STORICHAIN: Stories Inter-created in Value Chain.

Story industry is basically the industry that uses stories as a source of their products, areas such as dramas, movies, web novels, web dramas, plays, etc. The size of this market is currently estimated at almost 1.5 trillion with an expected constant growth rate of 10% for the next five years.

Despite this great growth, this industry experiences several challenges that are yet to be solved. The major problem is that the story assets (source stories, scripts, webtoons) which are pretty much the drivers of this entire industry, are being traded strictly on offline platforms due to the fear of theft issues. Profit-sharing is another issue where many people are having a hard time receiving sufficient compensation for their work.

Furthermore, in areas such as the movie and drama industries where the cost of production is high, it is expected for the production companies to take full risk of the future through paying most of the costs that are required during the story-gathering process. This is mainly because there is no guarantee of the story’s quality directly leading to sufficient market demand.

The reader's contribution to the story industry.

If a reader reads a story and enjoys it by themselves, there is no additional value created, but if they share their emotions and experiences with other people, it could possibly lead to a network effect of the story. This can then be considered as an actual positive contribution to the story.

Other acts such as doing reviews and telling their own story can also be contributing factors. As much as these actions have always been considered an important foundation of the industry, the industry has not been able to gather reliable data to provide compensation to the readers who very much contribute to the process of content creation.

The solutions that Storichain offers.

I am elated to introduce to you guys Storichain! It’s a global project which offers a partially decentralized dApp and a shared protocol for the story industry to solve challenges facing the industry, through blockchain technology implementation. It can be considered as a digital story asset management system that allows the individuals to carry out transactions online in the absence of intermediaries by making an “idea theft prevention contract.”

The project also places their token’s value base on story creation therefore eventually minimizing the trust cost between those participating in the story industry talking of writers, production companies and readers. This action makes the process of creating a derivative work out of a source story more transparent and thus ultimately handling the problem of unfairness which exists in the industry.

CONCLUSION.

The story industry is an integral part of our lives in this era we are living in, with people making a living out of it and others using it as a source of entertainment. Almost every other person out there likes to relax and enjoy a movie, read a book online, watch drama among many other things.

Enthusiast of these activities will be able to carry out transactions on the internet and get rewarded while at it, thanks to this amazing platform called Storichain. Its time for the story industry to thrive on the latest form of technology, blockchain, without the constant fear of theft.