Blockchain is becoming widely popular across the world and it will be revolutionizing different industries in the near future. It is believed that the impact of blockchain technology will be felt in governmental activities, communities, voting, politics, etc. It will also change our decision-making both online and offline.
The effect of blockchain will be felt in the field of journalism too. Several startups in the media ecosystem are using blockchain to improve their monetization systems, social media platforms, customer cooperation, rights and identity management, archiving, etc. Many projects also discuss reinventing journalism with the advancements in blockchain technology.
What is blockchain?
Blockchain technology uses distributed ledger to record transactions. There is a series of blocks in the blockchain to record every transaction that takes place in the blockchain. The transactions will be saved on each network node using encryption. There will be a consensus that will be shared among the nodes and the blocks that will be added to the network.
Blockchains can be both private and public. A public blockchain is open and anybody can join the network while the private blockchains are also called permissioned blockchains as you need permission to join in the network. Blockchains like Ethereum offer the opportunity to save and run features like smart contracts on the network of blockchain. A smart contract manages the situations for payments. The growing popularity of crypto trading has led many people to use cryptocurrencies like bitcoin for payments. Several technological advancements are helping people to trade effectively and earn profits. Utilizing these technologies can be helpful for both investors and traders. Check the bitcode ai – icowatchlist to find the latest technological revolution in the crypto industry.
How does blockchain influence journalism?
Blockchain can offer several benefits to journalists. Some of them are
- With cryptocurrency becoming widely popular, media products can be purchased in small amounts as the transaction fee will be very less or no-cost.
- Media companies can make use of cryptocurrency to encourage users for better cooperation and high-quality content creation.
- Offers an opportunity for rights management and automated content in the media ecosystem.
- Offers tools that can control the source and honesty in the content.
- The publishing environment becomes distributed, which makes sure that the failure of one of the servers will not lose the whole content.
- When the publishing environment is distributed, censorship can be countered.
- A decentralized platform takes away the authority of central power.
If journalism can make use of a more democratic and decentralized network rather than the internet, it will benefit the organizations largely. Users can own their data and identity, which will take away the power of the internet giants and media organizations in controlling these important data. However, there are some experts and journalists who believe that a centralized platform is more ideal than blockchain for journalism. Hanna Halaburda says in her book ‘Blockchain revolution without the blockchain’ that even though smart contracts and encryption may be helpful, there is no need for blockchain technology. Some of them also note that even though blockchain is given so much hype, it has not been successful in implementing its benefits in any of the fields. But blockchain supporters deny all these accusations as they say that the application of blockchain in real cases is just a matter of a few years.