Disruptive Blockworks: blockchains and networks / acceleration and collision

Lovett, Matthew ORCID: 0000-0003-3599-7886 (2019) Disruptive Blockworks: blockchains and networks / acceleration and collision. In: Blockchain and Web 3.0 Social, Economic, and Technological Challenges. Routledge Studies in Science, Technology and Society . Routledge. ISBN 9780367139841 (In Press)

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Abstract

This chapter examines the way in which two blockchain-based platforms - Mycelia’s Creative Passport and Steemit - are emerging as examples of a particular paradigm of blockchain-based digital media commerce. Each demonstrates how such networks can generate revenue directly, through enhanced production and distribution systems, and indirectly, via an exponential series of connections. Much has been said about how blockchain systems will increasingly do away with intermediaries - in other words banks, royalty collection agencies, even lawyers and other third parties etc - thereby rewarding content creators with higher earnings for their endeavours through frictionless payment systems and smart contracting. However, what is clearly emerging is another form of the ‘Internet of Value’ (Tapscott, 2016), one that does not simply create more revenue by merely simplifying exchange protocols. Steemit co-founder Ned Scott suggests that, ‘It’s as though all the [Steemit] users are playing a social media game, and they’re earning points based on how well they participate’. As network effects are increasingly leveraged as a means to create income, blockchain-based innovations, such as Creative Passport and Steemit, are emerging as an opportunity to rethink wealth distribution beyond the narrow frameworks that have hitherto dominated the internet.

Item Type: Book Section
Additional Information: Chapter 9
Uncontrolled Keywords: Blockchain; Schumpeter; Disruptive Technology; Steemit; Mycelia; Creative Passport
Subjects: H Social Sciences > H Social Sciences (General)
M Music and Books on Music > M Music
Divisions: Schools and Research Institutes > School of Media > Music and Media
Research Priority Areas: Being Human - Past, Present & Future
Depositing User: Anne Pengelly
Date Deposited: 10 Apr 2019 13:04
Last Modified: 07 May 2019 13:31
URI: http://eprints.glos.ac.uk/id/eprint/6738

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