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Fixing the News: Blockchain-Powered Solutions for Media in Crisis

Published 05/19/2018, 05:19 AM
Updated 05/19/2018, 08:32 AM
Fixing the News: Blockchain-Powered Solutions for Media in Crisis

In the US and around the world, quality journalism is going through difficult times. Against the backdrop of steadily declining trust in the mainstream press, systemic issues like the ever-intensifying political polarization of the media, proliferation of fake news, and asymmetric power relations between platforms and publishers, among others, stand in the way of the press striving to fulfill its crucial societal functions. The central role of the media in the society is, at least normatively, to provide the public with essential knowledge of the state of the world that would enable people to make informed choices. In a democracy, both institutional and social media are also supposed to facilitate an open arena for public discussion and deliberation where the wide array of voices and ideas are represented. However, the reality seems to be drifting away from this ideal in dramatic ways.

A longstanding critical tradition has an extensive list of claims to lay to the US media system’s structural deficiencies. Even in the pre-digital era, some scholars of communication were uneasy with the growing concentration of corporate ownership in media industries, seeing this trend as threatening the democratic process. Proponents of this intellectual current advocated for as wide a distribution of communication power as possible as a safeguard against power abuse at the hands of big corporate and state actors. The advent of digital news has seen yet another wave of similar criticisms, as it had soon become apparent that, contrary to early internet enthusiasts’ expectations, the new media ecosystem does not quite eliminate the disparities in communication power. Instead, it seemed to be reproducing the old patterns of power concentration, as well as giving rise to some new problematic trends.

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