We see the ability of Blockchain to disrupt the news and journalism market by enabling citizens to post news, with peer reviewing of news authenticity. Such a platform would make social networks more ‘social’ through a community governance framework, an online reputation system for pseudonymous accounts, and ensuring user data privacy through the use of blockchain.
We found that out of the surveyed social media users, close to 50% of the people have encountered fake news over 5 times on social media, and half of them spend over 10 minutes to verify the validity of the news. Hence, an ideal decentralized news platform would reduce the time and effort spent by users to validate news themselves, and rather provide them a single source of authentic and vetted news.
A Blockchain based news platform would have a community governance framework, where users will be able to vote on a post to verify its authenticity. A Blockchain platform would ensure transparency on the platform. The objectivity and trust brought in by crowdsourcing veracity of news, coupled with active verified users, will establish a Blockchain based news platform as the go to platform for truly unbiased and authentic news.