Impactful Role of Blockchain in Journalism

Blockchain in journalism

A strong journalism industry is essential to a democratic society, since it provides people with information, they need to make informed decisions. Reporters or journalists, editors, and publishers provide information in the world of journalism. As journalists and human rights defenders face increasingly dangerous situations, technology has begun to produce powerful tools to help them prepare. By providing a means of verifying information before publication, blockchain technology could act as a source of intermediary information for all three categories.   Recently, blockchain has been in newspaper headlines, executive boardrooms, innovation centers at universities, and within the human rights movement. Therefore, blockchain is capable of securing tamper-proof evidence, ensuring data flow transparency, and ensuring decentralization from a single authority.  Several scenarios have been associated with data that must be safeguarded, but also with people who have to work collaboratively, according to the Tow Center for Digital Journalism.

If blockchain can store data as well as store, access, and modify data, then it might be an attractive solution for many of these scenarios. Keeping a level of transparency around how information is gathered and how news is reported will help to counter uncorroborated information and rumours in the media.

The rapidly changing digital information ecosystem has forced news organizations to continuously monitor platform companies and the consumer electronics industry at large. The blockchain technology is seen as a potential solution to emerging issues, along with virtual reality, augmented reality, live videos, or gamified news.

Currently, media companies are testing blockchain applications which can be defined as

Targeted solutions in which media companies and journalists are utilizing blockchain technology to record and edit critical metadata that they use on a daily basis.

Hybrid solutions which are an accountable, transparent and transparent business model based on self-governance is possible through hybrid solutions: targeted solutions combined with cryptocurrencies.

In this article, we will look at several journalism platforms that depend on blockchain:

• Popula

In Popula, you can tip your favourite authors in Ethereum cryptocurrency (ETH) to enhance Popula’s workflow. As part of Popula’s ad-free service, users must also pay 5 cents in Ether whenever they make a comment on the platform. This protects conversations from trolls and fakers. Also, a blockchain archives the magazine’s back issues, which are permanent and immutable.

• Mindzilla

Mindzilla promotes scholarly publication on its platform and encourages individuals to share their insights by utilizing blockchain and artificial intelligence technologies. With Mindzilla’s AI system, misinformation is combated by using a process free of bias and human judgment to determine the relevance and accuracy of information.

• Trueinchain

Blockchain-based Trueinchain fights fake news by incentivizing and rewarding debunkers, who are incentivized to engage in charitable work. By reporting fake news with Trueinchain, we can help prevent it from spreading. Using the form, we can insert the link to the news and explain why it seems false.

Due to a lack of regulation, workflow adjustments and equipment changes, as well as poor understanding among the general public, blockchain adoption in journalism has been limited.

• Blockchain-based assets such as coins and NFTs do not yet have clear regulations for their treatment – intellectual property, commodities, securities?
• In order to process transactions quickly and flawlessly, blockchain technology requires specialized equipment and highly trained staff. Incorporating new technology into existing systems will also require time and effort, as well as training staff and acquiring good tech.
• Educating people – a majority of people are still unfamiliar with how blockchain works and what it can do. It may take a while before blockchain awareness and interest spread to a wide audience in the US, according to a recent survey.

Considering some blockchain’s applications in journalism:

1. Blockchain-based payment systems – right to a fair wage
2. Increasing public access to quality and verified information – right to information
3. Accessing public data secured in government blockchains – improved transparency
4. Reduce government surveillance, imposed censorship and better respect privacy – freedom of expression.

The key use cases of blockchain in journalism:

Journalism can benefit from blockchain technology’s solutions to some of the biggest challenges it faces Here are a few of the potential benefits of collaborating with blockchain technology.

Authors get paid in crypto

Journalism can be enhanced by incentives from readers and followers. Through the use of cryptocurrencies, readers can send money directly to authors, skipping middlemen, which improves the quality of the content and supports independent outlets and those who cover controversial topics. As a result, media outlets have the freedom to accept or decline promotional campaigns.

A reader’s incentive program

Human evidence is always necessary for good journalists. Having engaged readers who are willing to share their knowledge is crucial. We can use incentives such as crypto coins or tokens to encourage reader participation, which works both for informers and as a motivator to comment or share.

Articles as NFTs

There are two valuable benefits journalists can gain from non-fungible tokens. Firstly, if someone uses your article without your permission, you will be able to prove your ownership when it is tokenized because your name will always be tied to it. Additionally, NFTs that are created with the purpose of generating additional revenue and strengthening relationships with your audience can be sold to devoted readers, and they will receive 10% of the sale price of each NFT that is sold as a secondary sale.

Reliable databases

Data and information on different topics can be compiled into a blockchain database, which can be referred to and cited in articles and news pieces. To protect sensitive information, access can be customized to these databases depending on the type of platform – public or private.  

The blockchain is an easy way to coordinate computers in a peer-to-peer network, and it freezes time by securely marking the history of edits on a shared database. A blockchain’s core functionality will become ever more transparent as it becomes increasingly decoupled from its cryptocurrencies in future applications. It is at the same time a moment of reckoning for journalists and news organizations as well as a potentially monetizable, shiny new thing. The use of blockchain technology can be used to secure and boost the bottom line of a media company by enabling micropayments, tracking digital advertising, or validating copyrights.

However, blockchains compel organizations to rethink hierarchies and distributed responsibilities. It remains to be seen if the communality, forced transparency, and data-freezing affordances of this technology will gain mainstream support in the journalistic community at this pivotal moment, as blockchain technology transitions away from its past as a vehicle of extra-legal monetary transactions to broader targeted applications.

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