Breaking the convention of limiting blockchain technology only to finance and technical sectors, Forbes aims to leverage the potential of blockchain. Forbes recently associated with Civil, an Ethereum-based platform with a heady bid to save journalism. Civil is going to help the 100-year-old publisher keep its stories from intrusive hands.
Matt Coolidge, Civil co-founder, made the announcement in a blog post.
“The partnership is a major milestone for blockchain-based journalism.”
Salah Zalatimo, senior vice president of product and technology at Forbes, assures that the partnership would help Forbes to provide “unprecedented transparency” around content.
Civil System will be tried by Forbes next year. During this period, Forbes will integrate Civil’s software with its own custom-built content management system knows as Bertie. Post to this process, Forbes is aiming to be able to upload metadata (information pertaining to author of the content and time) to Civil network simultaneous with the uploading of articles to forbes.com.
This system aims to establish author’s identity and credibility by interlinking the metadata to blockchain. A Civil ‘badge’ will appear next to articles for which the metadata has been stored, as additional assurance.
If all goes well during the experimentation in Q1 of 2019,the media company will start uploading metadata from all its new articles on forbes.com to civil platform in the next 12 months.
Forbes also plans to publish content through Bertie on Medium and LinkedIn to increase its presence. According to this agreement Forbes will possess Civil(CVL) tokens. This will allow Forbes to start news organisation in the system, challenge the membership of other news organisations in the system and cast votes when challenges arise. Civil founder Matthew Iles said the tokens will play vital role in self-governance on the platform.
“By providing the economic incentives and governance structures for newsmakers — writers, editors, photographers, fact-checkers — to self-organise, Civil offers a new business model for journalism”
“Our goal is to create a self-sustaining global marketplace for journalism that is free from advertising, fake news, and outside influence.”
Additionally, readers can use these tokens to tip their favourite journalists and newsrooms and pay for premium content where applicable.
The token sale which started in September 2018 is still running, so far raising about $1.4 million in token sales. Its goal is to achieve $24 million.
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