Why blockchain can help block false news
In 2018, a video of former President Barack Obama appeared on YouTube explaining how easily technology can be used to manipulate video and create fake news. It had over 7.2 million views.
Obama discusses in the video how we live in dangerous times, where “enemies” can make us say anything at any moment. Moments later, the video was faked by itself.
In the last five years, whether its news articles, images or videos, fake and misleading content have gained popularity on the internet. A potential solution to the problem now being discussed will standardize the manner in which content is presented online without trusting anything other than these standards. Join blockchain as a whitelisting tool for news and other web content. As part of an evolution of Web 3.0, blockchain is used to create a decentralized web, where an immutable database records content information and is linked to that content inextricably to ensure validity. Personal data stores would also allow companies and people to maintain control over the content they produce or consume.
By 2023, up to 30% of news and video content worldwide could be authenticated real in blockchain–in turn, the Gartner 2020 prediction report released in December mitigates Deep Fake technologies.
Blockchain can track the provenance of news (text or video content) so that consumers of the content know where it came from and are assured it has not been altered,
Avivah Litan, vice chairman of research for Gartner, told a recent blog
Putting social media and social networks on the blockchain will enable users to control not only their own information, [but also] the algorithms and filters that direct their information flows.
In December, Jack Dorsey, Twitter CEO, announced Twitter is
Twitter is funding a small independent team of up to five open source architects, engineers, and designers to develop an open and decentralized standard for social media. The goal is for Twitter to ultimately be a client of this standard.
— jack (@jack) December 11, 2019
funding a small independent team of up to five open-source architects, engineers, and designers to develop an open and decentralized standard for social media.”
Twitter’s concept is to make it possible for users to read what they want, providing filters based on blockchain to authenticate content if they like it or unfiltered content, according to Litan.
In the past two years, many high-profile ventures that use blockchain have emerged to counter fake news.
The New York Times, the Deep Trust Alliance and the PO.ET, are examples of the efforts made to standardize how news, images, and videos are put onto the Internet, thus capturing their path from source to the audience.
Po.et creates a decentralized Bitcoin-based system, which is a permanent record that signatures the content and uses existing interoperability standards in the media industry.
The News Provenance Project with IBM’s Garage developed a proof of concept using the blockchain from Hyperledger Fabric to store detailed information about the photo and video of news, including who shot and published videos. The blockchain will document the source of the photo: when, where, by whom it was taken, who published it and how it was used in a network of news agencies.
The Deep Trust Alliance has been founded by Kathryn Harrison, formerly Director of Global Product Management for IBM Blockchain, where she helped develop and build management service for Hyperledger Fabric.
Most companies and efforts start with deep fake video and images, which aren’t even prevalent on the internet; that’s such a small percent of fake content,
They started with deep fakes because they’re the easiest
In comparison to manually manipulated content such as a news article by bad actors, deep fake news refers to an image or video created by AI and machine learning technology known as generative adversary networks (GANs). Danny O’Brien, Policy Manager for the Electronic Frontier Foundation, said that technology is rarely used to solve a social problem.
I’d happily bet 10 bitcoins 30% of news not authenticated by blockchain by 2023,
O’Brien said that he was referring to the analysis of Gartner.
Some people believe that the solution to the problem with fake news is to create a system to vouch for true news. That stumbles in a couple of places. First, just because you put it out doesn’t mean it’s true. And secondly, people responding to and [sharing] fake news are rarely motivated to find out if it’s true.
In other words, audiences do not generally want to use critical thought to see if the news is real or not–as long as it fits a story they want. The news provenance project of the New York Times, however, did not start with articles. This began with playing with images since it is simpler for the algorithm to look at pixels and decide whether they have been modified or remain real, Litan said.
In comparison, an industry view about the sources that generated written text would be the best way to authenticate it. In other words, use the native consensus algorithm from blockchain to allow content producers to agree that something is authentic before it can be written.
The best use of blockchain is content management. If everyone adopted a content management system that [cryptographically] signed your stories and every edit made to them, and then recorded that and authenticated it using blockchain, the chances of it being fake would be zero,
Litan said. Nevertheless, misleading fake news is generated by state operators who construct narratives for political reasons.
It doesn’t matter if they enter an authentication system because such a program is never universal, said O’Brien.
If you try to throw your weight behind a system that creates a badge of authenticity for ‘legitimate’ news, either that won’t work for getting rid of it or you can’t get everyone to sign up,” O’Brien said.
Litan believes that all media outlets will have no chance to decide on a common content management system.
Nevertheless, Litan said that blockchain is being explored as a tool for along with being used to list credible news sources.
- Authentication: Certain techniques such as electronic sensation analysis or spectral imaging to ensure the validity of the document being registered and monitored on the blockchain (e.g. news, food, electronics);
- Blacklisting or Detection of Anomalies: use AI and machine learning frameworks to identify behavioral or data deviations in and out of a database feeding in the blockchain.
- Physical and virtual bridging: IoT sensors/networks / digital clones to link real’ truth’ to the virtual’ truth’ business event documented on the blockchain.
A decentralized social network platform could still feed you distorted sensational news, but presumably only if that’s what you choose to read. With blockchain provenance, you could also be assured for the source for that news,
In the end, it will be your purposeful choice to read fake news from bad actors.
Crypto.com Integrates PayID Offering 5M Users an Easy and Unique Way to Send & Receive Crypto
HONG KONG, October 19, 2020 — Crypto.com today announced PayID, a universal payment identity developed by the Open Payments Coalition, is now available on the Crypto.com App.
