Can Blockchain Save Media? | CDOTrends

At no other time in human history has information been flowing or rather overflowing as abundantly as it has now. Compared to earlier decades, however, trust in the veracity of news media worldwide has progressed in the reverse direction.

According to Statista, the most recent 2019 worldwide surveys indicate media trust scores of only 22% – 59%. Finland, Portugal, and Denmark lead while South Korea, France, and Greece ranked the lowest. Of the 37 countries surveyed, the U.S. registered the seventh-worst score at 32% behind countries like Slovakia at 33% and Romania at 35%.

If, indeed, it is the truth that will set you free, how important is it then to reverse such a worrying trend in mediums of global mass communication?

Technology Answers the Call

First used as the backbone technology of Bitcoin, blockchain proponents have pointed to the decentralized and immutable nature of the technology to provide solutions in areas where transparency and authenticity are of paramount importance.

News media unmistakably fits the shoe. Perhaps the top arenas where the issue of trustworthiness are most pressing would inevitably be that of media in politics and finance. While enterprise use cases such as those in supply chain and logistics are undoubtedly important, the stakes are obviously higher, with far-reaching consequences, when it comes to controlling the narrative in politics and economics.

Mainstream media outlets have already jumped on the blockchain bandwagon. Under its News Provenance Project,  The New York Times is using Hyperledger Fabric permissioned blockchain to guarantee the provenance of digital files, starting first with image and video files.  Through Civil, a blockchain journalism network, Forbes is publishing stories on the blockchain, where the information cannot be altered by third parties.

Blockchain Needed for Bitcoin News

Fake news promoting fictional claims has been particularly rampant in the new economy of cryptocurrencies. This sector actually…

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