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Verizon announced this week that it will begin recording all communications it releases on a blockchain ledger in what is said to be a move to combat online disinformation.
The project, called Full Transparency, will record all of the carrier’s statements and press releases, as well as any changes it may make after the fact immutably in an open source virtual ledger. Verizon is also urging other companies to follow suit by integrating with the tool, which it built in partnership with agency Huge, blockchain consortium AdLedger, and blockchain-based adtech firm MadNetwork.
The carrier said it developed the project out of concern over the rampant spread of disinformation online and the distrust it has created among consumers. Such fake news has been of particular concern to Verizon in recent months as conspiracy theories have proliferated on the spurious role of 5G networks in the spread of the coronavirus.
“As a technology company that 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,” Jim Gerace, Verizon’s chief communications officer said in a statement. “We urge organizations around the world that reward transparency as much as we do to adopt blockchain-verified communication practices.”
Blockchain was initially developed as a virtual ledger for tracking cryptocurrency transactions, but since then some companies have found other uses for its underlying technology as a decentralized and secure database system for everything from monitoring supply chains to logging. of e-commerce inventory. While some of the initial hype around its transformative power has subsided more recently, companies like Walmart, IBM, and Overstock continue to use it in some form.
Verizon had already announced earlier this year that it would integrate blockchain technology as part of its launch of new identity management and cybersecurity tools. The Full Transparency project is also part of Citizen Verizon, the carrier’s long-term plan to improve corporate responsibility and promote social responsibility initiatives.
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