Publishers should explore blockchain technology

New Ideas in MarketingEssential news for marketers, summarised by YouGov
November 29, 2021, 3:40 PM GMT+0

Many publishers do not experiment with this technology due to a lack of clarity around deploying blockchain technology.

A recent study found that though most publishers said blockchain has the potential to transform news media, less than 10% have incorporated it into their strategy. Blockchain technology is already being used in many applications from music royalties to voter registration and has been touted to bring transparency and security to payments, content distribution and copyright.

Publishing houses can use blockchain technology to enable direct monetisation – remove intermediaries like third-party service providers and enable direct payment channels between content creators, readers and publishers. Through this technology, authors would monitor their content distribution and receive micropayments directly from readers through smart wallets.

Leveraging blockchain technology to create contractual agreements can help publishers significantly reduce the time and cost of contract creation. This technology can also help publishers expand digital property management with ease. Blockchain technology can further help publishers boost audience engagement.

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