Blockchain can stamp out fake news and rebuild trust in mass media
Blockchain technology implemented in the media industry will help to prevent fake news from spreading. Fact-checking agencies are in charge of verifying facts and claims in the news that may be distorted in the process of rewriting or for any political purposes. The news text may consist of truthful information written in a neutral format peculiar to the news, but one sentence may contain a false fact or claim whose origin is unknown. In addition, the state itself has begun to produce false information, as was the case with former U.S. President Donald Trump’s famous Twitter account.The....
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Ethereum based startup, Trust Stamp has announced the founding of DAOTRUST. The company provides protection against identity theft, friendly-fraud and stranger-danger, by supplying a secure digital token verifying the user’s photograph, identity and trustworthiness In a press release, the company announced the founding of DAOTRUST, an Ethereum domiciled DAO (Distributed Autonomous Organization) that will administer a charitable endowment representing an initial 10% ownership stake in Trust Stamp. Why Trust Stamp is not DAO. According to the CEO of Trust Stamp, Andrew Gowasack, the company....
Given the tumultuous times for humanity, blockchain must be mandated not as an alternative but as an incumbent to enable confidence and build trust. Trust is the cornerstone of socioeconomic success and geopolitical balance. Our current world is exhibiting a massive trust deficit. Distrust is resulting in socioeconomic failures and geopolitical angst. Blockchain’s superpower is trust. It is time to mandate blockchain businesses to rebuild trust, success and balance across global systems.Geopolitical agitations, the war in Ukraine and elsewhere, famine, climate crisis, inflation, supply....
Despite the potential to bring an unparalleled level of transparency to journalism, blockchain adoption by mainstream media may be slow. It is no secret that over the course of the last couple of decades, issues related to fake news, substandard fact-checking and rampant censorship have resulted in many mainstream media outlets losing the trust of their viewers and readers. In this regard, the 2020 Edelman Trust Barometer — a digital tool that serves as an indicator of how people view the media industry in general — shows that 57% of people all over the world believe that they cannot fully....
A startup seeking to use the Ethereum blockchain and artificial intelligence to create an identity authentication system has been accepted into REach, an incubator backed by the investment arm of the National Association of Realtors (NAR). Founded in 2015, Trust Stamp is now emerging from stealth mode, revealing $400,000 in funding for what it calls its FICO-like trust scoring system, with part of its funding coming from the REach incubator. The incubator is operated by Second Century Ventures, which is 100% owned by the NAR and conducts investments on behalf of the not-for-profit trade....
Rather than responding to existing fake news, this solution prevents imposters, a type of fake news story that appears to be from a legitimate news agency. With the United States Presidential Election set for next month, the concern over fake news has once again dominated public discourse. Fake news — the deliberate spreading of verifiably false information under the disguise of being an authentic news story — not only undermines the public’s confidence in the free press, it inflames social conflict, can result in health hazards (like swallowing bleach in an attempt to avoid COVID-19),....