Verizon Launches Blockchain Initiative To Combat Misinformation

Blockchain, Innovation, News | November 4, 2020 By:

American telecommunications company Verizon has announced the launch of a blockchain-based, open-source newsroom product designed to raise the bar on corporate accountability.

Called Full Transparency, the new product was created in partnership with Huge (as creative agency) and Madnetwork (as blockchain partner) that seeks to transform how the Verizon Corporate Newsroom publishes news releases by providing an authoritative record of changes to public communications via the blockchain. The goal of this product is to be the start of a movement and a proof-of-concept to help organizations around the world stem the flow of rampant misinformation and take accountability for the information they provide to the public.

“Official news releases that incorporate Full Transparency are tracked on the blockchain ledger, so news releases or statements can be treated as authoritatively reflecting what was intended to be released,” Verizon said. “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.”

Adam Helfgott, Project Lead at MadNetwork, said that blockchain has long been associated with cryptocurrency, but that is just the beginning of what it can do.

“MadNetwork is thrilled to power Verizon’s approach, exploring how blockchain can be a critical part of enterprise software at scale, providing validation and authentication in the digital world,” said Helfgott.

Jim Gerace, Chief Communications Officer for Verizon, said that as a technology company that quite literally connects people to information, they are excited to bring Full Transparency to market — a product that, in its own quiet way, can help ensure corporate accountability and trust.

“We invite organizations across the world that prize transparency as much as we do to adopt blockchain-verified communication practices,” Gerace said.