Blockchain is poised to take writing and the arts to the next level. It will allow authors and creators of original content to own their intellectual property and reap rewards from their works without being at risk of plagiarism or copyright infringement. It will allow higher and more systematic royalty payouts as well as offer additional sources of revenue from NFTs.
Blockchain is a decentralized, digitized database that collects information in a series of blocks shared in a peer-to-peer network. Each block includes information from the previous block, a timestamp, and transaction data, thereby creating a unique and unalterable chain of verifiable data.
If you record a transaction on blockchain, it’s there forever; and it identifies you as the creator of the work irrespective of a publisher or any other mediator or distributor.
So, for example, if you are an author and you publish a report or book with a smart contract in blockchain, everyone will know that the asset belongs to you. If a reader then purchases your report or book, they keep a copy of it, while the copyright remains with the author (you). Conversely, if you’re a customer, your transaction is recorded in the blockchain.
Because it records every move, blockchain is one of the most secure ways to electronically store data and content because no one can steal your work or wrongly profit from it. Additionally, you can add ID stamps to published materials with blockchain to protect ownership rights.
One problem that has long plagued the creative industry is copyright infringement. Stealing or misusing someone else's work and claiming it as your own should be impossible to do in this new era.
Blockchain is the most secure way of storing data electronically. Once a story is written, it can never be changed without leaving behind a trace. Blockchain records every transaction for each copy of a digital or printed work, so no one can duplicate or steal your copy to reap profits from your hard work.
Blockchain technology automatically adds timestamps and person stamps to published materials, which can provide an additional level of security for publications. For example, it’s significantly more effective than traditional methods of marking books, such as by using watermarks, which have little to no purpose.
It also protects your rights more than any other current forms of legal contracts. Writers or creative artists are able to trace the ownership of their property with the help of smart contracts.
Not only that, blockchain is also immutable, meaning that records of transactions cannot be manipulated with or deleted.
One of the cool features of blockchain is smart contracts. Smart contracts can significantly reduce the time and cost of creating a legally binding contract that works in your favour.
With smart contracts, you automate the contract rules, like royalty distribution, subscriptions for fan community, discounts and so on through programs on the blockchain. You can have multiple rules, and a smart contract will apply them for you.
Say, for example, you have a contract with a marketplace, and you want them to receive 20% of your profits, 10% goes to charity, and you keep the rest - the smart contract automatically applies those rules for you. You don’t need to work out the details every time or send reminders by mail.
Also, any contract can be updated and shared almost instantaneously.
Blockchain is perfect for creative projects done with a team. Thanks to blockchain tech, all parties involved will see the benefits.
For example, an individual's contributions to publishing a book can be tracked and linked permanently using blockchain.This includes co-writers, designers, editors and other stakeholders who will be rewarded based on the blockchain database rules.
The primary distribution channels for content, like Amazon and App Stores, have a significant impact on the content market. As a result, creators and writers receive less compensation than they deserve for their work. But blockchain can eliminate intermediaries from the equation.
As a decentralized ledger that does not require permission from anyone to carry out any transaction, blockchain tech simplifies tracking.
For example, with blockchain technology, authors will be able to track their content distribution and create a micro-payment system for readers. Creators will also gain control of their content and be able to re-market to fans.
If you're an author, a book is not the only way you make money. NFT spin-offs, such as special chapters, audio recordings and autographed copies can generate additional revenue. If you’re a graphic novelist or cartoonist, you can create a revenue stream from each piece of art.
Some of these surrounding projects are called ‘accessory products’ and they are used to increase awareness around your book or project and keep consumers engaged in your brand's story. Using blockchain will afford creators the ability to protect these accessory projects for their use.
NFTs are perfect to keep your community hooked. To learn more, see here:
Blockchain can be a catalyst for the digital ecosystem by providing intellectual property rights. For example, the current norms prevent e-books or digital art from enjoying the same life-cycle as their physical counterparts. Under this system, you are not able to sell or even lend your digital copy to someone else.
This prevents people from sharing their favourite digital objects or reads with friends and family members as well as prevents writers and artists from earning royalties on secondary sales and lending fees.
Blockchain is changing all that. With smart contracts, you can now re-sell a book as a consumer while the author still takes a royalty cut. As an artist, you can track every one of the thousands of fans who have bought, shared or read your work.