Will blockchain kill traditional journalism?
TechnologyBit News Today2 min read
Experts met at an Oléchain event in Madrid to explore how blockchain could shape the future of journalism.
Defenders of the emerging technology argue that blockchain-based systems could decentralize the news ecosystem, creating new business models that shield journalists from institutional control. Alberto Barreiro, head of Experience at Prisa — the media company behind outlets like El País — raised several critical questions during the event: “No government or institution can control blockchain, and that makes it particularly interesting for journalistic purposes in countries such as China or Venezuela,” said Úrsula O’Kuinghttons, a journalist and event organizer.
Blockchain technology has also garnered attention from crowdfunded journalistic projects. Wikipedia founder Jimmy Wales announced plans for Wikitribune, a for-profit, ad-free, crowdfunded news website. Intended to push back against digital fake news, the platform will feature articles produced collaboratively by journalists and volunteers. The platform will be free of charge and rely entirely on donations from readers who decide to support it.
Crowdfunding analysts argue this alone may not be enough to ensure Wikitribune's success, despite the success of similar efforts in the past. While crowdsourced endeavors like the 16-year-old Wikipedia and the open-source software movement have succeeded in the past, Wales faces a difficult challenge with Wikitribune.
Another major player in the space: Civil. By 2017, Civil had raised $5 million in funding from ConsenSys and attracted alternative news site Popula.
Under Civil's framework, consumers of journalistic services — everything from readers to supporters — use Civil (CVL) tokens, a stake in the currency that gives speculative support to its platform. CVLs encourage investment within the marketplaces and make some of Civil's content accessible to its audience, while funding coverage deemed to be of public interest.
Popula is an alternative news and politics website run by journalist Maria Bustillos. “It’s basically a Wayback Machine, but just for Popula,” she said. Civil also touts the project's proposition, its establishment of direct reader-reporter links, and its reduced reliance on third-party tech companies.
Civil recognizes that the project still faces challenges. Civil says it aims to fund 30 newsrooms and 200 reporters with a combination of cash and CVL tokens in time for its launch in early 2018.
Blockchain supporters maintain that the technology is initiating a revolution comparable in scale to the rise of the internet two decades ago. Ventures like Civil are creating token-supported systems and decentralized marketplaces to help fund newsrooms and journalists.
