Fake news could reach new heights in 2021 but blockchain just may have the answer.
Blockchain technology may play a large role in the fight against fake news in 2021. A recent report from Saxo Bank, as part of an “Outrageous Predictions” series, said that Distributed Ledger Technology (DLT) offered hope.
According to analysts at the Danish investment bank, new developments in the field of “deep learning” have led to the creation of realistic fake images and video clips.
“This falsified and manipulated content is conquering the internet at a rapid pace, blurring the lines between what seems real and what is not,” the analysts said.
Likewise, Saxo Bank emphasized the fact that large tech companies like Verizon and IBM are already working on technology to battle fake news with the help of blockchain.
Self Preservation
According to the bank’s report, companies like Twitter and Facebook are actively investing large amounts of capital into blockchain technology. The motivation, most of all, appears to be “self-preservation” amid growing threats from regulators.
Recently, European world leaders warned against Facebook’s cryptocurrency as a way to avoid regulation. Germany’s finance minister called Libra’s stablecoin, “a wolf in sheep’s clothing.”
US Congress also introduced a bill to protect the little guy from crypto, citing Facebook as an example.
Saxo Bank expects that news sites, such as those run by the conspiracy theorists of QAnon, may be blocked on major social platforms next year.
“In 2021, the mounting threat of disinformation and the erosion of trust in even well-established news providers reaches a critical level, demanding an industry response.”
Blockchain Answers
Despite these challenges, there may be a solution. Blockchain could play a large role in the fight against fake news. Could it oversee content and confirm the authenticity of trustworthy sources?
Thanks to the distributed ledger, any change in a database of trustworthy articles would automatically be noted by all participants in the network, experts at Saxo Bank said.
Fake news has been an issue for tech companies as well. For one thing, fake news stories were lambasted by Coinbase’s CTO in November of 2019. So-called “deep fake” stories or stories written by AI have been widespread on the internet.
Blockchain and AI could work together to find and block untrustworthy sources (though the opposite could also be true.)
Emerging industries such as blockchain, which have been connected with criminal actions in the past are relatively new and are at high risk of becoming victim to fake news.
In terms of Saxo Bank’s other outrageous predictions, it believes Amazon will relocate to Cyprus, France will experience a wave of bankruptcies, and there’ll be a “tectonic” movement of capital as a result of digital currency in China.
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