Exploring the potential of the blockchain technology in reducing the effect of fake news

Abstract

This paper explores the potential of blockchain technology as a solution to tackle the problem of disinformation and fake news. The research method used to conclude is semi-structured interviews, and the interviews' findings combined with the literature reviewed led us to the conclusion. While there are many research papers, articles, and even books on both aspects of the matter, it wasn’t easy to find sources that discussed both the technological and disinformation aspects of the issue. Internet access and social media platforms are making it easier than ever for a piece of false information to be shared, seen, and absorbed by more audiences. The intentions behind producing and publishing such content vary from political to financial gains to competition. However, the current business models where news agencies and website generate profit by ads views make it even easier for false news and information to be shared and viewed. Blockchain technology has enormous potential for smaller communities like journalists and academics, but at least now, the technology isn’t mature enough to be employed by everyday users and to be considered a proper substitute for current social media platforms. There are successful examples of attempts to reduce the effect of such false information published online where instead of fighting every single entity producing and sharing misleading news, there have been attempts to equip the audience with fact-checking tools through media literacy courses. In the meantime, developing new business models could be another way to alter the existing mechanisms in which disinformation has become epidemic.