Complex Made Simple

Blockchain could be the ultimate cure to fake news

One legitimate use case for blockchain has been its ability to make the exchange of data and records tamper-proof. What better time to arm it against fake news?

If anyone copies and manipulates a corporate announcement, it could affect a company’s stock price Numbers Protocol provides tools to help users create tamper-proof records of media content Block-encapsulated open educational resources are incorruptible with blockchain

In its ‘2021 Outrageous Predictions: The Future is Now,’ Saxo Bank suggests that in 2021, the mounting threat of disinformation and the erosion of trust in even well-established news providers as a result of fabricated and misleading news will require an industry response.  

It suggests a massive shared blockchain network for news content to allow distribution of news in an immutable way with a validity check of both the content and the source, will take place. 

With a shared ledger structure, any content alterations would immediately be visible to everyone, and every news item is always traceable to its original source, suppressing misinformation that other sources can’t verify. 

Saxo Bank suggests companies like Twitter and Facebook could invest heavily in this blockchain tech, motivated first and foremost by self-preservation. 

Not so outrageous after all, as you will see.

Read: Layer 2 DeFi solutions spell doom for blockchain and altcoins

Stock exchange battles fake news with blockchain

Euronext Corporate Services, a subsidiary of the stock exchange Euronext, will offer its clients the option of adopting the Wiztrust blockchain certification platform to combat fake news for listed companies

If anyone copies and manipulates a corporate announcement, it could affect the company’s stock price. Wiztopic’s platform will certify corporate press releases on the blockchain, providing an extra layer of security and trust for the investors and other parties.

Currently, 20% of the information on French stock market indexes CAC 40 and SBF 120 is certified on Wiztrust’s certification platform and distributed through Wiztopic.  

This sort of certification usually involves creating a hash or fingerprint of the content which is stored on the blockchain. If the content is tweaked in any way, the hash won’t match.

Taiwan startups media image proofing with blockchain

With the current rampant tampering of images and proliferation of fake news and disinformation, one cannot easily tell if an image is real anymore. Numbers Protocol solves this by providing tools to help users create tamper-proof records of media content. Numbers Protocol is the only company in Taiwan certified by both OpenChain 2.0 and MyData Operator.

“We developed an image traceability framework that includes Capture, Seal, and Trace,” says Tammy Yang, Founder, and Co-CEO of Numbers Protocol.

The Numbers Capture app records the birth information of an item of media content at the point of creation and generates a certificate with a unique signature.

Numbers Seal API uses blockchain technology to seal that item’s birth information and change-logs with immutable records. Numbers Trace API and dashboard service track the asset content footprint at every level from creation to archive. When this content is shared, viewers can scan a QR code to review and verify.

Read: Etisalat broke the ‘crypto’ mold with latest HR-blockchain project

IBM to use blockchain to verify health credentials

 IBM is looking to harness blockchain to solve some of the pandemic’s most pressing issues. The Digital Health Pass, part of IBM Watson Works, is designed to provide organizations with a smart way to bring people back to the workplace, schools, stadiums, or planes. Built on IBM Blockchain technology, the solution helps organizations verify health credentials for employees, customers, and visitors entering their site based on criteria specified by the organization. The digital wallet held by the users allows them to maintain control of their personal health information and share it in a way that is secured, verifiable, and trusted, and powered by blockchain.

Blockchain and higher education 

By 2025, more than 100 million learners are estimated to be capable of higher education but won’t have access to it either because they cannot afford the costs or because courses aren’t available in their region.

In the COVID-19 pandemic, educational institutions globally have also quickly pivoted to online learning, and are examining their long-term strategies.  

Through the use of blockchain, it could be possible to ensure the availability of more affordable, equitable, and quality educational content internationally and facilitate open educational resources on a global scale.

Blockchain can be used to securely facilitate collaborations among two or more people. The original records cannot be deleted or changed. All changes can be easily traced as each new block in the chain is time-stamped. This matters because some authors of open educational resources express fear of not being attributed or being plagiarized.

The block-encapsulated open educational resources are incorruptible. When every block in the iteration of a resource is time-stamped and recorded so that plagiarism becomes obsolete.