How Blockchain Technology Can Improve Election Transparency and News Screening

Blockchain technology has the ability to be transformative in many different industries, and we think we can bring this technology to the political and electoral arena.

The potential impact of blockchain technology is very broad, and that’s one of the characteristics of the industry that makes it so attractive to me personally that certain industries will be transformed sooner than others. But it would surprise me if most of our lives, decades from now, are not impacted by blockchain technology.

Blockchain technology is going to change most industries, similar to the current dominance of the Internet in modern life, to the point where we no longer think of specific companies as “Internet companies”. Finance, healthcare, and supply chain management will gain the most from blockchain in the short term because they currently have significant inefficiencies that blockchain can quickly solve.

And that has led me to follow blockchain technology as much as anyone else, and to bring that technology to the political and electoral arena. I’m pretty sure blockchain technology has the ability to be transformative in many different areas. There are many applications for blockchain technology in politics, and here are some areas that I think blockchain companies should focus on that could be transformative in the near future.

Elections

Elections are probably one of the single most important political acts in which all citizens can participate, and this right of citizens is fundamental to modern society and the constitutional system we live in.

That said, I don’t think elections are broad enough to be a sublimation of the will of the people, as many factors can affect this. However, using blockchain technology for elections would prevent direct (but not misinformed campaigning) cases of rare voter fraud, and would also make the results of elections available as quickly as possible.

It’s not to pretend that elections are broad enough to truly sublimate the will of the people, and many factors come into play. However, using blockchain for elections is a proposed solution that could prevent direct (but obviously not misguided propaganda campaigns), prevent a few cases of voter fraud, and also potentially make the results of the election public as soon as possible.

A number of blockchain companies are currently addressing this issue, and within a decade there could be a huge change in the field. voatz is one such company, and its goal is to make voting easier and more secure for everyone. Considering the technical aspects, it is feasible and not too difficult to securely and effectively conduct elections on cell phones, but we need to note that this aspect of the application requires some support.

Misinformation

Misinformation, political opinions and distortion of the truth play an increasingly important role in our daily lives. Even if the facts are true, the narrative of a news story can completely change the reaction of news readers. What Americans can now agree on is that we all want a society that is better at distinguishing fact from fictional information and getting the truth out of an exaggerated narrative.

While it’s much easier for me to write this article than to actually do it, some promising areas are already starting to be explored in a good way. Of course, blockchain technology companies yea need to take on the role.

Information marketplaces, a non-blockchain technology area with an interesting twist, are starting to explore the application of blockchain technology. Simply put, an information marketplace is one that provides users with the ability to capture value in future events. Money-making aside, an information market is actually a collection of information related to the outcome of an event.

If a news headline elicits a market response, it means that the market considers the news significant considering its inputs and outputs. If the content of the news does not touch the market that much, the headline may have words that cause controversy.

Polymarket is a blockchain information marketplace currently available that provides information on a wide range of different topics, from neocon pneumonia to politics to cryptocurrencies. Information marketplaces can improve trust and clarity by helping people understand which news is important and which is correct. These marketplaces intrigue me because they can often act as truth aggregators.

In the future, instead of buying an expensive insurance policy, you could simply put that money into an information marketplace that would allow insurance to take effect with a predictable outcome.

The Future of Blockchain Technology

In my opinion, one of the main factors holding back the impact of blockchain technology is the general resistance of regulators to this change. I think most people would be in favor of allowing people to vote on their phones if the underlying systems were safe and secure. However, there has been resistance to the adoption of any technology in the way we elect.

This change will only happen if the technology has other applications and can become a normal part of our lives, for example, if there are more everyday uses for the technology or more opportunities to curate and have fun.

Ultimately, the blockchain space evolves over time, and as the technology evolves and more companies evolve, once the technology is well tested and easy to use, it can move into the mainstream.

We’re already seeing TV, Internet, smartphones and other breakthroughs that are changing the everyday, and we’re getting closer to that stage. The U.S. Postal Service recently applied for “a system that can leverage blockchain and the security of mail to provide reliable voting.”

With each step (like the ones mentioned above), we are getting closer to the overall adaptability of blockchain technology, and it won’t happen overnight. To deal with the blockchain wave, companies should start thinking about how the technology might impact their industry and start developing internal labs, working groups, etc. to get a better handle on what’s coming.

My advice to companies that want to sit back and wait for change is to consider investing in discovery rather than being ambitious.

Author Bio: This article was written by Art Malkov, Chief Digital Officer at Blockchain, advisor to the Blockchain Technology Marketplace Accelerator at Columbia University Labs, and a long-time researcher in the blockchain industry.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/how-blockchain-technology-can-improve-election-transparency-and-news-screening/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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