Crypto.com’s 5M+ users can register for a PayID from the Crypto.com app, consolidating complex wallet addresses and accounts into a simple ID that works across any payment network and currency. Users who register for their unique PayID will get an exclusive Crypto.com-branded, easy-to-read ID — such as “yourname$payid.crypto.com — that enables users to send/receive crypto payments from other compatible wallets with just a single ID, easing their ability to connect to 100M+ crypto users worldwide.
PayID solves a key pain point in the crypto payments world, which consists of many closed and complex networks. Participants must manage multiple long and random wallet addresses, increasing the likelihood of erroneous transactions. PayID creates a free, open and common protocol that allows for interoperability between any payment network or currency.
Starting today, Crypto.com is offering early access for select customers to register their unique Crypto.com PayID. To be eligible:
- Stake 10,000 CRO or more in Crypto.com Exchange; or
- Stake 10,000 CRO or more in Crypto.com App
On 2 November 2020 all Crypto.com App users can register their own Crypto.com PayID within the Crypto.com App.
Once registered, users can send crypto from other compatible wallets to the Crypto.com App with just their PayID, instead of a full-length crypto address. At launch, supported cryptocurrencies include CRO, ETH, BTC, XRP and many more ERC20 tokens. Users can also send crypto to other compatible wallets using PayID hosted by other members in the Open Payments Coalition.
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. Crypto.com serves over 5 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Card, the Crypto.com Exchange and Crypto.com DeFi Wallet. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 600+ strong team. Find out more by visiting https://crypto.com
Crypto More Popular Than Gold Among Russian Investors: Report
A survey among over 2,000 Russian investors has placed cryptocurrency next to gold in terms of popularity. Moreover, younger investors aged below 30 have displayed significant favoritism towards digital assets.
Crypto Ranks Above Gold Among Russian Investors
According to the study published by the World Gold Council, investors from the world’s largest country by landmass have allocated the most funds into generally accepted as safer instruments such as savings accounts, foreign currencies, real estate, and life insurance.
When asked what sorts of investment tools they had invested in the past 12 months, they placed cryptocurrencies as the fifth most popular asset with 17%. Interestingly, gold came next with 16%.
World Gold Council Director of Central Banks and Public Policy, Dr. Tatiana Fic, commented that gold had been a valuable part of Russia’s history. She explained that the development of the gold mining industry began in 1745 with the discovery of gold in the Urals. In the next 100 years, more than half of the global gold production came from Siberia.
However, she noted that the investment market has declined in interest lately. Dr. Fic reasoned that there’s an evident lack of education, resulting in people steering clear from the bullion. She also claimed that investors fear buying fake or counterfeit gold products.
It’s worth noting that Russia seized purchasing gold earlier this year following half of decade of increased accumulation.
Younger Generations Keen To Experiment With Crypto
WGC’s report confirmed previous narratives that younger generations prefer allocating funds into riskier investment instruments such as digital assets.
“18-to-24-year-olds are much more willing to take risks to get exponential growth, rather than take a long-term view. For example, they are the least likely to have invested in a savings account but are the most likely to have invested in collectibles – and around two-thirds are considering investing in cryptocurrencies.” – the report reads.
The paper highlighted that the growing role of mobile apps linked to investment accounts have made it easier for tech-savvy youth to purchase their preferred assets. Cryptocurrencies lead the way “with nearly 80% being bought exclusively online.”
Although physical gold has been bought mostly offline, the report noted that online investments in gold-backed ETFs and vaulted gold have jumped in the past few years as well.
Swiss Government Starts Discussions on Local Blockchain Regulations
A new consultation process on blockchain laws is set to begin in Switzerland. Initiated by the country’s Federal Department of Finance, the operation is focused on initiating a blanket ordinance in the local blockchain and distributed ledger technology environment.
For Better Laws In Blockchain Industry
A number of parties, individuals, and other interested groups are set to be included in the upcoming consultations in the blockchain spectrum. The project is planned to go on for three months, ending on February 2 next year.
As per a recent report by Switzerland’s Federal Department of Finance, the blanket ordinance is set to help legislative amendments, recently voted by Parliament, turn into law at the federal ordinance level. The grand plan is that the Federal Council will bring amendments to the acts and ordinates into force on August 1, 2021.
The news appears a month after the Swiss Parliament unanimously adopted a Federal Act on the Adaptation of Federal Law do Developments in Distributed Ledger Technology (DLT). With it, the government amended several active finance and corporate laws, re-shaping them with additions in favor of blockchain technology and DLT.
According to the report, the act has improved the framework conditions for the country to turn into a significant, innovative, and sustainable place for blockchain and DLT firms to settle.
A Further Leap Into The Crypto Means Of Payment
The recent news comes shortly after the Swiss government announced that soon cryptocurrency would be operable for tax payments. As CryptoPotato recently reported, Bitcoin and Ethereum will become acceptable assets for the purpose, as Zug, a canton in Switzerland, announced its partnership with cryptocurrency broker Bitcoin Suisse. Both sides declared their readiness to realize the acceptance of cryptocurrency for tax payments, starting from February 2021.
Individuals using the crypto option for tax payments would be able to notify authorities and, thereafter, get a QR code through email.
According to the announcement, Bitcoin Suisse will assist in converting crypto to francs, this way avoiding state incurring losses due to price volatility.
The option will give taxpayers, both individuals, and companies the opportunity to pay their taxes with cryptocurrency up to about CHF 100,000 ($110,000).
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