Can The Blockchain Technology End Fake News?

Learn about how the blockchain technology is influencing rumors and fake news. There is a lot to be found out regarding this.

Can The Blockchain Technology End Fake News?

What Are The Rumors And Fake News All About?

The truth is that although fake news existed the term has surely risen to new levels of prominence during the presidency of Donald Trump, where the Collins Dictionary went to the farthest making fake news its word of the year. Thereby a new project hopes to utilize one of the latest and most powerful technologies which help root out alternative facts in the media. Therefore civil is a project based on blockchain technology aimed at cleaning up journalism to remove lies and reestablish credibility where it may have faltered. 

What Is A 'Decentralized Marketplace For Sustainable Journalism'?

It was therefore observed that civil’s creators have described the project as a decentralized marketplace for sustainable journalism according to a report published by it is that hereby that the project has the goal of utilizing blockchain technology to bolster the credibility of its contributing journalists and to punish any journalist who violates their code of ethics. It is then surely the project has already received widespread support including a 1.7 million euro grant from the European Journalism Centre as well as $ 5 million from Ethereum cofounder Joseph Lubin’s Consensys venture capital firm. 

How Does It Work?

This is how it works where civil will launch a cryptocurrency called CVL via an initial coin offering just as many other digital currency developers have done to raise capital, as the project reportedly has a team of 100 journalists representing 15 different news organizations.

Thereby the project plans to operate by using decentralized vetting system questioning and verifying reporting done by Civil journalists. Even though the plan is straight forward, it is putting into practice that it may be more complicated. Thereafter cofounder Mathew lles explains that in the project’s whitepaper Civil thinks the solution to this broken system is an entirely new economy where advertisers are cut out and journalists are free to publish directly to readers.

It is here at this point that most mobile and web news app utilize a free to use a model with Civil being instead used the CVL token at all stages from payments to writers to fees from readers. Therefore newsrooms will even be able to put up CVL tokens to be a part of the vetting process. It is therefore anyone arguing that a publisher has not met ethics standard will have to wager tokens to have their claims evaluated, if they prove unfounded, the tokens will be lost. It is therefore developers of Civil anticipate that this process will help to reduce frivolous claims.

Then so far the world where civil is hoping to create remains largely theoretical as there are no clear models elsewhere as the Columbia Journalism Review writer Mathew Ingram suggesting that the project is very ambitious meaning it is fairly risky. Thereby Civil builds the kind of ecosystem it wants to as enough people be incentivized to take part in that process so that it works the way Civil wants to. Here the answers to these questions remain to be seen. 

Why Is Facebook’s Bad News: Good News For Blockchain?

It is found that eventually, blockchain, which is the online ledger technology empowering Bitcoin and other cryptocurrency transactions could surely get a boost from the recent data scandal facing tech giants such as Facebook Inc which is according to one analyst on the Street. Then it was that thereby Facebook saw billions of dollars that are wiped from its market capitalization after news broke that political data analytics firm Cambridge Analytica had used the personal information of more than 50 million users without their consent to help the Trump campaign in the US presidential race. 

It was therefore in an interview with CNBC that RBC Capital Markets analyst Mitch Steves suggested that Zuckerberg’s woes could be good news for blockchain technology as the RBC analyst indicated that decentralized blockchain will allow users to see exactly which data are being shared and with whom as it will not be able to prevent the misuse of data.

Therefore instead of giving photos over to Facebook, Steves states that with blockchain, people would share data like photos specifically with people, maintaining the ability to track it and make sure it is not shared with someone getting access to their information. 

What Are The Deception And Decentralization

According to the RBC analyst you can track 100% of all of this stuff as he thinks that’s where they’re going long term. Thereby Steves noted that while blockchain would solve the transparency issue allowing users to keep tabs on their data as also how it gets shared it would not solve the control issue failing to prevent misuse in the first place. 

Thereafter Steves expects cryptocurrencies and the underlying blockchain technology to skyrocket to a $ 10 trillion industry in the next 15years boosted by the proliferation of decentralized computing and open-source software.

It is perhaps ironic that Facebook banned cryptocurrency ads on its platform to curb, deceptive promotional practices. Thereafter the CEO and founder of Facebook spoke out regarding the Cambridge Analytica scandal for the first time indicating that he is sorry and that he is happy to testify in front of Congress.

Wrapping Up The Discussion With A Few More Thoughts

Thereby as here comes the decentralized nature and thus anonymity offered by those cryptocurrency space with risks causing governments around the world to double down on efforts to control the high flying space. It is then the news broke that the US National Security Agency NSA, has made it a top priority to monitor the Bitcoin Blockchain in efforts to help track down senders and receivers of Bitcoin. Therefore as a part of larger counter-terrorism, push, the NSA’s Bitcoin surveillance project analyzed global internet traffic and used unnamed software to look at organized crime and cyber targets utilizing online currency services to move and launder money.

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