As the digital revolution has made information more accessible to different persons, including you, there is an intense battle for controlling and owning information. Coincidentally, two opposite forces, blockchain and traditional media, are at the forefront of this battle.
As the world adopts decentralized technologies and new information sources, the traditional media industry is being challenged like never before. The article will explore the ongoing battle for information between Blockchain and traditional media.
The Dominance of Traditional Media
People relied on print, broadcast, and radio for most of the twentieth century for their news and information. Since many people read them, these media corporations have been able to influence public opinion and control the narrative. For example, newspapers have been relied upon as reliable news sources for decades, thanks to their curation and verification of stories.
Traditional media outlets have struggled in recent years due to several factors, including falling print circulation and ad revenue. The rise of the internet shook up the media industry, with digital platforms challenging the long-established ones. With more digital outlets available to consumers, the competition in the news and information industries is heating up.
Nowadays, traditional media is trying to embrace the internet age by creating websites and social media accounts. Most have started using video and audio podcasts to appeal to their audiences’ shifting tastes and interests. Despite these initiatives, traditional media faces challenges like falling ad income and retaining a younger audience.
Rise of Blockchain as a Source of Information
The growing use of blockchain as a means of storing and exchanging information is a game-changing development in the field of journalism and reporting. There are several causes behind this trend:
- Decentralization
- Decentralized Finance(DeFi)
- Blockchain Explorer Tools
- Tokenized Information Platforms
- Blockchain-Based news Platforms
Decentralization
Decentralization is the process of redistributing authority or functions from a centralized organization or body to a network of autonomous parts or nodes. You do not have to rely on trusted third parties to oversee transactions or validate data.
It’s an essential concept in many disciplines, from IT to government to finance to data science. In the context of information, you can disseminate, validate, and store data without needing a governing body or media company.
Decentralized Finance (DeFi)
DeFi is a decentralized network for financial apps and services. It has opened up new channels for artists to gain financial rewards for their creations. DeFi platforms, for instance, allow a project’s contributors and supporters to function as a “decentralized autonomous organization” (DAO) with full control over the organization’s money and activities.
Without intermediaries, content producers can instead rely on direct patronage from their target customers.
Blockchain Explorer Tools
The ability to access and investigate the information in a blockchain makes blockchain explorer tools so important. With the help of these apps, you can quickly and easily access data about the network’s transactions, addresses, blocks, and smart contracts.
They are crucial for crypto lovers and investors as they provide real-time information on blockchain activity.
Tokenized Information Platforms
Information tokenization platforms are a novel implementation of blockchain technology to decentralize and tokenize digital content. With this, creators can exercise greater control over their work’s intellectual property and earn money directly from it.
Tokens built on the blockchain are used on these systems to denote ownership, access permissions, or unique digital copies. For example, decentralized social media platforms like those developed by Hive now offer crypto tokens as compensation for content creation and curation.
Blockchain-Based News Platforms
Regarding creating, disseminating, and consuming news and information, blockchain-based news platforms are revolutionary and decentralized systems that leverage blockchain technology.
Traditional news outlets have several flaws and problems that these platforms hope to remedy, including censorship, trust, transparency, and monetization.
Many blockchain-based news platforms use cryptocurrency tokens to pay content authors and encourage high standards of journalism. Users pay directly to the content creators in crypto, thus eliminating the need for middlemen such as advertising networks.
The Battle For Information Between Blockchain vs. Traditional Media
The fight for public attention is one of the most critical aspects of the continuous battle between Blockchain and traditional media. Both forms of media compete for customers’ attention in today’s information-overloaded world.
- Struggle for Readership and Pageviews
- Revenue Models
- User Empowerment
Struggle for Readership and Pageviews
The Blockchain industry now has an expanding fan base because of its growing popularity. Crypto fans, investors, and anyone curious about blockchain technology rely on crypto media for the latest information.
Furthermore, a shift has occurred in how people choose to take in information. In case you noticed, many people, especially younger generations, find digital and decentralized news and information channels more convenient to read. Due to this transition, they’ve turned away from more traditional forms of media.
Revenue Models
Advertisements and paid subscriptions are some of the main sources of income for established news organizations. They must attract and keep viewers’ interest to make money from ads or subscriptions.
It is also worthy of note that most traditional media outlets utilize copyright rules to enable them to keep editorial control of their content. They take measures to prevent unauthorized use of their creations, such as making and selling copies online.
However, some media outlets in the blockchain space have started using tokens to incentivize their users. On these sites, users receive incentives for content consumption, participation in the community, and content creation. As a result, users become more invested in the platform’s success and, hence, more likely to participate actively.
User Empowerment
The options and flexibility available to traditional and blockchain media users are expanding. While traditional media provides subscribers with various content through paid subscriptions, blockchain enables people to give directly to content providers.
However, blockchain-based platforms are transparent when creating and disseminating content. There is less room for false information when users can check the source.
Conclusion
There has never been a more defining moment in the history of the digital age than the struggle for information control between Blockchain and traditional media.
Both have benefits and drawbacks, and it’s important to acknowledge that they can coexist as we may see in the future. Perhaps the best strategy would be to combine Blockchain with traditional media forms.
