Japanese media holding Media Do Holdings will direct $2.8 million to create a distributed registry. This need is due to the growing demand for e-books during the coronavirus pandemic.
The plans of the company are reported by Nikkei. The holding will begin developing its own distributed registry at the end of 2020. It is expected that the creation of technology will take two years.
According to the statement, DLT technology will provide access to reliable transaction history. Thanks to this, users will be able to sell their copies of books to other people, and publishers and writers will receive fairer payments. It is expected that the new technology will be introduced for the first time on the anime portal My Anime List, owned by Media Do Holdings.
Company President Yasushi Fujita noted that the restrictions caused by the coronavirus pandemic have increased the demand for e-books:
“The strength of e-books is that they are convenient to buy and use 24 hours a day, 365 days a year. The situation caused by coronavirus will allow us to recognize the value of electronic books and begin to use them more often.”
Fujita added that e-book sales were up 20% in April. This may be due to the closure of schools and bookstores in Japan due to the epidemiological situation.