Industries That Blockchain Will Radically Transform Publishing
The term “cryptocurrency” is a misnomer.
A common misconception, held by many newcomers to the blockchain world, is that the technology’s potential lies solely in the banking and financial industry. In fact, the recent suggestion of the Indian government to rename cryptocurrency as “crypto assets”, and Warren’s Buffett’s belief that Bitcoin is not in any way a currency, are perhaps closer to the true nature of cryptocurrency than the commonly held belief that it is simply digital money. Cryptocurrencies should not be seen as just money, but as tools. Blockchain technology, which underpins cryptocurrency, has potential in many more forms than just as a medium of exchange and store of value.
The application of this technology to industries as varied as supply chain management, fashion and publishing is a result of the innate flexibility of blockchain. The nature of a platform can be programmed to suit a variety of needs. The sooner an investor realizes this, the sooner they will see how exactly it might be applied to different industries, giving them a degree of clarity with can help them measure the potential of a project to disrupt a particular industry. Given the immense potential of blockchain, we take a look at 25 industries that will be upended by its imminent commercial arrival.
An example of a rather unexpected application of blockchain,
the publishing industry too can benefit from decentralization. Today’s publishing industry is largely in the control of a small group of publishers. It can be difficult for a yet unrecognized writer to break into the industry, and their success is dictated by the whims and fancies of these publishers. Digital publishing and the internet has made it easier for writers but even then, the scale and recognition of traditional publishing is still lacking.
A platform like Authorship is set to overturn the current system, where influence is in the hands of publishers, by using a tokenized system that recognizes the work of any writer. Publishers can choose to digitally publish writers and print their books, should they feel convinced of their quality and should demand exist. The token system ensures that writers get their fair share of pay. Writers can also write and publish without the assistance of publishers. Translators will also receive payment and approval from publishers if they choose to translate a work. The lesson here is, in whatever industry financial mechanisms favor one party over the other, blockchain can come in to equalize the system and ensure that everyone gets their fair cut.
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