Distributed ledger technology has the ability to change any industry where fraud can occur. Few industries are more prone to fraud and lies than the news industry, and PressCoin is looking to take on this monumental task.
THE RISE OF FAKE NEWS
In recent years, we’ve seen the monumental effect the mainstream media can have on public opinion. The 2016 presidential election is one of the clearest cut examples. An enormous amount of news fed to the American people that was flat out not true from both sides of the political aisle. Out of this the term “fake news” was born, and accusations of media outlets reporting on fake news and propagating it to their customers with malicious intent blew up like wildfire.
The internet giants became the lightning rod for this phenomenon: newsfeed and search algorithms by design select what content people see. And in an age where people usually only get their news from one or two sources, these companies have an enormous responsibility to provide accurate and impartial content. Some don’t take this responsibility as seriously as they should, and as we saw last year and continue to see today, they can also take advantage of this power for their own agendas.
COLLECTING REVENUE FROM QUALITY CONTENT
Another problem facing the Journalism industry today is the problem of ever falling revenue from their news content. Before the advent of the internet, newspapers and your nightly news were your only sources, now there are thousands of sources, which you mostly find via Facebook and Google
Back in the day you paid for your weekly newspaper subscription and that – and “rivers of gold” in advertising revenue, provided income to news publishers. When the majority of news readers moved to the internet, many publishers were faced with a common problem; they couldn’t get the same amount of money from online publications. Solutions such as on-site advertisements helped, but it wasn’t enough. Some resorted to paywalls, but that tends to turn away readers.
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