Looks like ChainBLX is introducing a blockchain solution to the problem of fake news. Anyone know more about this??
“ChainBLX have recently introduced* a new form of blockchain software that can financially reward real news stories and penalise fake ones. It gives further incentive to journalists to publish reliable content and could also fund ‘fake news bounty hunters’.”
Having bounty hunters seeking out Fake News is a good idea. Here’s a study quoted in the article saying that most news on Twitter is fake. Looks like there is some money to be made:
How it works:
“This begins with an original news story being entered in the blockchain. A third party puts up a bond (cryptocurrency/digital certificate) and becomes an investor in the story. They then conduct due diligence and investigate the validity of the story. Its copyright can be traded like a commodity to news channels. However, if it is discovered to be illegitimate information, the bond is lost, and copyright money is reimbursed to the media outlet. In this way, the ChainBLX structure rewards legitimate content and penalises the news source for the publication of fake news.”
The idea in general seems to incentivize honest reporting, and diligence to weed out bad actors.
Looks like a way to make sure journalists get paid for their articles as well.
CCs and Journalism – maybe they are on to something here…
For a minute I thought there was a flaw in this, because someone with deep pockets could just sponsor their own fake new stories. But if they did that they would just be providing financial incentive for their stories to be proven false.
I hope they do, it will be fun raking in those juicy bounties.
this seems counter intuitive because they would be subsidizing the debunking of their own stories
Yes and no. From what I read ChainBLX is more interested in verifying whether or not a story is truthful. There is another cool new website called CIvil that is focused more on the journalists being able to monetize their content:
They are also supporting reporters. This is from the original press release:
“Until today, reporters only get rewarded for news they publish. This proposed methodology could ensure that reporters can also get rewarded if they waste their time chasing a false story from some bad source and avoid publishing it.”
sounds good but if the reporter is a willing participant in creating fake news it gets a little complicated
This would be extremely rare. Any real journalist is extremely careful because false reporting can end their career in a heartbeat
‘real’ journalists, yes, but what about the news factories that produce so much misinformation?
It’s like sellers on ebay. If they no reputation, or bad reputation, people won’t trust them. Eventually the public will come to expect that news stories are vetted by professional bounty hunters