WHAT IS BLOCKCHAIN: This short video by John Bond of Riverwinds Consulting discusses Blockchain and Publishing.
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Hi there. I am John Bond from Riverwinds Consulting and this is Publishing Defined.
Today I am going to talk about blockchain and publishing. Without a doubt, blockchain is the trending term on the internet, in technology, in finance, and more recently, in publishing. It is also a little understood or misunderstood term, despite it being discussed so much. At its most essence, blockchain is a foundational technology that can, and will, lead to new and transformational business and/or operating models.
Here is blockchain at its most basic level: it is a continuously growing list of records, called blocks, which are securely linked to each other, by a chain or connection. By design, a blockchain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". A blockchain is typically managed by a peer-to-peer network that adheres to a set of rules for validating new entries or information.
Think of it as an open, decentralized system to exchange information, or files, or funds. This new system will also increase efficiencies and reduce costs.
Decentralized is an important element of blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, and much more.
To date, blockchain has been associated with cryptocurrencies, one of which is Bitcoin. While this is true, this does blockchain an injustice as it does, and will do, so much more. Imagine if someone said the web IS Wikipedia. You would correct them and say, while the web helps create and present Wikipedia, the web is many, may other things. True for blockchain as well. While blockchain may have its roots in in the financial market, it has become so much more. A World Economic Forum report predicted that by 2025 ten percent of global GDP might be stored on blockchain technology.
Blockchain can and will be changing research and publishing. The Alliance of Independent Authors is a non-profit professional association for authors They have posited that blockchain could be used for source authentication of copyrights helping to address the piracy issue; smart payments or smart wallets to facilitate microtransactions; automating and monitoring contracts between groups using smart contracts such as royalty or rights arrangements; and perhaps assist with the thorny issue of privacy and the ownership of data.
There will be further developments such as uses in peer review, providing new publishing metrics, addressing reproducibility, and much more. A lot is going in business and publishing with blockchain right now and likely this video will need frequent updating. Stay tuned.
Well that’s it. I am a publishing consultant and work with associations, publishers, and individuals on a host of content related challenges. Reach out to me with your questions.
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And make comments below. Thank so much and take care.
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