Media Do Holdings, the Japanese ebook platform, has revealed plans to invest JPY300 million (US$2.8 million) into distributed ledger technology (DLT) for the distribution of its ebooks.
The move will increase the distribution of its ebooks as demands have risen significantly following the COVID-19 pandemic.
According to a Nikkei report, Media Do’s DLT project will start in late 2020 and is expected to be completed within two years. The company plans to first implement the technology to its ‘My Anime List’, an anime and manga social networking website.
The ebook platform aims at leveraging the immutability and security components of blockchain in creating a system that enables them to send royalties and rewards to writers and publishers. The blockchain system also makes it easier for them to sell used copies of their ebook.
Media Do Holdings President Kyoji Fujita said adopting DLT ignificantly enhances the firm’s operations and makes it more convenient for users to access ebooks during the pandemic with people indoors.
“The strength of e-books lies in the convenience of being able to purchase and use them 24 hours a day, 365 days a year. The situation caused by the Coronavirus will allow us to recognize the value of e-books and increase their use,” said Fujita.
Ebook sales increase amid COVID-19
Following the global pandemic that led to the closure of schools, bookstores, and stay at home directives, Media Do Holdings reported a 20% year-over-year increase in ebook sales.
The progress preceded reports of $600 million in ebook sales for the fiscal year ending February 2020.
At the moment, the Japanese e-book company works with about 2,000 publishers and 150 online bookstores.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.