The developer of ConsenSys and co-founder of Ethereum, Joseph Lubin said that the decentralization and blockchain technology might be profitable for artists and journalists. In a video of March 12, Lubin talked about the various industries that are profiting by the use of blockchain technology.
Joseph Lubin mentioned in a video that the content creators are going to greatly profit from blockchain because blockchain technology allows the artists to upload insurance policies and contracts over how the content has been used and shared such as public performances, derivative works, streaming and others. According to the opinion of Joseph Lubin, he believes that the blockchain technology will allow the artists and journalists to reduce the inter-mediators.
Joseph Lubin said :
“Artists in the music sector mostly collects 11 or 12 percent of the value of the industry, wherein the giant record companies are capturing around 70 percent. On the Ethereum platform, we can make use of smart contracts to replace these record companies.”
Lubin added that there will be agents like agents and they won’t be able to reach a dominant position where they are taking out huge rents because of their role as middlemen.
Relating to Journalism, Joseph Lubin the co-founder of Ethereum said that blockchain based platform such as Civil might offer assistance to disappointed journalism industry so as to move the content material to the customer and return dignity to journalism. The Civil platform, which is driven by blockchain will allow the newsrooms to create a code of ethics and to share the safety bond on the Civil platform.
A month ago, the official launch of Civil platform was announced irrespective of a flat initial coin offering final 12 months. The objective of the platform is to provide an alternative company mannequin especially to the journalism industry which now allows the sponsors to buy the Civil membership which consists of CVL tokens. The CVL tokens will be used to represent the member’s voting power inside the Civil ecosystem.
Joseph Lubin expressed,
“If the journalist tries to break the promise in some of the other way, they can be called to task by their readership and their listenership and can modify their stake and even they can clear them from the Civil platform.”