Verizon improves the transparency of its communications through the blockchain

The issue of trust in the media is very topical: the blockchain could be a decisive tool in the fight against fake news.

In an official statement released on October 30, Verizon presented „a blockchain-based open-source news product designed to raise the level of corporate responsibility“. The platform, called Full Transparency, aims to immutably document the company’s press releases on a public blockchain.

According to statements made to Cointelegraph by a company spokesman, Verizon published its first news release via the platform yesterday: changes made after the initial publication of the story were also recorded. However, the spokesman noted that „only changes to the text are currently tracked on the Bitcoin Supersplit„.

In recent years, fake news, fact-checking and censorship have caused problems for both social media and traditional information platforms. Verizon’s statement mentioned the „Edelman Trust Barometer 2020“ report as an indicator of the doubts people around the world have about the media. According to the report, 57% of people globally feel that they cannot fully trust their media; in addition, 76% expressed concern about the use of fake news in the political arena.

Verizon’s chief communications officer, Jim Gerace, issued a statement on the matter:

„As a technology company that literally connects people to information, we are excited to bring Full Transparency to market – a product that, while small, can help ensure accountability and trust in companies.

We invite companies around the world who, like us, value transparency to adopt communication techniques verified by blockchain“.

Verizon hopes the platform will set a new standard for transparency and corporate responsibility. The statement emphasized that „all press releases published by Verizon Newsroom will be protected and bound using cryptographic principles so that subsequent changes can be tracked and contextualized.

The initiative is the result of collaboration between marketing company Huge, blockchain data storage company MadNetwork and the non-profit organisation developing the blockchain AdLedger application. This is not the first time the company has evaluated blockchain-based solutions: during 2020, Verizon studied the technology in order to improve its security.

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