Blockchain Technology may cause the next disruption in book-selling and "Put Authors At Center of Publishing Universe".
Blockchain, the underpinnings of the bitcoin launched in 2009, "is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a central authority. Potential applications include fund transfers, settling trades, voting and many other uses. " Source: PwC (see the infographic)
As we all know, one of the centralized authorities in bookselling is an online retail store, namely Amazon.
With blockchain technology, books will contain smart contracts between the author and publisher. Also spelled out in the block, will be subsidiary rights, payment etc, essentially cutting out the middlemen (maybe even bowker's isbn too! But I digress.
From Publisher's weekly:
So how would blockchain work for books?
Basically, a digital book created in the blockchain holds both the text, and also all the terms of a book’s contract—referred to as a “smart contract”—including but not limited to commercial terms of sale (and even resale), author credit and other information.
The Alliance of Indepedent Authors (ALLi) has published a white paper on blockchain for books.
When a user purchases a blockchain book, the transaction is direct between author and reader—no middleman, like Amazon. The reader gets the text within an app. The text cannot be tampered with or transferred outside of the contract terms coded therein. And the author is paid immediately, with payments divvied up according to the smart contract—for example, the contract might call for 10% of the book's price to go the author’s publisher.
And yes, payments are made in cryptocurrency directly to the authors “digital wallet.”
By the way, this isn't years away; it is happening now with one of the first books launched in April at the London Book Fair.
Also from Publisher's Weekly: Josef Marc, CEO of upstart blockchain publisher Publica, announced that the company had just gone live in the Google Play Store with author Sukhi Jutla’s Escape The Cubicle: Quit The Job You Hate. Without getting too technical, Publica offers the service to authors to crowdfund their publications through ICO (initial coin offerings).
So who knows, maybe , @Troy will use a blockchain platform to publish authors and create AALBC tokens too?
Decentralization is putting the power back into the hands of the people.
For the times they are a-changin'.