There are tens of thousands of News Media Companies all around the world distributing news in different formats. Live News coverage is broadcasted 24/7 in the TVs, Newspapers are printed daily, News Portals along with their Social Media pages are published and shared thousands of times per second. In addition to that people are using social media, blog-posts, podcasts etc. to share their opinion on any event which is also consumed as news.
A single event “Fact” is distributed through these tens of thousands of news channels and formats and while in the process, most of the times the fact will be misrepresented with the personal opinion of the reporter and their orientation towards the pressure groups like political parties, religious and ethnic groups etc. At the same time there are numerous groups trying to spread misinformation or fake news to the public.
What if we had a single source of truth? What if the truth was validated by dedicated fact checkers in real time from all around the world? I think it would really be great. Not only it would provide the facts “AS-IS” to the public and save billions of dollars spent in production and broadcast of the news through the conventional news system but also help to ensure a fair reward system for the reporters who are the “frontliners” deserving the larger share of the revenue.
The question arises, is it possible though? Yes, I think it is possible to decentralize the news system with the use of Blockchain Technology establishing a fair and truth based news system. We can use the cryptocurrency to reward the people involved in process of generating and validating the news. Here in CoinDesk Nepal we are trying to build up a framework for it and, hopefully, soon we will make it a reality.