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ITALIAN FIRM CLAIMS ITS NON-FUNGIBLE TOKENS CAN STOP THE UNFOLD OF PRETEND INFORMATION

Italian blockchain firm LKS created a non-fungible token (NFT)-based system that allegedly can prevent the spread of fake news.

According to an announcement on April 14 — other than countering fake news — LKS’s system also protects the copyright of digital content.

An LKS spokesman confirmed that the system creates an NFT which contains the identity of the publisher, publishing time and a link to the original source. The token confirms the identity of the author (which is established through Know Your Customer procedures during the registration needed to use the system), while the transaction timestamp proves publishing time.

Articles are processed by a non-reversible mathematical function which creates an alphanumeric string — a hash — which is then saved on-chain. If a single character of the article is edited, the hash changes and the hash saved on the blockchain can prove that the article changed. When a publisher edits an article, he releases a new NFT with an updated hash linked to the older one.

LKS foundation founder Omar Baruzzo said that blockchain is a good fit for such a project because of the immutability and traceability of transactions:

“[Those features allow] to create a process that can trace back to the user the responsibility of posting a content, therefore dissuading lying and permitting to understand exactly who said something and when.”

LKS plans to launch a first version of the system shortly on blockchain-enabled social media platform Cam.TV. In the future, the firm plans to create a new version of it that also features notarization on the Bitcoin (BTC) blockchain.

As recently reported that Italy’s top news agency ANSA recently launched its own blockchain-enabled content tracking system dubbed ANSAcheck. The system employs tokens created on the Ethereum blockchain to track publication and editing.

While the LKS’ project is similar to ANSAcheck, Baruzzo said that there are major differences between the two systems:

“ANSA verify simply certifies […] that an article is saved in ANSA’s database. [Our system] will certify the existence of ANY content material (information, but in addition content material to guard), explicitly linking the content material to the person […] utilizing a public blockchain to notarize the method.”

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