The blockchain technology has come a long way from being solely known as the underlying technology of Bitcoin (BTC). It has in fact evolved into an independent entity, constantly offering various use cases to industries across the board, from financial to tech, to education and to even the entertainment industry, nothing seems to be unaffected by this technology. And now content creation and journalism can also be added to the list.
According to Joseph Lubin, the co-founder of Ethereum (ETH) and the mastermind behind ConsenSys, the blockchain technology and decentralization has the potential to benefit the people working in the content creation and journalism circuit.
In a video on March 12, Lubin spoke about several different industries that are reaping the benefits from the blockchain technology, and he made sure to include the industries of art, journalism and content creation. While speaking of the art industry, he specifically added that artists are “set to benefit quite dramatically” from blockchain.
He went onto explain further that blockchain actually gives artists the power to attach policies and specifications as to how their content is consumed and further shared, in the sense of derivative works, streaming, public performances, etc. Owing to its nature, blockchain eliminates the middlemen in this process as well.
I think artists in the music industry on average capture about 11 or 12 percent of the value in the industry and those big record companies are sucking up 70 or so percent. We can replace those record companies with smart contracts on the Ethereum platform.
However, Lubin did go on to add that blockchain doesn’t eliminate all kinds of intermediaries, there still will intermediaries like promoters but they won’t be able to “get to a commanding position where they’re extracting enormous rents just because of their intermediary role.”
With regard to the journalism industry, Lubin focused on the possibility of brining back “ethics to journalism” through blockchain-powered platforms like Civil, that could help the “gutted” industry deliver content directly to the consumer.
If they break that pledge in some way, their readership, their listenership can call them to task, can challenge their stake and potentially have them bumped off the platform.
Speaking of Civil, it announced its official launch only earlier this month despite going through a disappointing initial coin offering (ICO) last year. The blockchain-powered platform aims to provide an alternative business model to the journalism industry.
Civil now allows its participants to purchase Civil membership, including CVL tokens which will represent members’ voting power within the Civil ecosystem.
For further updates stay tuned to BlockPublisher.