Unisa Press

The future: an integrated business approach to publishing on Blockchain

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Leadership Insights

Blockchain technology is not only a system for cryptocurrency such as Bitcoin. According to the Euro Money Leaning, it is “a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system”.

Blockchain is the integration of multiple-business systems, supply chain management (SCM) and management strategies (vertical business strategies). It is similar to the SCM system that includes project management capabilities within an organisation. The difference is that Blockchain is applied across organisations, and information is stored in a secure database developed to include multiple participants. In current business management principles to increase and drive value, an organisation would follow a forward and back integration business strategy. The strategy allows the organisation to acquire crucial parts of its value chain through acquisitions of suppliers and distributors or retailers. In Blockchain the stakeholders are equal participants within the chain but not owned by the organisation.

Imagine in the near future the introduction of Blockchain into a publishing environment allowing supply chain and project management systems as well as all the Blockchain participants (strategic stakeholders) into the business chain as a single transaction. All internal and external stakeholders will actively engage in the publishing process of the institution without the cost implication of acquisition strategies.

Thus, integrating Blockchain into the publishing environment will add phenomenal benefits to the business value chain, from the initial research and writing (creators) to the end-users, academics, sales, reviews and author rewards. This integrated strategy has an impact on efficiency, participation and transparency of the entire publishing process. It also impacts the bottom-line of the business, starting from digital rights management to easy micropayment capabilities. Although there are many benefits for publishers to integrate Blockchain technology, the main disadvantage is that the role of the publisher may significantly change as many of the functions within a chain will be self-managed by the author. When implementing any new technology it triggers fundamental transformation at an organisational level. The transformation needs high-level change management that should be widely accepted by all stakeholders for it to be successful. According to Dr Rossum, the stakeholders for this transformation are funders, institutions, publishers and researchers.

In conclusion, the advantages do outweigh the disadvantages for all stakeholders involved in the transformation. Therefore, it is inevitable that academic or scholarly and other research activities will take place on the Blockchain sometime in the future.

by Dr Meiya G Nthoesane (DBL)
Director: Unisa Press

Research, Postgraduate Studies,
Innovation and Commercialisation

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Publish date: 2020/10/30

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