Can The Blockchain Be an Effective Countermeasure Against the Spread of Fake News?

By Nuno Menezes Apr 28, 2017 12:05 PM EDT

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The Blockchain is a new field of technology that can offer great reliability for the diffusion of information. The FinTech Industry is focusing on areas where highly reliable information is required. For instance, the Media is in serious need of reshaping the way it traces the accuracy and origin of information and news content. Blockchain technology might be the answer. As the authorities and the media are working on a response, the momentum to utilize blockchain technology to improve reliability is increasing.

The word “fake news” became famous in the US presidential election in November when false news started to noticeably roam the net which had a lot of serious implications. Now, there is a certain disregard for Media Outlets and that is making us become doubtful to believe in everything we read. Right now, the Fintech Industry is aiming to acquire new business opportunities and ventures that will promote the diversification of business using the blockchain technology. A natural response to the problem of fake news is the emergence of fact-checkers. But on what basis are these elected or self-appointed fact-checkers to be trusted? Who will guard the guardians? Fake news, or fake history, is not something new. Every society is built on a store of publicly accessible information – a shared history – that evolves over time. But who should be assigned write-privileges to this public ledger and how can they be trusted?

The news plays a huge role in the formation of public opinion. With the pressure and great influence news has over politics and society, it can lead to many social problems if not conducted with complete integrity. Blockchain enables the development of a mechanism to verify if the news is trustworthy. By applying the Distributed Ledger Technology, we can trace the news to its origins

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