With the evolution of communication and globalization, fake news are spreading very fast since they are attractive to readers due to their sensational nature. However the blockchain technology can solve this problem, as stated Coin Central.
Users are 70% more likely to retweet falsehoods than true facts, according to a study of the MIT conducted on Twitter. It illustrates that fake news spread more rapidly and reach more people than true facts.
Since the blockchain is a decentralized and distributed ledger, it could bring solutions to help to eliminate fake news. Blockchain-based social media platforms such as Steemit uses digital identities and a reputation system, which encourages true facts and real news, so fake news could be eradicated.
Blockchain promotes “collective intelligence”, which is normally more accurate than one single individual opinion. The decentralized characteristic of blockchain enables the use of a consensus among users distributed across multiple nodes on the network. It would then be easier to identify false information and eliminate it, by promoting honest and true content.
The reputation is another interesting feature of the technology that can help bring solutions to the fake news concern. With a blockchain platform, an individual would have a digital identity on the ledger associated with a number representing its reputation. When one person would promote accurate and true information, his reputation would increase and vice versa.
As your reputation is increasing, you will be getting more and more influence, which will result in more people seeing and sharing your content. If someone posts fake news, his reputation will decrease and he will not get influence.
Users with high reputation will get more power for their verification and likes or upvotes they are giving other content creators.
Since articles and reputations are recorded on an open-source ledger, everyone can see where one article figures on the scale of truth. Users with high reputation will appear in the top, while the fake content that is posted will most likely disappear.