The penetration of blockchain in various industries continues to increase every day. Finance, medical, healthcare, agriculture, automotive, and numerous other industries are being influenced by the power of blockchain in many ways. Media was the only major industry remaining largely untouched from this revolution, and now it seems that the status quo is about to change in this particular industry as well. We’re saying this because a major publisher has now decided to throw its hat in the blockchain ring.
That’s right. Forbes Magazine has decided to try out blockchain for publishing its content, and if everything goes well then in future they can migrate their entire content to the new blockchain-based platform. As of now, they’ve partnered with blockchain publishing startup Civil to start publishing some content on a pilot basis. Speaking about the new pilot Mr. Salah Zalatimo, SVP of Product and Technology at Forbes, said:
“We have an opportunity to participate in the development of this ecosystem and help shape it around our unique business model.”
Under this pilot program, Forbes will integrate the software of Civil platform into its own content management system. Once that integration has happened, Forbes writers and journalists will be able to upload their metadata to the Civil blockchain network while simultaneously publishing to Forbes official website as well. The integration is expected to complete early next year, and interestingly the first set of content to be published will revolve around cryptocurrencies. Other topics will be added later if the experiment goes well.
As far as Civil is concerned, it has also partnered with Associated Press some time ago. However, that partnership was limited to the hosting of photos alone. Forbes is the first major media company to consider the use of Civil Foundation’s blockchain platform for publishing content. The Foundation is basically the team behind a distributed ledger that keeps track of what was published when, and by whom. It’s a nonprofit entity and doesn’t make any money, but those participating in its network do. Its token is CVL, and that’s the currency in which media houses, as well as journalists, are rewarded in the Civil Network.
Indeed, Forbes is trying something very interesting and disruptive. It will be worth seeing how this experiment works out now.