Joseph Lubin and Amanda Gutterman of ConsenSys explained how blockchain technology and media companies go hand in hand during TechCrunch Disrupt; while the latest project ConsenSys is working with, The Civil Media Company, looks to create independent newsrooms in hopes of creating high-quality local, international, investigative and policy journalism.
In today’s world of “fake news,” it is no surprise that companies such as ConsenSys are helping develop projects like Civil. Looking at ways to increase transparency, trust and quality in the industry, the project aims to help journalists create their own independent, autonomous newsrooms, where they will be in charge of all editorial and business decisions.
In the Civil whitepaper, the company stated:
“In time, we envision a vast ecosystem of journalists, citizens and developers building products and services dedicated to powering sustainable journalism throughout the world.”
Blockchain isn't just applicable to the finance world. Joseph Lubin and Amanda Gutterman of Consensys explain how media companies can use the technology in the future #TCDisrupt pic.twitter.com/5Bh8dglGXj
— TechCrunch (@TechCrunch) September 6, 2018
How It Works
The platform will see journalists operating their own publications or “newsrooms,” with readers called “citizens.” Citizens are able to tip the publications that they like with a number of different payment options including fiat currencies, cryptocurrencies and CVL (the platform’s token).
By introducing transparency and autonomy through a decentralized approach, Civil hopes to strengthen trust between citizens and traditional news reporting.
Civil’s entire activity will be managed through the Ethereum blockchain, with a community of consumers, content creators, fact checkers and publishers working together to decide which newsrooms to organize and the types of content to publish. The decentralized network of people is also meant to help reduce fake news and stop publications from pushing internal agendas.
Will a Decentralized Platform Really Get Rid of ‘Fake News’?
In today’s world, it can be hard to verify whether the news you’re reading is real or fake, and the speed at which a fake news story can spread through social media is astounding.
According to journalist, editor and entrepreneur Maria Bustillos:
“Only a direct, incorruptible conduit between journalists and readers can protect our free press and First Amendment rights. Civil’s development of an Ethereum-based platform for media is the first step, and I’m very proud to be involved.”
While the ability to completely stop false news from spreading is unlikely, Civil is taking a step in the right direction for journalism and the news industry as a whole.
Cover Photo by Dương Hữu on Unsplash