News requires an element of trust. Blockchain may be able to help.
Verizon unveiled “a blockchain-based, open-source newsroom product designed to raise the bar for corporate accountability,” today according to a public statement. Called Full Transparency, the platform is meant to immutably document the company’s own news releases on a public blockchain.
Verizon posted its first news story through the platform yesterday, according to comments sent to Cointelegraph by a Verizon representative. Alterations made after the story’s initial publication were also recorded. The rep noted, however, that “only text changes are currently tracked on the blockchain.”
In recent years, fake news, fact checking, and censorship have caused problems for social media and traditional media alike. Verizon’s statement mentioned the 2020 Edelman Trust Barometer as an indicator of people’s media doubts around the world. Based on Edelman’s Jan. 19, 2020 Trust Barometer report, 57% of people globally felt they could not fully trust their media. Additionally, 76% expressed concerns about the weaponization of false information.
“As a technology company that quite literally connects people to information, we are excited to bring Full Transparency to market — a product that, in its own quiet way, can help ensure corporate accountability and trust,” Verizon’s chief communications officer, Jim Gerace, said in the statement, adding:
“We invite organizations across the world that prize transparency as much as we do to adopt blockchain-verified communication practices.”
Verizon hopes that the platform will set a new standard for corporate transparency and responsibility. “All news releases published to the Verizon Newsroom will be secured and bound using cryptographic principles, so that subsequent changes can be tracked and contextualized,” the statement included.
The endeavor is the result of collaboration between marketing company Huge, blockchain data storage company MadNetwork, and nonprofit blockchain application entity, AdLedger.
This isn’t the first time the company has explored blockchain-based solutions. Verizon looked looked to blockchain technology earlier in 2020 for security enhancement as well.