ChainBLX will use its news blockchain as a financial instrument allowing to reward for good news and punish for fake news.
Our news chain is concerning information on enterprises and economic info to support investment decision making process for digital certificates, derivatives and all kinds of currencies in our blockchain ecosystem. But in reality this can principal can be used for all kinds of news.
This fact that chainblx it is in a financial ecosystem gives an interesting element to the digital contracts within the news blockchain. We can financially reward for correct news and punish them for fake news.
If someone finds a news story she enters the original story in the blockchain and in the process hopes to make some bucks for the information. Reporters, etc. have to live too.
Now, someone else has to put up a bond in form of cryptocurrency or digital certificates, basically anything with value that he doesn’t want to lose. This guy is basically the investor in the story… (the VC guy). He/she conducts diligence and checks to see that it is correct story.
The bond is attached to the news story in the digital contract and logged in the blockchain.
Now the news story copyright is traded like any other commodity to news channels etc. and the news story copyright has the potential to make money.
People can add information, but they also have to have an investor (VC guy) for the new addition.
If it’s discovered that it is “fake news” the bond is lost and the copyright money will be reimbursed to the media outlet (the copyright money is held for some time). Thus the news source and the investor/editor lose money instead of splitting the profit.
The bond may even pay for correcting the fake story as well as helping to pay for “fake news headhunters” which would make money when they find fake news by collecting the bounty.
Both sides, whether it’s fake news or not are locked. The majority decides, after seeing both sides arguments of whether the story it’s true or not.