Blockchain Firm LKS Introduces Non-Fungible Token Platform to Fight Fake News April 14, 2020 April 14, 2020
LKS, a blockchain firm headquartered in Italy, has developed a non-fungible token (NFT)-based platform that supposedly can limit the distribution of unverified false news.
As per the media release, the platform can also provide copyright protection for digital content, in addition to prevention of fake news.
An official spokesperson of the company affirmed that a NFT created by the system will include publisher’s identity, link to the actual source of news and publishing time.
The token affirms author’s identity, verified through KYC process carried out at the time of enrollment with the platform. Likewise, the transaction timestamp will authenticate publishing time.
News releases are handled by an unalterable mathematical operation which creates and allots an alphanumeric string or hash to the document. The string is then stored on-chain.
The hash value will change even if a single character is changed in the original document. By matching with the hash stored on the blockchain, originality can be proven.
When an editor makes changes to the document, a new NFT is allotted and linked to the earlier one.
Founder of LKS foundation, Omar Baruzzo opined that blockchain is a perfect match for such a venture because of the immutability and traceability feature of the technology.
“[Those features allow] to create a process that can trace back to the user the responsibility of posting a content, therefore dissuading lying and permitting to understand exactly who said something and when.”
LKS intends to roll out an initial variant of the system soon on blockchain powered social media platform Cam.TV.
In the months ahead, the company intends to develop a fresh variant of the platform featuring notarization facility on the blockchain of numero uno cryptocurrency Bitcoin (BTC).
It can be remembered that Italy’s prominent news agency ANSA unveiled its own blockchain powered content tracking platform named ANSAcheck.
The system uses tokens developed on the Ethereum blockchain to monitor publication and editing.
While the LKS venture is comparable to ANSAcheck, Baruzzo stated that there are key differences between the two platforms:
“ANSA check just certifies […] that an article is stored in ANSA’s database. [Our system] will certify the existence of ANY content (news, but also content to protect), explicitly linking the content to the user […] using a public blockchain to notarize the process.”
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