Could Steemit be used to verify fake news?

This thread by on Liberal news making stuff up by jrlinnovations made me think if Steemit could function as news checker.

Deriding fake news seems very similar to upvoting quality content - does anyone have any ideas on how Steemit could also function as a fake news checker - perhaps flagging emerging fake news. By utilising the quick, smart and reflexive community that steemit has, companies (inc facebook and google) might find a robust way of filtering news.

The value of this both to human development and steems value could be massive - but do you think such as system could work? and how? is this a good idea or misguided.

I'd be eager for any opinions...