Blockchain and Publishing

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. Hit the Like button below if you enjoyed this
video. Please subscribe to my YouTube channel or
click on the playlist or more videos about academic publishing. And make comments below. Thank so much and take care.

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