Blockchain in Rescuing Several Australian Book Publishers
QUT researchers are seeking for a way on how blockchain technology can help Australian book publishers survive and thrive. They are grappling with global disruption, digital technologies, and economic uncertainty.
The team, led by Associate Professor Mark Ryan from QUT’s Creative Industries Faculty, developed a world-first blockchain prototype system for royalty distribution and digital rights management. This allows the creation of new commercial opportunities for small publishers.
In addition to that, the two-year collaboration includes researchers from QUT’s Creative Industries, Law, and Science and Engineering Faculties, and Brisbane-based micro-publisher Tiny Owl Workshop.
Professor Ryan stated, “There’s a lack of practical research into how publishers may benefit from the blockchain. As well as authors, and other creatives, along with other cultural institutions such as libraries and archives.”
The professor also said that they are working with Tiny Owl Workshop to make additional value from the IP publishing houses generate when producing books. Then, the latest digital edition of the novella ‘No Point in Stopping’ is the result.
Blockchain technology underpins cryptocurrency. And they are using this for rights and royalties management for many industries. And these include music distribution, and the tracing of products like beef, diamond, and the sale of art.
Aside from that, there is a tiny but rising volume of research and innovative technological experiments concentrating on blockchain for book publishing. Still, most of it is pouring its attention on letting authors self-publish and earn royalties.
The Project
Tiny Owl Workshop’s Director, Sue Wright, noted that the project team allowed Tiny Owl to build new revenue. And royalty streams from the type of IP every publisher create as they work to bring books to the market.
Also, they designed three paratexts as an Education Edition for writers and creative writing students. The most massive is the Editor’s Bundle. It has the original manuscript, the edits, and correspondence among the editor, Harlan Ambrose, the author, and the publisher.
According to Professor Ryan, the second result of the project was the work of a blockchain prototype system for rights management and royalty distribution. This enacts micro-payments through smart contracts to every creative professional involved in the writing and publishing process.
He explained, “Using open-source blockchain technology, the project managed intellectual property agreements and royalty payments. As well as, tracked purchases with a custom digital lender.”
Furthermore, the professor said that the project ended up in a Print and Electronic (P&E) tracking system. And this has the ability to track the sale of physical books made possible by the design of a marketing bellyband with a QR code.
The said code provides buyers of physical book copies a free download of one digital bundle form the Education Edition. With that, it links physical book purchases in bookstores to online downloads. And gives a ledger of where customer transactions originate from.
The project with blockchain is still in a very technical and complicated process. The project needs in-depth knowledge of information technology, information systems and codings, a legal enterprise, and an understanding of the creative parts of book publishing.
