Blockchain has provided relief to different sectors, including teaching in order to create one possibility after another and now Blockchain publishing is on the rise while the corona crisis continues, many industries have been immensely suffering due to the pandemic.
Taking the initiative are the Australian book publishers who struggle with the ongoing global disruption, emerging digital technologies, and increasing economic uncertainties. For them to cope with these conundrums, Queensland University of Technology (QUT) researchers are looking at the blockchain technology to help them in surviving and thriving in these tough times.
Led by Mar Ryan, an Associate Professor from the Creative Industries Faculty of QUT, the team was able to develop the world-first ever blockchain publishing prototype system. The system is for the management of digital rights and royalty distribution, in order to enable to create new commercial opportunities for the small-scale publishers.
Blockchain publishing for masses?
The two-year-long collaboration involved researchers from the QUT’s Creative Industries, Engineering Faculties, Law and Science Faculty, and a micro-publisher Tiny Owl Workshop from Brisbane.
Associate Professor Mark Ryan stated that there is an absence of research about how the publishers and the authors and other creative bodies could benefit from blockchain along with libraries and archives.
He furthermore stated that that is why they collaborated with the Tiny Owl Workshop, in order to create additional value from the IP that publishing houses generate while creating books. The latest edition of a novella No Point in Stopping is the resultant product.
The Director of Tiny Owl Workshop, Sue Wright, in this regard, stated that the project team had enabled the Tiny Owl to create new streams of revenue and royalty from the sort of IP that all publishers create as they attempt to bring the books to the market.