According to a public announcement today, Verizon unveiled “an open source, blockchain-based news product designed to lift the company’s responsibilities”. The platform, called Total Transparency, is designed to permanently document company news data on the public blockchain.
According to comments posted by a Verizon spokesperson on the Cointelegraph, Verizon released its first news yesterday via the platform. Changes have also been made since the story was originally published. However, a spokesman noted: “Only text changes are currently being tracked on the blockchain.”
In recent years, fake news, fact-checking and censorship have caused problems for both social media and traditional media. In a statement, Verizon 2020 cited the Edelman Trust Barometer as an indicator of worldwide media skepticism. According to the Edelman report from January 19 on the Trust Scale, 57% of people around the world believe that they can not fully trust the media. In addition, 76% expressed concern about the use of false information as a weapon.
“As a technology company that literally connects people with information, we are passionate about full market transparency – a product that alone can help build corporate responsibility and trust,” said Jim Geras, Verizon Communications Director. The statement reads:
“We encourage organizations around the world that value transparency as much as we do to use blockchain-proven communication methods.”
Verizon hopes the platform will set a new standard for transparency and accountability. “All press releases published in the Verizon Newsroom will be protected and linked in an encrypted form so that subsequent changes can be tracked and contextualized,” the statement said.
This effort is the result of a collaboration between the marketing company Huge, the blockchain storage company MadNetwork and the non-profit organization AdLedger for the blockchain application.
This is not the first time the company is exploring blockchain solutions. In early 2020, Verizon also switched to blockchain technology for improved security.