Blockchain and the Promise of Smart Contracts

Blockchain and the Promise of Smart Contracts

July 15, 2022

A ‘smart contract’ is simply a software program that runs on blockchain. The term refers to computer transaction protocols that execute the terms of a contract automatically based on a set of conditions.

What’s the difference between a smart contract and a regular contract? A smart contract is not controlled by a company or a lawyer; instead it is deployed on a decentralized network and runs as programmed.

Why It Matters

  • Smart contracts can define and automatically enforce rules as decided by the creator or writer. Content that’s secured by smart contracts cannot be tampered with.
  • Smart contracts impact sales, rights and contracts by speeding up the process of sales, publication review, monitoring demand in real-time, and locating target customers and peers easily and conveniently.
  • It monitors all operations in real-time.
  • Smart contracts eliminate the need for unnecessarily complicated terms and conditions agreements or boring legal documents.

More Power to the Creator

Smart contracts are made according to the discretion of the creator / writer - not at the discretion of a platform or publishing company. The writer can decide on the price and revenue share from the content they are creating. The terms are visible to you - you can check what's in a smart contract before you sign it (or interact with it).

Writers Can Track Readers and Buyers of Their Content

Smart contracts allow for tracking of reader data in real-time. That way, you as a writer / creator know who has bought your content and re-market new content - books, news reports, artwork - to them. A decentralized platform gives you full visibility into the profiles of your fans and customers.

Smart Contracts Are Quick, Efficient and Accurate

Smart contracts turn the terms of an agreement into computer code that automatically executes when the contract terms are met. Because smart contracts are digital and automated, there’s no paperwork to process and no time spent reconciling errors that often result from manually filling in documents.

Smart Contracts Mean Instant Revenue

Smart contracts automate workflow and payouts of creators and writers, triggering the next action when the agreed-upon conditions are met. All royalty payments are managed in real time.

In other words: smart contracts remove the need for intermediaries. And there are no accounting delays.

Security

Blockchain transaction records are encrypted, which makes them very hard to hack. Moreover, because each record is connected to the previous and subsequent records on a distributed ledger, hackers would have to alter the entire chain to change a single record.

This keeps the original work of the artist safe and secure.

Public Record

Smart contracts are useful for audits and tracking. Since smart contracts reside on a public blockchain, anyone can instantly track asset transfers and other related information. You can check to see that someone sent money to your address, for example.

Stopping Piracy

Smart contracts protect your privacy as a creator of original content. Whether you are a designer, graphic novelist, poet, cartoonist or journalist, a smart contract will store the information on a distributed ledger, with your transactions being tied publicly to a unique cryptographic address.

One of the major challenges faced by writers is digital piracy of original content or content theft with printed books. With blockchain, creators will be able to authenticate and trace all content back to its source of origin. If you wrote an original news report on the Ukraine war, for example, a smart contract would identify you as the creator so no one can copy your story.

Smart Contracts Are Adaptable to Updates

Smart contracts are also adaptable to updates. Thus, when new publishers or artists become a part of a project, smart contracts automatically update the system and keep the users informed of the transactions made.

Why Should Writers and Creators Use Smart Contracts?

  • Smart contracts can do essentially anything that other computer programs do. They can perform computations, store data, mint NFTs, send communications and even generate graphics.
  • A smart contract can continue to do what you ask it to even if a publishing firm or distribution platform shuts down.
  • Additionally, smart contracts allow you to set a timeline for your transactions. For example, you want to allow readers to resell an ebook on the blockchain a year after you’ve started selling it. You can set rules in your smart contract, and you’ll start receiving money from those transactions a year later. This creates another sub-market and new revenue streams for you.

Join our community of creators using smart contracts at supercraft.co.

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