Disinformation has been the favorite tool for those eyeing political or financial gains for a very long time. But with the boom in the digital economy and the mass adoption of social media platforms, spreading propaganda or propagating false information has become a piece of cake. From spreading false narratives to floating conspiracy theories, digital means can be used to serve vested interests.
Source: https://buyandtradecrypto.com/tackling-fake-news-with-blockchain-technology/
The problem has magnified with the emergence of deepfakes. Technologies like AI are used to create morphed audio, video, or pictures. These morphed pieces of content appear totally genuine and can affect the concerned party hugely. The impact of disinformation is far beyond the political landscape. Disinformation is one of the most significant threats to businesses globally. According to a 2019 study by Israel-based cybersecurity firm CHEQ and the University of Baltimore, fake news costs the global economy more than $78 billion annually. The same report states that fake news wipes put a whopping $39 billion from the stock market annually. The impact of disinformation is visible across industries. AI-powered applications, which are often used to create deepfakes, are easily accessible to people, with more than 3.5 billion humans having advanced cameras, AI tools and editing apps on their smartphones.
Disinformation In Crypto Industry
The crypto industry has emerged as the newest fake frontier. While fake pump-and-dump schemes have always been a common phenomenon in the financial market, the impact has magnified due to the increasing interest of investors in cryptocurrencies. Let’s take the example of this sudden volatility in Bitcoin after some traders were duped by a fake news release stating that Walmart is partnering with Litecoin. Miscreants often create fake accounts of key influencers like Michael Saylor, Elon Musk, and Mark Cuban to spread false hope or fear in the market, resulting in market manipulation. Another example was when $4 million was wiped off ETH’s value due to a massive dump after a rumour spread that ETH co-founder Vitalik Buterin had expired in some car crash.
Source: https://cryptogazette.com/cardano-creator-charles-hoskinson-says-that-fear-and-disinformation-hit-bitcoin-a-call-to-action/
Blockchain Can Help
The impact of disinformation has been magnified with the increasing use of AI, smartphones, and the internet. The problem that has taken such an enormous size due to the increased use of technology, can be solved by another groundbreaking technology called the blockchain.
How?
Blockchain used distributed ledger technology where data stored is protected with encryption and immutable in nature. It means once data is fed into the blockchain, it can’t be altered or modified. The concerned parties can be sure of the verification of the information stored on the blockchain. Contrary to popular belief, the utility of blockchain stretches far beyond managing the transfer of cryptocurrencies. The technology has been referred to as the “future of trust” by many renowned industry experts. According to a 2018 survey that involved participants from 28 countries, 63% believed the average person does not know how to differentiate journalistic facts from falsehoods. 70% said they worry about fake news being used as a “weapon.”
Source: https://www.oodlestechnologies.com/blogs/blockchain-kill-fake-news/
Deepfakes are at the centre of misinformation campaigns globally, and that’s because it is extremely difficult to differentiate authentic reports from fake information in the absence of consistent identification standards. Transparency and security are among the key pillars of blockchain, and hence, the technology can be leveraged to counter misinformation and restore trust in media sources. In fact, some leading media organizations have already adopted blockchain technology to counter disinformation. The New York Times started working on a blockchain-based solution called the News Provenance Project in 2019 to counter fake news. There are three key ways blockchain technology can help minimize the impact of disinformation:
Source Verification or Provenance
Blockchain technology is used by businesses across the globe to verify provenance for tackling counterfeiting. The same application can be brought to use here. Misinformation is generally spread by morphing audios, videos, images, and text. Leading media sources and influencers can deploy blockchain to create an online registry, where all the important information, such as captions, locations, consent to be photographed, copyright ownership, and other metadata, is available to anyone and everyone for verification. It would be better to look at viable as a viable solution whose working mechanism can be tweaked depending upon the need. Another way to establish the authenticity of photos and videos is by establishing a chain of custody from capture to storage. Something that Truepic is doing by notarizing content on the Bitcoin and Ethereum blockchains.
Maintaining Online Reputation
Consumers are more likely to believe the information they consume on reliable platforms. However, an institution-based reputation has its limitations in an age where a huge share of the global population depends upon social media platforms for information consumption. The click-based revenue model is making it worse, with even reputable platforms opting for clickbait and misleading headlines for traffic. More than 86% of the adult US population get their news from smartphones. Spotting fake news is becoming increasingly challenging. Institutions and media houses can leverage blockchain technology to verify the authenticity of a source/creator. The track record of creators can be assessed to track their reputation, making it easy for the general public to identify authentic creators. The idea is to promote authentic sources and discourage consuming content from unverified sources. This mechanism can be deployed to counter disinformation campaigns during elections, important business events, and much more.
Incentives for Verified Content
The content industry thrives on the click-based revenue model at present. That’s why even reputed platforms care little about tackling misinformation. But with declining online reputation due to the increasing misinformation trends, businesses are eager to take substantial steps. Blockchain can be leveraged to spearhead the shift from the click-based revenue model to a model where verified content is incentivized. Blockchain-powered smart contracts can be used to automate payment for content that meets predefined verification standards. This model is already used by some platforms. Emerging startups like Nwzer and Pressland are using the technology to support independent journalists.
Blockchain is Changing How we Deal with Disinformation
The rapid speed at which fake news disseminates is the biggest roadblock in fighting disinformation. However, several media houses and emerging startups have leveraged technologies like blockchain and IoT to come up with an effective solution. Microblogging platform Twitter acquired UK-based AI startup Fabula to counter the spread of fake news. Twitter actively works with Fabula to put a brake on the spread of misinformation on its platform. According to a report by Gartner, more than 30% of world news and video content will be authenticated as real by blockchain ledgers by 2023. New York Times uses blockchain technology to authenticate news photographs and video content.
Agenzia Nazionale Stampa Associata (ANSA), a leading wire service in Italy, has introduced ANSA check, a blockchain-based initiative to help readers verify the source of an article. Users can verify the authenticity of an article by clicking on a tracking label. There are several startups that are leveraging blockchain to counter disinformation. Po.et is a decentralized protocol that helps content creators establish immutable, provable layers of content to help build a better web. The protocol combines verifiable reputation and on-chain discovery to explore monetization options for content.
Deep Trust Alliance is another technology startup that leverages blockchain and other new technologies to tackle the threats of malicious deepfakes and disinformation. Deep Trust Alliance aims to standardize the way news and other information are published on the web. The media sector is already harnessing blockchain technology to make content creation and distribution more convenient. Mediachain, Rebel AI, Fluz Fluz, and Dot Blockchain media are some of the blockchain media companies spearheading the transformation of the media sector.
Bottom Line
Looking at blockchain as the sole solution for disinformation would be highly ambitious. But the technology can be leveraged to define effective mechanisms for promoting authentic content and minimizing the impact of disinformation. Emerging startups in the space have shown how technology can be used to build effective solutions. Blockchain is still evolving with the increased adoption across industries. The immutable nature of the distributed ledger technology of blockchain could be a game-changer in verifying the source of information to establish authenticity. Differentiating authentic content from misinformation is the biggest challenge for audiences globally. Businesses and innovators need to tap the untapped potential of the technology to make this differentiation easier.
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