Blockchain Fights Fake News With Bounty Hunters
ChainBLX will use its news Blockchain as a financial instrument allowing to reward for good news and punish for fake news. Their news chain is concerning information on enterprises and economic info to support investment decision-making process for digital certificates, derivatives and all kinds of currencies in their blockchain ecosystem. But in reality, this principal can be used for all kinds of news.
This fact that ChainBLX is in a financial ecosystem gives an interesting element to the digital contracts within the news blockchain. ChainBLX can financially reward those who post correct news and punish those who write fake news.
If someone finds a news story, they enter the original story in the blockchain and in the process hopes to make some bucks for the information. Now, someone else has to put up a bond in form of cryptocurrency or digital certificates, basically anything with value that one doesn’t want to lose. This person is basically the investor in the story… (the VC guy). He/she conducts due diligence and checks to see that it is a correct story.
The bond is attached to the news story in the digital contract and logged in the blockchain.
Now the news story copyright is traded like any other commodity to news channels etc. and the news story copyright has the potential to make money. People can add information, but they also have to have an investor (VC guy) for the new addition. If it’s discovered that it is “fake news” the bond is lost and the copyright money will be reimbursed to the media outlet (the copyright money is held for some time). Thus, the news source and the investor/editor lose money instead of splitting the profit. The bond may even pay for correcting the fake story as well as helping to pay for “fake news headhunters” which would make money when they find fake news by collecting the bounty.
Both sides, whether it’s fake news or not are locked. The majority decides, after seeing both sides’ arguments, whether the story is true or not.
It is absolutely clear that every professional and serious reporter does her/his own diligence. Until today, reporters only get rewarded for news they publish. This proposed methodology could ensure that reporters can also get rewarded if they waste their time chasing a false story from some bad source and avoid publishing it.