Fake news is invariable tied to the growing social media culture. Although occasionally known to report the truth, there is no denying that for many companies, celebrities and products, fake news has been their ultimate downfall.
The truth is whatever people will believe — Roger Ailes, Founder and Former Chairman, CEO, Fox News
Unfortunately, given the popularity of social media, it is easy to attach an image and news to just about anything. The so called ‘hot news’ can then be easily circulated online with no credibility or legitimacy attached.
Experts now believe that blockchain technology can combat the circulation of fake news.
The epidemic of misinformation plaguing our screens can be curbed by using blockchain technology to encode the routes. Eleesa Dadiani, a cryptocurrency and cross-border trade entrepreneur said –
“Anywhere you turn on your phone, or watch TV, you see this misinformation — fake news — this need to keep the truth away from people. And there is a very sophisticated system in place that prevents the truth from reaching people, so when you go on Google and you search for something, the first few pages are there because they have high SEO or pay per click rankings — everything is just about whoever paid more to get to the top of these listings.”
The cryptocurrency industry is hit hard by fake news as well; these news wreck havoc in the cryptocurrency industry by propagating fraud-rumors about ICO’s and investors.
Blockchain technology is an open online ledger that records all activates. The blocks on the network can be used to carry any data of value, not just cryptocurrencies.
By building specialized databases that focus on certain topics and on creating positive news, real information can be disconnected from trolls. If people are connected on the blockchain databases, every node will receive only the information that the network validates.
For e.g., the channel handling US presidential campaigns may develop a blockchain network with the access key distributed among a select few. When the nodes want to learn about current and real time updates, they can just log onto the network and receive the news directly from the source.
All news channels can potentially adopt this strategy and in the long run, eliminate the possibility of fake news. Nip the problem at its root; the open channel with no monitoring. Blockchain channels can be easily peer-monitored.
Feelium is a blockchain technology platform offering smart contracts and escrow services for trust-less online transactions. Learn more about Feelium at www.feelium.co