Blockchain Technology to Power News Outlets
Blockchain technology is now being explored to power a news outlet in Colorado. Though their skeptics about the new age technology terming it as a “hyped” one, it is gaining traction in different sectors beyond the fintech sector. This was also quite evident when former editors and journalists of Denver Post have embarked upon a plan to unveil a local media outlet. They have formed an alliance with Civil Media Company, a start-up of blockchain enabled-ConsenSys.
The group of journalists, who had to leave the Denver Post, is aiming to establish a new local online newspaper named “The Colorado Sun,” cointelegraph reported. Their move came on the back of multiple factors like layoffs in the company apart from the worsening morale after a change in ownership of the newspaper. MediaNews Group, which is being controlled by New York hedge fund firm Alden Global Capital, has acquired it and managing it with the help of a subsidiary, Digital First Media. The alliance only demonstrated that the technology could be used beyond the platform of cryptocurrencies.
The newly established, The Colorado Sun, would make use of the disruptive technology with the help of civil to store data. The group of journalists is aiming to fund the project in the initial stage through a grant from civil. Once the online newspaper is launched, the group’s objective is to make it a community-supported and journalist-owned team. The journalist’s group’s website indicated that it would focus on the only narrative but also on investigative and explanatory journalism. Aside from that, the portal will not have any ads, which means ad-free.
The journalist’s group thinks that the State is going through a big evolution. For that purpose, the group is also engaged in a Kickstarter campaign for the proposed outlet. They are also planning to raise about $75,000 in the next month, July. Since there will not be any ads in the online newspaper, the team is planning to make it a subscription based one. This was also evident in their campaign page.
Their move meant that it would have to rely on local supporters to survive as the media companies see pain due to the availability of free news content. However, the group appears to have understood the compromise that it has to make if it opts for an ad-driven media firm. Similar is the case in respect of shareholder interest-powered content. Therefore, they are betting on the content.
Significantly, Civil Media Company would operate on the network of Ethereum with the help of a decentralized governance model. The company also has a plan to throw open to 1,000 publications before the current year ends in the United States. The network will be enabled by Civil’s forthcoming digital token called CVL. This would hold publications to a specific set of professional and ethical standards.
Recently, there has been an announcement that blockchain technology would be deployed for supply management solutions. This is apart from the financial service provides showing tremendous interest in the decentralized solutions.