Joseph Lubin, the co-founder of Ethereum and creator of ConsenSys, has announced that blockchain technology can be of great use to creators and journalists. In a video published on March 12, Lubin mentioned many different industries that can potentially benefit from blockchain technology.
Blockchain Can Remove Middlemen for Artists
Lubin said that musical artists could even capture an estimated 12 percent of the value of the entire music industry. In fact, those big record companies are sucking up as much as 70 percent. Thus, the record companies can adopt the use of smart contracts that operate on the Ethereum platform.
Lubin is predicting dramatic benefits for blockchain users because this will help business people eliminate middlemen. Lubin added that although promoters cannot be eliminated as intermediaries, these people will not be able to reach a commanding position. Thus, this gets rid of the enormous rental fees that some middlemen charge simply because of their intermediate roles.
Blockchain Can Combat Fake News
What about journalists? According to Lubin, blockchain-driven platforms such as Civil could help the journalism industry in the direct delivery of content to the consumer. This, therefore, helps preserve the code of ethics in newsrooms. Such blockchain-based platforms help restore journalism’s ethics.
In fact, earlier this month, Civil officially launched. The platform of Civil aims to provide journalists with an alternative business model. The ICO now allows the purchase of Civil membership by the public. CVL tokens are also for sale as a representative of the members’ voting power within Civil.
Civil and other blockchain-driven platforms can actually help journalists in case they break their journalists’ oath or pledge in some way. In such cases, their listeners can challenge their stake and put them in trouble. However, a blockchain platform can provide journalists with a good alternative.