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Australian book publishers are grappling with global disruption. They are also facing huge changes to their industry. Digital technologies are changing the entire paradigm. There is a lot of economic uncertainty in the industry. But there could be a way out. Researchers at Queensland University of Technology (QUT) are investigating how blockchain technology can help them not only survive, but thrive.
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Blockchain protections
“Blockchain technology underpins cryptocurrency. It is being used for rights and royalties management for numerous industries. For example, music distribution, and the tracking of products including beef, diamonds and the sale of art. There is a small, but growing volume of research and innovative technological experiments that focus on blockchain for book publishing. But, most of it is focused on enabling authors to self-publish and earn royalties.”
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New Revenue Streams
Sue Wright is the Director of Tiny Owl Workshop. She said the project allowed Tiny Owl to create new revenue and royalty streams. In this case, it came from the interactions between the author and the publishing house. This ‘extra’ intellectual property is something all publishers create as they work to bring books to market. And it is this that can go on sale using blockchain tech.
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Books and the blockchain: protecting royalties
Said Professor Ryan, “Using open-source blockchain technology, the project managed intellectual property agreements and royalty payments, and tracked purchases with a custom digital ledger.”
“Working with blockchain is still a very technical and complex process. Our project required in-depth knowledge of information technology, information systems and coding, as well as legal expertise and an understanding of the creative aspects of book publishing.”
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