What is Blockchain?
Blockchain simply works as a "chain of blocks". It is a distributed ledger, similar to a database. Rather than being controlled by a central authority, the ledger is dispersed across multiple computers. Due to its traceability, transparency and decentralized nature, the problem of fake news can be handled more effectively.
The Impact of Fake News
- In 2016, Buzzfeed published news claiming that a jewelry shop in the U.S. had replaced real diamonds with fake ones. The story caused the brand’s stock to fall by 3.7%, damaged its reputation and resulted in a loss of business.
- In 2017, Qatar’s state news agency declared that its Twitter account had been hacked when comments were posted by hoaxers criticizing aspects of the Arab Gulf and U.S. foreign policy towards Iran. As a result, neighboring countries broke diplomatic ties with Qatar.
How Can Blockchain Combat Fake News?
Blockchain can provide online readers with a reliable way of verifying content, and its source. It can track the provenance of content and with its decentralized approach, the problem of fake news can be resolved. It has been reported that by 2023, up to 30% of world news and video content will be authenticated with Blockchain combatting ‘deep fake’ technology.
Although Blockchain technology has the potential to provide you with transparency of the news you consume, it is not yet able to monitor all the information on the internet or completely kill fake news. Therefore, to avoid falling victim to fake news we must think critically before we trust any information we receive on the internet.