Culture
23:07, 17-Oct-2018
Global Media Moment: Journalist can reinvent new business model with blockchain technology
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22:10, 20-Oct-2018
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Blockchain will reshape the media industry in the future, said Matej Michalko, the CEO of blockchain start-up DECENT in the interview with CGTN at the second CGTN Global Media Summit and the eighth Video Media Forum today.
Michalko attended the panel on Wednesday afternoon, discussing the exploration and application of blockchain in the media industry with other guest speakers. He indicated blockchain would give journalists more freedom and independence.
In the interview, he first answered the question that how a journalist can benefit from the blockchain technology.
“Thanks to the micropayments enabled by blockchain, each reader can pay even one cent to each article writer directly,” Michalko introduced to CGTN. This is impossible to do with the traditional payment methods, as the charging fee is required and the minimum transaction amount is higher.
Thus, a journalist can reinvent a new business model, as they can publish articles for free, and everyone can “tip” their work, without any agencies and extra costs. A journalist can be more independent as readers are more willing to pay.
“China has the biggest number of blockchain companies in the world,” said Michalko, giving a general review about the development of blockchain industry in China.
“(The blockchain innovation) is basically not known to the outside world of China,” Michalko indicated.
Moreover, China is the first country that pushes forward blockchain technology at the government level. This is also the reason why Michalko moved his office from Hong Kong to Shanghai.
However, Michalko indicated that blockchain technology is not yet ready to be deployed in the real world. It still needs five to ten years of development.
The CGTN Global Media Summit kicked off on Tuesday in southwest China's Chongqing City and concluded on Wednesday. People in the media industry from all over the world joined to share experiences, discuss the mission of journalists and explore the future of media industry.