Blockchain will solve fake news problem in 2021 – Saxo Bank

  • The fake news market will reach prohibitive proportions in 2021

  • Blockchain could play a critical role in fighting bad news, Saxo Bank says

  • Social Services Will Increase Content Censorship

International consortium of news organizations developing transparency standards.

The fake news industry will reach prohibitive proportions in 2021, which will require a modern blockchain solution

Blockchain technology could play a pivotal role in fighting fake news in 2021. This opinion was expressed by the experts of Saxo Bank in their “Shocking Predictions” for the next year.

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According to analysts at a Danish investment bank, new developments in the field of “deep learning” have allowed the creation of realistic fake images and videos.

“This falsified and manipulated content is rapidly conquering the Internet, blurring the boundaries between what seems real and what is not,” analysts write..

At the same time, Saxo Bank stressed that large technology companies such as Verizon and IBM are already working on technologies to counter fake news using blockchain..

The instinct of self-preservation

According to the bank‘s report, companies such as Twitter and FacebookIn June 2019, Facebook announced preparations for the release of the digital currency Libra. The social network project immediately attracted attention … More, are actively investing heavily in blockchain technology, motivating this, first of all, by “self-preservation”, since threats from regulators are only increasing. Saxo Bank expects conspiracy news sites such as QAnon to be unavailable on major social platforms as early as next year.

Blockchain will solve the problem of fake ...

“In 2021, the growing threat of misinformation and undermining trust even in well-established news providers will reach critical levels that will require industry response,” the report said..

Blockchain can play a key role in the fight against fake news, which will allow distributing news content with protection against forgery and with verification. Thanks to the structure of distributed data storage, any changes will be immediately noticeable to all network participants, experts from Saxo Bank write..

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Russia also recognizes the urgency of the problem of incorrect news.

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Back in November 2019, Dmitry Peskov, Special Representative of the President of Russia for Digital and Technological Development, said that the problem of fake content would gain momentum and it would be almost impossible to stop its distribution..

In addition to the growth of fake news, Saxo Bank predicts Amazon’s move to Cyprus, France will face a wave of bankruptcies, as well as “tectonic shifts” in the capital markets due to China’s digital currency..

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