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3 ways blockchain technology can benefit news publishers

What's New in Publishing 11 Jan 2019 07:21

Blockchain has been hailed as a solution to a variety of problems across different industries. Blockchain’s advocates hold that it is a revolutionary technology. But how much of this holds water and how much is just hype? A recent WAN-IFRA report, Blockchain and the Future of News attempts to answer some of these questions for news publishers.

Many people are trying to apply blockchain to whatever comes to their mind simply because there’s a hype around it. I think you have to think about whether the technology actually brings something to the table and is useful for that kind of industry.

Dominik Thor, CEO, Vaultitude, a blockchain-based intellectual property protection company

According to the report, blockchain technology can benefit news publishers in the following 3 ways:

1. Establish credibility through transparency and accountability

Blockchain is based on a distributed ledger that records every single change (somewhat like a document revision history) and makes sure that the record itself is impossible to destroy. Once a piece of content has been published on blockchain, it cannot be altered or deleted. It is also indelibly marked with information about its origin, modification and time of publication. This creates a high degree of transparency and accountability, which can help news publishers assert their credibility, and build reader trust.

What’s next for publishers

According to Al-Saqaf, these three steps require very little investment but would go a long way in helping publishers understand how the blockchain ecosystem works.

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