It is no secret that over the past two decades, the problems of fake news, fact control and heavy censorship have lost the trust of their viewers and readers in many major media outlets.
In this regard, the Edelman Trust Barometer 2020 – a digital tool that serves as an indicator of how people see the media industry as a whole – shows that 57% of people worldwide believe that they cannot fully trust their news sources, while 76% believe that false information is deliberately disseminated by several well-known media outlets to attract viewers.
Nearly eight in ten Americans believe the mainstream media is actively trying to persuade them to take a particular political position or opinion, according to a poll by the Gallup and the Knight Foundation. Finally, according to another study published by computer news firm Morning Consult, an increasing proportion of the US adult population is losing confidence in news related to nine of the leading American media outlets, such as CBS and The New York Times.
On November 4, the Associated Press began publishing the results of the 2020 US presidential election on Ethereum and the EOS blockchain using Everipedia’s OraQle. Using such a new system, the AP sought to create a permanent and incomprehensible list of results for each state as they emerged. The results can be seen with help from blockchain researchers like Etherscan, as well as through the EOS AP account on Bloks.io.
Telecommunications giant Verizon previously announced the launch of its open source blockchain-based product designed to increase the company’s public accountability. The platform will document various company news, editorials and more using the public blockchain. In fact, even the aforementioned press release was posted via the platform and then modified – with fixes that were duly taken into account by the system.
Talking about the potential of blockchain to make journalism more authoritative, Saul Hudson, managing partner of strategic communications company Angle42 and former general manager of US agency Reuters, told Cointelegraph:
Often, posts replace an online article, updating information that fixes a bug in an earlier version, without explaining what changed. Accuracy is the lifeblood of any media organization. It may sound counterintuitive, but making factual mistakes transparent is a way to gain the confidence of the masses. ”
This is how blockchain technology could affect the mainstream press
From the outside, it seems that blockchain can force journalists to adhere to strict editorial standards, thanks in large part to the underlying principles of the technology, based on the principles of transparency.
For example, the anti-tampering aspect of most blockchain systems could help set the transparency standard that would be required to validate images used in news stories and to combat issues such as deepfakes.
On the subject: Deep Facts About Deepfaking – Technology That Can Trick Someone
Likewise, blockchain systems can also help establish clear links to specific stories / news by creating a static database of articles published by various media regarding a particular article since the first print run.
Talking about how blockchain news platforms can modernize traditional coordination and news distribution structures for public consumption, Niza Amoils, a Forbes shareholder and managing partner at venture capital firm Grasshopper Capital, told Cointelegraph that such platforms can provide a technological backbone. Direct press funding may be required:
These platforms can exist outside of traditional funding models, giving journalists more freedom to follow stories that deserve to be covered. They can also archive stories as blockchain technology has the inherent advantage of continuity. ”
She also noted that fact checking can be more automated through the use of smart contracts, and blockchain systems can act as secure records of important metadata such as history record time, author name, codes, etc.
Finally, speaking about blockchain-based journalism revenue generation, Sara Austin, a regular contributor to Entrepreneur Magazine and marketing manager at Kava, a decentralized digital asset bank, told Cointelegraph that Steemit is an example of how journalists can make money. Contribution: “Community-generated content consultancy was first introduced to the market with the early PayPal Tip Jar product, which pioneered the idea of content transfer. Today, writers and journalists can get hints about phishing.