BitDepth#1328
MARK LYNDERSAY
LOCAL media houses have tended to give new internet technologies the squinty eye, picking and choosing basic systems to maintain an online presence.
One of the most talked about new technologies, the blockchain, is also an interesting fit for news media.
'Exploring Blockchain's Potential to Transform Media' is a new white paper from the International News Media Association (INMA).
INMA kindly granted access to the white paper for review purposes, and it suggests multiple engagement opportunities with a powerful technology that's still in the earliest stages of development.
The blockchain, also known as distributed ledger technology, manages information in discrete chunks, or blocks that are strung together across interconnected computing systems. The blocks are connected by cryptographic algorithms that make the ledger both permanent and transparent, impenetrable but viewable by anyone.
The earliest use of the blockchain was in the creation and distribution of cryptocurrencies, most notably Bitcoin, but newer decentralised applications are using the technology, including non-fungible tokens (NFTs) and smart contracts, which can automate agreed-on transactions.
Some central bank digital currencies, including the Eastern Caribbean's, are using blockchain ledgers.
By creating an accessible record of transactions and digital events, the system becomes trustless, because the technology immutably records changes and makes them transparent to all users.The 118-year-old SCMP is tapping their accumulated reporting archive of stories, historical documents and images under the brand Artifact.
The SCMP has been continuously publishing for 118 years and Time arrived in 1923. Most important, both publications have maintained deep archives that they can now issue as digitally authenticated versions that can be sold to buyers.
TIMEPieces is a collection of art created by 40 different artists that Time minted as an NFT collection. The company is also accepting payment for memberships and subscriptions using cryptocurrency.
Time chose 20 artists and asked them to invite another artist who had never worked with the publication.
Time's president Keith Grossman noted in the report: 'One-of-one NFTs are the equivalent of fine art.'
Other efforts at using the blockchain and cryptocurrency to remodel publishing on the internet include Mirror.xyz, which uses Ethereum tokens to build and incentivise a platform that aspires to become a kind of medium for readers but with clearer revenue streams for authors.
Decrypt.co, which is backed by ConsenSys and reports extensively on DAOs, NFTs, blockchain and cryptocurrency, minted its own reader token. ConsenSys was also the parent company of the failed Civil registry (https://j.mp/3HaPsYv).
Opportunities for media to participate in blockchain solutions are only likely to grow from this point forward.
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