Blockchain has a lot of overlapping functions: It’s a decentralized record of cryptocurrency transactions; it’s a peer-to-peer network of computers; it’s an immutable, add-on-only database. But despite the complexity and jargon that surround it, the core idea of the technology remains clear: it’s about freezing time by signposting the history of edits to a shared database.
The first mainstream applications of blockchain are in the field of money. It’s the system that gives value to cryptocurrencies and other digital currencies. Blockchain also offers a potential solution to a wide range of other problems involving both data that needs to be stored securely and people working collaboratively.
For journalists, blockchains can serve as secure registries for important metadata about stories (like the date and time they were published; bylines; tags); they can help solve problems in the ad marketplace by filtering out harmful or misleading advertisements; they can help to build trust between news organizations and their readers by proving the origin of a story.
The most recognizable example of blockchain being used for illicit purposes is the Silk Road, an online dark web marketplace where illegal drugs and other illicit trades took place from February 2011 to October 2013. But it’s not just nefarious activity that can benefit from the security of the network; there are a growing number of legitimate uses for blockchain, too.
For example, Civil is a blockchain-based publishing platform that’s both a CMS and an incentivized micropayment system for journalists. The news organizations that participate in Civil buy into the platform and hold tokens, which they use to “govern”29 other members of the community by proposing or challenging organizational rules on the site.