When blockchain news exploded into the media landscape in 2017, it was a shiny new thing, a potential silver bullet for solving many of the media industry’s problems. But the technology is a lot more complicated than that. It’s many overlapping things—a cryptographical protocol, a distributed database, a peer-to-peer network of computers, and more—and it’s easy to confuse the individual functions that make up the whole.
For journalism, blockchain can be used to power everything from timestamps and copyright validation to ad tracking systems and micropayment tools. This article explores these targeted solutions, as well as hybrid blockchain models that introduce cryptocurrency and change the journalistic business model.
Blockchain can increase the speed of financial transactions, eliminate exchange rate risk and streamline remittances, and it can be used to verify assets in an immutable way. It also powers cryptocurrencies, which have made it easier for people to transfer value without trusting central authorities. It’s also been used to sell virtual merchandise such as digital collectibles and non-fungible tokens (NFTs), helping retailers engage their tech-savvy consumers and brand enthusiasts who want exclusive merch and experiences. It’s even been used in the dark web to facilitate illegal drugs and money laundering activities.
In the future, government databases moving to cloud platforms could use blockchains to secure citizens’ public data and enable distributed file systems and smart contracts that automate tasks like closing contracts, settling claims, notarizing documents and recording deeds. These changes reconfigure how journalists access government information and may require them to change their reporting methods.