Application of Peer-to-Peer Networks Based on Blockchain
Practicable long-term solutions for mass adoption
PURA Vida everyone! For all of us, the introduction of blockchain technology has virtually busted traditional structures of transactions into new dimensions with peer-to-peer networks. Mass adoption of cryptocurrencies and implementation opportunities based on blockchain technology are just at the starting gates. A new global mindset regarding these amazing developments is beginning to emerge.
Looking past short-term speculation, mass adoption needs further innovations in peer-to-peer networks. A promising example relying on blockchain technology is for the realm of academia. Communicating scientists rely on publications to spread their findings and to expand on the work of their colleagues. Students require publications for their studies and for writing their own work. Media for scientific publications need a means of registration and quality assurance. Finally, safe storage is also a prerequisite.
Communication in the Sciences
Currently scientists assign intellectual property rights to scientific publishers. Many publishers charge fees for marketing and download of articles. Often, the only alternative is open-access solutions. These offer free utilization but authors have to pay when submitting their articles. All parties spend a lot on subscriptions to journals. At the same time, market entry for new publishers is difficult. In conclusion, these costs negatively affect research budgets. Additionally, researchers have little incentive to publish their findings. So the opportunity to publish further work exclusively may be lost.
It is vital that the public can access scientific findings. For this purpose, blockchain technology offers a solution in shape of a transparent peer-to-peer database. This network does not require intermediaries. Profits generated remain within the community and implementation results in a quality increase. Moreover, submission dates cannot be changed. Remuneration for scientists for their articles is then based on their success with the audience. Also, there could be a combination of access to anonymous reviews and open reviews by the community.
Consensus on acceptance of article could be according to citations and downloads. Further, libraries provide content and infrastructure and receive coins for this – analogous to mining. If the scientific crypto community keeps growing and critical mass is overcome, peer-to-peer publication are bound to become a new standard and further open the road to mass adoption.
(Source: Content of this article is based on a blog entry by Alfred Taudes / Vienna University of Economics and Business.)