Coinbase Explains Blockchain Utility Agin Misinformation Spread

Misinformation has become readily available on the internet today. Social media is currently the most used tool that bad actors leverage to spread fake information, especially when artificial intelligence (AI) has become capable of delivering seemingly-perfect fake media. However, the largest cryptocurrency exchange in the United States, Coinbase, believes blockchain technology can up the game for companies in the battle against misinformation.

Blockchain is Ideal For Data Verification

In their latest blog—a part of an ongoing series concerning national security—Coinbase explains, “Responsible blockchain will give people the ability to control their own data within this world, including by using the underlying technology to update our financial system so it is more open and inclusive, preserving individual privacy, and enabling people to protect their intellectual property and more fully participate in the economic benefits of their work product.”

The company highlighted a recent incident where a deepfake image of the U.S. Department of Defense headquarters, The Pentagon, was released recently. The image showed a cloud of smoke, indicating an attack on the government structure. However, the first responders denied such an event had happened. The Dow Jones Industrial Average declined by 85 points immediately after the false information was circulated.

Confident that this picture claiming to show an “explosion near the pentagon” is AI generated.

Check out the frontage of the building, and the way the fence melds into the crowd barriers. There’s also no other images, videos or people posting as first hand witnesses. pic.twitter.com/t1YKQabuNL

— Nick Waters (@N_Waters89) May 22, 2023

Last month, Ars Technica, a technology news provider, reported that a lawyer is facing troubles after ChatGPT reportedly generated 6 fake cases and called them ‘real.’ Coinbase believes nations leading the development in AI and blockchain will dominate the tech industry. Blockchain can effectively fight against potential risks associated with artificial intelligence.

National Public Radio (NPR), an American non-profit media organization, explained in an article that artificial intelligence has made it easier to generate fake images and other forms of media. This has raised another problem; as technology advances, it will become easier to claim everything is fake.

Coinbase explains that transparency, immutability and ease of access in a public blockchain are ideal tools for authenticating data. Hashes can create a content’s digital fingerprints as the “same input always yields the same output.” Additionally, the blog suggested turning content into non-fungible tokens (NFTs).

Moreover, blockchain can track misinformation and how it spreads. It is more feasible than tracing the information in siloed databases. A study shows the world generated 79 zettabytes of data in 2021. This number is expected to grow two-fold by 2025.

There’s Always a Flaw

Although blockchain is considered extremely secure, the world has seen several instances of exploits. The crypto sector is the biggest example of blockchain hacks. Blockchain analysis firm Chainalysis reported that crypto market lost almost $4 Billion to malicious attacks in 2022 alone.

Experts in various industries have proposed blockchain integration with their respective operations. The largest medical library, National Library of Medicine (NLM) proposed GEOS, a blockchain-based vaccination management system, recently. The document highlighted the technology’s potential to resolve issues persisting in the global campaign against the disease.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.