How Blockchain Technology May Help Combat Facebook’s Fake News Problem

After the 2016 United States presidential election, Facebook started receiving flak for its possible role in Donald Trump’s victory. The usage of Facebook profiles for data analysis by Cambridge Analytica, the immense number of fake news articles created on the site and the impact of confirmation bubbles clearly meant that Facebook’s platform was being used to drastically misinform users about the world around them.

Facebook badly needs to come up with some technical solutions that can help solve their fake news dilemma and Blockchain technology may offer Facebook a variety of ways to overcome information inaccuracy and tampering.

Identity Verification:
One of the largest problems Facebook has been seeing is the rise of fake accounts and the usage of these accounts to do mass promotion. With a blockchain network tracking identities on Facebook, individuals can have transparent assurance that their identity is not being stolen.

Rewarding Content Creators:
Steem is one blockchain-based platform designed to reward content creators. Facebook could integrate a content-creation incentive system similar to Steem, where the highest quality content creators (influencers) are offered financial compensation for driving a large amount of positive engagement. Moreover, the system would also track and purge content creators who cause most of the problems and are frequently reported by the community.

Tracking Journalist Bias:
FB could use project like RedPen, that will utilize blockchain technology to track journalists’ reputations and communicate that information to readers.

Using Crowd Verification:
FB could use a platform like Trive, a social science global consensus engine that researches and clarifies facts and empowers users through cryptocurrency to discover truth through wisdom of the crowd.

Analyzing Publication Bias:
Since Blockchain has the ability to crowdsource data and incentivize people to adjust their actions, Facebook stands a better chance of combating fake news and helping create a more helpful environment for their users.