Ethereum’s Joseph Lubin: Decentralization is the Key for Creators And Journalists to Get Better Compensation
ConsenSys Media recently conducted an interview with Joseph Lubin where he explains, “blockchain moves us from a world of subjective trust to a world of automated trust and guaranteed execution.”
Lubin also explains that financial industries have been the first to adopt blockchain because they recognize the power of tokenization, native digital assets, crypto derivatives, and new financial products.
“The blockchain is essentially a trust infrastructure. It will help move the world from a subjective trust to an automated trust. So instead of depending on intermediaries to provide trust in different situations, in different industries, service providers or resource providers can directly access and interact with their consumers.”
Lubin thinks that most industries fall under this pattern. Early on we saw the Financial Industry get very interested in this technology.
He thinks its partly due to them being a little concerned about disintermediation but also that they recognized that there will be tokenization of many different types of assets.
That's why he thinks that the first use of blockchain was in cryptocurrencies, which is smack in the middle of the financial space. He even thinks that artists will be set to benefit dramatically from blockchain.
“I think artists in the music industry on average capture about 11 or 12 percent of the value in the industry and those big record companies are sucking up 70 or so percent. We can replace those record companies with smart contracts on the Ethereum platform.”
Giving artists new ways to make money off their work is vital for providing new and talented artists in the room to grow and experiment.
Blockchain will also grant an unparalleled ability to track the provenance of artwork and eliminate many counterfeits before anyone is taken in by them. He adds:
“[These entities can just] pump all the content through those channels with no regard for the local context. That, plus the social networking space that is treating us as products and turning everything into a hyper-stimulated binary discussion where there’s really no subtlety in how facts of situations or news are presented. That has turned into a clickbait driven, a commercial nightmare. Really, it’s not about telling the truth, it’s not about subtle narrative. It’s unethical.”
He then adds a bit about Civil platform which he is involved in. The new group is claiming that journalism will be changed because of the use of their platform.
News will be kept and delivered through the Civil blockchain distributed ledger, along with articles, including every change made, thereby being stored immutably. Lubin further states:
“It enables ethics to be brought to bear again in journalism by essentially creating a constitution, codes of conduct, enabling newsrooms to form, to define who their journalists are, to create a charter by which they operate to post essentially a security bond … a stake on the platform, pledging that they will act ethically. If they break that pledge in some way, their readership, their listenership can call them to task and challenge their stake and potentially have them bumped off the platform.”
Blockchain can end up empowering artists, but we need to keep exploring and testing the technology. It can be said with absolute certainty that it isn’t going anywhere. We’ve passed the point of no return.
So it’s up to artists, collectors, authenticators, institutions, and the entire art community to decide how we can reap the maximum benefits while minimizing unintended and potentially detrimental consequences.