Why Authors and Creatives Should Embrace Blockchain Technology
I am the author of three books and an advisor for Publica, a blockchain-based book publishing platform. In April 2018, I became “the world’s #1 first bestselling blockchain author” when Publica announced at the London Book Fair that their platform had gone live with my book, ‘Escape The Cubicle: Quit The Job You Hate, Create A Life You Love.’
The publishing industry, just like the music industry, has gone through many changes especially with the rise of digital technology and the internet making it easier to access content and to connect directly with the content creators. This also makes the publishing industry ripe for being disrupted with blockchain technology as a middleman is no longer required.
We have all heard of many startups and companies raising funds by issuing their own coins or tokens. This is known as an Initial Coin Offering (ICO). But have you heard of a BICO?
A BICO is a Book Initial Coin offering. This is a term used to describe how authors can raise funds to create a book.
When the BICO raises successfully this will allow authors to use the proceeds to create their book. This book is represented by a token. Upon completion of the book, the token becomes the private key that allows access to the book the author created.
Practically how does the book ICO work? There is a simple 3 step process:
- You simply go to Publica.com and open an author account and create your books campaign page using the page builder tool created by Publica. This is where you upload your book and cover files and add information like author bio and book genre.
- Set the token price for your project. Your smart contract will be automatically created. You can also custom create your smart contract. For example, you may want a percentage of profits to go to your editor or a charity of your choice.
- You run your ICO on Publicas platform. A typical campaign runs for 4 weeks. Once funds have raised the author can use the proceeds to complete their book. When the book is finished it will be published automatically to the blockchain and accessible to anyone holding the author's tokens during the ICO. Only those with the proper token can access and read the book. Publica uses an e-reader wallet, accessible on any device, to ensure that token holders can easily access any projects they choose to support.
What are the benefits of a book ICO for authors?
Digital distribution - Automated distribution of ebooks to Publica e-reader wallets. Tradability of your book - Your book now is a token that governs access to it. Millions of people trade tokens, gifts or transfer them to friends or needing libraries. Transparency - Clear record of financial interest, sales, author and third party interest. Community - Tokenisation of the book creates vested interest among your readers, who are holders of a tradable token now. Global - Blockchains do not have geofencing. Publica is available worldwide without limits. Ease of ownership transfer - To lend or gift a book to a friend you simply transfer the token of the book from one wallet to another. P2P - Author-centric peer-to-peer financial relations between authors and your supporters. Secondary market - Token exchanges will use smart contacts to apportion part of the resale price of the book to an author. Decentralised - Smart contract that sells your books is written in an immutable, decentralised blockchain, nobody can shut it down. New markets - Exposure to rapidly growing cryptocurrency markets. Book tokens are sold for platform money-exchangeable cryptocurrency. Auditless revenue distribution - Integrate your publishing team in the smart contrast that will automate the payout. End-to-end ecosystem - Publica provides both a platform to fund your project, and distributes your book to your community in a Publica e-reader wallet.
Author-centric business model - Using Publica, authors would have an automatically tracked and incorruptible record of their book sales and earnings and be paid in near real-time.
How do you think publishing can be disrupted by the use of blockchain technology? Leave your comments below.
Disclaimer: Sukhi Jutla is an Advisor for Publica.
Written by Sukhi Jutla
An IBM Blockchain Foundation Developer, she made global headlines in April 2018 when she became the World’s First #1 Bestselling ‘Blockchain’ Author. She has authored two more books and is the co-founder of MarketOrders, the online B2B marketplace for gold jewellery and diamonds.
As a female tech ambassador, Sukhi is a regular keynote speaker and passionate about supporting female entrepreneurship. She is an IBM Blockchain Foundation Developer and her efforts have been recognized by a number of industry awards including the Asian Women of Achievement Awards, We Are The City Rising Stars Award, Management Today’s “35 Women under 35”; and listed as one of the Top 100 Asians in UK Tech.
In April 2018 Sukhi made global headlines when she became the World’s First #1 Bestselling ‘Blockchain’ Author. Named as one of the 50 most influential people in Blockchain.
Photo by Patrick Tomasso on Unsplash