What is a blockchain?
Blockchain is a digital ledger that is duplicated across a computer network. The way information is recorded makes it almost impossible to hack, modify, or cheat in the system. The objective is to allow information to be recorded and distributed, but not edited.
The secured characteristics make blockchain the new driver in the internet world, or even to basically every aspect of society and industries.
– Encrypted data string that denotes a unit of currency –
Can blockchain be used in language Industry?
Language is a fast growing industry and generates yearly about 50 billion dollars worth of revenue. Yet LSP and translators barely manage to translate 1% or less of the globally produced relevant content due to the current unsustainable work model. There are categorically 3 issues that blockchain aims to solve in the current model.
- Security
- Vetting
- Quality assessment and control
Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data
Blockchain technology address the issues of security, content authenticity and data ownership in a transparent manner. It uses smart contract to automate execution of an agreement so that all participants are certain of the outcome. An example of smart contract is a release of micro payment upon a job is completed.
The data in the blockchain will include information of translator, proofreader, content editor, and more. Metadata such as modification details, date and time are also added to the blockchain. Information is shared and continually synced in a decentralized network accessible by anyone who owns the data used.
Read blog: How do cryptocurrencies make money? Let’s decode how to make money in cryptocurrencies
– Investors buy coins such as Bitcoin, Litecoin, Ethereum, Ripple, etc and wait until their value rises –
What are the benefits of blockchain for translation?
Fast payment
Payment process is faster by micropayment using crytocurrency
Quality control
Translation quality can be tracked in blockchain, hence allowing hirer to decided which translator or LSP to work with.
Vetting
Original work of the translator can be traced and compensated fairly for any future use of their content.
Security
Intellectual property (IP) rights is protected by assigning title rights to the content creators. This information is permanently recorded in the blockchain.
The data in the blockchain will include information of translator, proofreader, content editor, and more. Metadata such as modification details, date and time are also added to the blockchain. Information is shared and continually synced in a decentralized network accessible by anyone who owns the data used.
Data is encrypted using the customer’s public key and thus only those who has the private key or granted the access are allowed to operate on the files.
Challenges and future or blockchain
The challenge in adopting blockchain in our language industry remains in the human factor. In general, there is a lack of awareness and use of the technology, except in the banking sectors. Other issues include scalability, high energy consumption, and integration with legacy systems.
Blockchain, however, can create a trusted and uncensorable information in the internet. It is this unique characteristic that will drive the creation of the third generation of the world wide web.
