HashCash Consultants has partnered with Global Media Company to help them with news provenance via Blockchain. The project will address the issue of the circulation of fake news by authenticating each material and tracking the same from the source to the news desk. HashCash’s Blockchain network, HC Net will be used by the partner company to execute the entire news provenance project.
Talking about the venture in an interactive session with the media, Raj Chowdhury, CEO of HashCash Consultants, cited,
“While avenues are abundant for news consumption, whether that information is true or fake, is the real concern today. Blockchain through its fundamental values adds transparency to the traditional process of news gathering and production, by authenticating each material that lands on the news desk.”
He further added that, “Along with assisting in news authentication, we will also help our partner company with tracking the news and maintaining an immutable provenance record.”
The Need for News Authentication
The onslaught of fake news and AI morphed deep fake videos have become a nightmare for news media outlets. Mostly, circulated through social media news feeds, such altered information poses a grave threat to society and goes against the fundamental laws of a democracy.
Besides that, it also diminishes the credibility of traditional media, which many fear people have become apathetic to, due to frequent circulation of fake news. Faced by all these problems, news authentication and provenance have become the need of the hour within the ecosystem of the industry and the consumers.
HashCash Collaboration for News Authentication and Provenance fintech news
HashCash’s News collaboration project with the global media house aims at addressing all the above issues through Blockchain integration. The partner company will use HC Net to record and authenticate the news feeds, visuals, and photographs. Every news material will be geotagged and cryptographically signed with a timestamp to authenticate and establish its origin.
The authenticity of the news will be based on specific criteria defined in the smart contracts, generating trust and transparency amongst all participants.
Being recorded on an immutable ledger, no one will be able to alter, change or delete the news content, videos or images.
The project collaborators are positive that such a comprehensive approach with the backing of Blockchain technology will be able to successfully solve the fake news woes within the industry. The partnership will forge a new era of trust, authentication and transparency in one of the most important areas of public circulation. The hazards of fake news circulation is time tested and proven. Thanks to blockchain, it can be countered from its source.