Skip to content

Verizon’s newsroom on using blockchain technology for total transparency

October 30, 2020

Verizon announced “a blockchain-based open source newsroom product that aims to raise the bar for corporate responsibility.” according to a public statement earlier today. Call Full transparency, The platform is to document the company’s own press releases unchangeably in a public blockchain.

Verizon Publicity his first messages on the platform yesterday, according to comments a Verizon representative sent to Cointelegraph. Changes made after the story was first published were also recorded. However, the representative stated that “Currently only text changes are recorded on the blockchain.”

In the past few years, Fake news, fact checking, and censorship have created problems for both social media and traditional media. Verizon’s statement mentioned that Edelman Trust Barometer 2020 as an indicator of media doubts from people around the world. According to the message Edelman’s “Trust Barometer” from January 19th: 57% of people worldwide have the feeling that they cannot fully trust their media. In addition, 76% expressed concerns about using false information as a weapon.

Verizon’s newsroom on using blockchain technology for total transparency
Verizon’s newsroom on using blockchain technology for total transparency

“As a technology company that literally connects people to information, we are excited to bring complete transparency to the market, a product that can discreetly help ensure corporate accountability and trust.” said the Verizon communications director, Jim Gerace, in the statement add:

“We invite organizations around the world that value transparency as much as we do to use blockchain-verified communication practices.”

Verizon is expecting the platform Set a new standard for transparency and corporate responsibility. “All publications published in the Verizon newsroom are protected and linked using cryptographic principles so that subsequent changes can be tracked and contextualized.” included the statement.

The effort is the result of the collaboration between the marketing company Enormously, the blockchain data storage company MadNetwork and the non-profit blockchain application unit AdLedger.

This isn’t the first time the company has explored blockchain-based solutions. Verizon also turned to blockchain technology in early 2020 to improve security.