News requires an element of trust and Blockchain technology can help with that.
Verizon introduced „an open source blockchain-based newsroom product designed to raise the bar for corporate responsibility,“ according to a public statement today. Called Full Transparency, the platform is designed to immutably document the company’s own press releases in a public blockchain.
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Verizon released its first news story via the platform yesterday, according to comments sent to Cointelegraph by a Verizon representative. Alterations made after the initial release of the story were also recorded. However, the representative noted that „Currently, only text changes are recorded in the blockchain.
In recent years, false news, data verification and censorship have caused problems for both social networks and traditional media. Verizon’s statement mentioned the Edelman Trust Barometer 2020 as an indicator of media misgivings by people around the world. According to the Edelman Trust Barometer report of 19 January, 57% of people worldwide feel they cannot fully trust their media. In addition, 76% expressed concern about the use of false information as a weapon.
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„As a technology company that literally connects people to information, we are excited to bring full transparency to the marketplace, a product that, in a discreet way, can help ensure corporate accountability and trust,“ Verizon communications director Jim Gerace said in the release, adding:
„We invite organizations around the world that value transparency as much as we do to adopt blockcha-verified communications practices.
Verizon expects the platform to set a new standard for transparency and corporate accountability. „All releases published in the Verizon newsroom will be protected and linked using cryptographic principles so that subsequent changes can be tracked and contextualised,“ the release said.
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The effort is the result of a collaboration between marketing company Huge, blockchain data storage company MadNetwork and the non-profit blockchain application entity AdLedger.
This is not the first time the company has explored blockchain-based solutions. Verizon also turned to blockchain technology in early 2020 to improve security.