LONDON, UK - MediaOutReach -22 August 2019 - When Satoshi Nakamoto solved the Byzantine General's problem in 2008 byinventing the Proof of Work consensus mechanism, not only did the world come toknow what is today collectively known as Bitcoin, it received something whichtriggered a profound and irreversible chain of events. Few of us knew and evenfewer dared to imagine that the solution to a mathematical problem would be thekey to decipher a myriad of social, economic, and political issues. This is theessence of blockchain.

But first, let's provide some very basic definitions for those notversed in computer programming. After all, if blockchain is to change the worldit is necessary for industry leaders to speak to the people, and not just eachother.

Blockchain is basically a record of transactions and this record isspread across several computers linked in a peer-to-peer network. This means itis decentralized, as there is no central authority; transparent, as everyonehas access to the information, and immutable, as the record cannot beretrospectively changed. The first real use of blockchain was Bitcoin, thefirst functioning virtual currency. This was all made possible by solving theByzantine General's problem, which was how you can verify the person you send amessage to is indeed that person without a central actor acting as ago-between. This is of course oversimplifying matters, but it gives the readerthe general idea.

Can blockchain resolve all theproblems of the world? Obviously not, but it is an important step towardsreaching that ultimate goal. One case that perfectly illustrates the conundrumof the Byzantine General's problem would be the fake news phenomenon, which hasyet to meet an adequate response from those who fight against it. This is wherethe magic of blockchain comes into play.

Over the past few years, fake newshas become a global issue that raises challenges for both democracy and widersociety. While technology and various social media channels are an importanttool for spreading disinformation, technology -- and more precisely blockchain --can help us fight it. As technology has rapidly evolved over the past fewdecades, often faster than we might have imagined, the ways in which peoplecommunicate have also changed drastically. People must be aware of the risks ofdisinformation and fake news and must learn how to protect themselves bydifferentiating between what is and is not trustworthy.

There is a difference betweendisinformation and misinformation. Misinformation is "false information that isspread, regardless of whether there is intent to mislead," anddisinformation is "deliberately misleading or biased information,manipulated narrative or facts, [and] propaganda."

The real threat of disinformation

The term fake news came into focusin 2016, when the U.S. Presidential elections took place. Since then, thespread of disinformation by politicians, foreign powers, and entrepreneurs hasbecome a hot topic for discussion, triggering reactions and commentary from allsides. Fighting disinformation is not easy as it is easy set-up an onlinepresence, mask identities and locations, and broadcast information and ads todisseminate fake news. The threats posed by fake news are real and have seriousconsequences for democracy and liberty since fake news can be used to influencepeople for political purposes and to fulfill private agendas which are rarelyin tune with society's goals. Hoaxes spread through fake news containsensational, eye-catching, and fabricated content that is intentionally createdto mislead, harm, and accomplish certain political or financial objectives.

The digitization of human life hasled to the greater ease of disseminating news through social media channels andapps, the availability of big data that allows the customization of news feedsand the creation of polarized so-called "filter-bubbles," and rapid progressmade by generative Machine Learning (ML) and Deep Learning (DL) algorithms increating realistic-looking yet fake digital content. It is obvious that thereis a real need to combat the steady rise of fake news and disinformation.Blockchain has the power to do that.

Blockchain and eIDAS to the rescue

Based on the experience of theFinTech and blockchain industries, blockchain-based technology can allow usersand information suppliers to publish information in exchange for a tamper-proofrecord of identity to be stored on the blockchain. Thanks to its characteristics,blockchain can improve the transparency, reliability, and traceability of news.Furthermore, the data used for identification would be securely held by anindependent third party, which thwarts abuse and unauthorizedaccess. Blockchain can be leveraged to preserve and verify the integrityof the news and other multimedia content being shared online. As aDecentralized Ledger Technology (DLT), blockchain has the potential to bringtransparency and trust to our new post-truth world by enabling smart contracts,decentralized consensuses, and tamper-proof authentication. DLT is basically a record, i.e.ledger, of transactions spread out across several computers in a peer-to-peernetwork, making it decentralized.

Electronic Identification and TrustServices (eIDAS) could also be used to fight fake news and disinformation.Everyone creating an account, posting content online, writing a review, orbuying an ad would be required to identify themselves electronically in orderto demonstrate that they are indeed who they claim to be. This can take theform of electronic signatures or video identification that are able to securelyassociate the signer with the online account or the information shared using asecure private key. This would end many fake accounts and bots, while alsoincreasing accountability for people who share information.

In the middle of the problem

It is not just industry expertswho think that blockchain can make a difference when it comes to fighting fakenews. Big names from the publishing industry are turning to blockchain with theaim of unlocking and using its full potential. The New York Times is using theHyperledger Fabric permissioned blockchain to guarantee the provenance ofdigital files.

Hyperledger Fabric, among other uses, acts as a foundation fordeveloping applications or solutions. At Modex, we are also using HyperledgerFabric for our Blockchain Database solutions (BCDB). BCDB is our most importantproduct, and basically allows us to apply blockchain solutions to alreadyexisting databases, making it easier for our customers to reap the benefits ofblockchain with minimal disruption to their already existing structures.

The New York Times' NewsProvenance Project will use blockchain technology to fight misinformation inthe media. Currently in its first phase, it aims to create a photojournalism-focusedproof-of-concept that demonstrates how such a blockchain-based system couldwork to scale. The News Provenance Project will also rely on blockchaintechnology to record metadata about video and audio recordings published bynews organizations.

Another great example is Forbes.The magazine has joined forces with Civil, a journalism blockchain network, tobecome the first major media company to experiment with publishing stories tothe blockchain. Civil previously entered into a photo partnership with theAssociated Press (AP) using its blockchain technology for photos, but Forbes isthe first media company to strike this type of partnership regarding actualstories. The broader goal will be to migrate all of Forbes' published contentover to the blockchain in the future, using Civil's proprietary contentmanagement system, 'Bertie'. Once plugged in, Forbes journalists are ableto upload their metadata to the Civil network, while simultaneously publishingto their own website. Initially, only cryptocurrency-related content will beuploaded and if the experiment works well, other topics will follow.

Blockchain is no longer simplyabout crypto culture or a closed club for computer programming enthusiasts. Itis a tool that offers trust in a way that was never available before.Blockchain is about being bottom-up, decentralized, transparent, and honest.Blockchain is about progress.

About Modex - for background information

Modex is a company that promotes the adoption of blockchain technologyas a key pillar of future progress. Modex offers fully integrated servicesdesigned to solve the last mile adoption problem of the blockchain and aims tomake blockchain user-friendly for every device and person.

At Modex, we can innovate thanks to our incredible team of experts andwe offer services for the entire blockchain technology ecosystem: marketplacesfor Smart Contracts, community tools for developers, and blockchain as databaseservices for enterprises.

Over the past two years, using cutting-edge technologies and a clearstrategy, Modex has evolved from the world's first app store for blockchaininto a complex ecosystem designed for developers' needs and enterprises lookingfor blockchain solutions.

Our mission is to spread and facilitate the adoption of blockchain insociety and to solve real-world problems using this revolutionary technology.