Working as a highly acclaimed software firm facilitating payments across borders using the blockchain technology, HashCash Consultants has announced the news about its partnership with Global Media Company to aid the latter with a news provenance solution supported by blockchain technology. Global Media Company will use the expert tools of HashCash’s Blockchain network, HC Net, to bring the new provenance project into reality.
According to the latest reports, the revolutionary provenance solution will address the problem of the circulation of fake news on the media platform. It will track down the news piece from the source and will authenticate each and every information reaching the news desk.
“While avenues are abundant for news consumption, whether that information is true or fake, is the real concern today. Blockchain through its fundamental values adds transparency to the traditional process of news gathering and production, by authenticating each material that lands on the news desk. Along with assisting in news authentication, we will also help our partner company with tracking the news and maintaining an immutable provenance record,” stated Raj Chowdhury, CEO of HashCash Consultants.
Presently, media houses from around the world are facing some serious threats from the broadcasting of fake news and AI morphed deep fake videos. These videos create unrest and a disturbing situation amongst the public in general. The altered news poses a threat to society based on an array of parameters and is also against the fundamental laws of a democracy.
The widescale expansion of fake news and tampered video handles have affected the business of traditional, trustable media houses in a big way as they have led to a sharp decline in the credibility of the reliable news sources. This unfavorable situation has triggered the need for an efficient, trustworthy, and transparent authentication and provenance solution for the media industry.
The integration between HashCash Consultants and Global Media Company has been designed to cater to all the problems related to fake news circulation using the excellence of blockchain technology. The media firm will record and authenticate the news feeds, visuals, and photographs of the HC Net blockchain ecosystem. With a view to being assured about the origin of the news material, every content will be geotagged and cryptographically encrypted through a timestamp. The solution will satisfy the authenticity standards based on the parameters defined in the smart contracts that will eventually help in maintaining trust and transparency amongst all the members.
The HashCash, as well as the Global Media Company team, are confident that their joint efforts in the Provenance solution will solve all the major issues of fake news circulation. The members are elated to infuse the merits of a blockchain network to benefit the news industry as a whole.