guidelines.
Via smart contracts, publishers and artists get notified when readers like, dislike, bookmark, share, upvote or downvote a published work in real-time.
Smart contracts protect the intellectual rights of all published and yet to be published content without compromising originality
Say goodbye to the traditional days of being worried if someone will copy your original work. With blockchain and smart contracts, publish it before you do or if your work will be stolen after it is published. No more fake claims. Blockchain authenticates the source of origin and allow publishers to trust the writer and allows writers to trust the publisher in paying royalties right on time without any mistrial or malpractice.
Smart contracts help writers to keep their work protected, it helps various stakeholders to market an artist’s work through the right channel and keep track of potential response through the smart contract to reap profits. Smart contracts have the potential to impact sales, rights, contracts and more. So, what are you waiting for? Get creative, publish your work via smart contracts and become like the “Megamind who thinks outside the box to always come with creative solution and content for every circumstance”.