Journalists and content creators can take advantage of decentralization and blockchain technology, according to Joseph Lubin, creator of ConsenSys and co-founder of Ethereum. Lubin discussed various industries that are taking advantage of blockchain technology in a video released this week.
Lubin said that blockchain would allow artists to get rid of middlemen while attaching stipulations and policies to content to make sure that it is shared and consumed according to the artist’s choice.
It is claimed that in the music industry, big record companies secure around 70% of the total profit, giving only 11-12% to the artist. A smart contract on Ethereum platform can replace those record companies, maintained Lubin.
However, he admitted that there will still be intermediaries, required for tasks such as promotion. Nevertheless, they will be unable to “get to a commanding position” and blockchain will not allow them to extract enormous profits.
He urged the “gutted” journalism industry to deliver content directly to the consumer by using blockchain platforms such as Civil.
In that way, the industry can “return ethics to journalism” as well. Newsrooms can form a code of ethics by using blockchain platform, he suggested. Later, that security bond can be staked on the platform. In case anyone breaches the code of conduct, their listenership or readership can challenge their stake and have them removed from the platform.
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