On Friday, Verizon officially unveiled its new open-source newsroom product based on blockchain, designed to set new standards for corporate accountability. The platform itself, aptly named Full Transparency, is dedicated to immutably document the news releases of the company, doing so by way of a public blockchain.
Verizon’s ‘Full Transparency’ launches blockchain verification for news releases. Learn more about how @Verizon is leveraging public blockchain, designed to raise the bar for corporate accountability. https://t.co/Qw1JHWoDwX pic.twitter.com/kEegEYVzE9
— Verizon News (@VerizonNews) October 30, 2020
An Age Where Massive Amounts Of Information Can’t Be Trusted
Verizon then proceeded to post its first news story through this platform, according to a Verizon representative. This story made a record of any and every alteration made to the original publication, though a representative from Verizon noted that these only apply to the text changes.
As the years stretched on and connectivity increased, a massive spike in censorship, fact-checking and fake news have only caused grief in both traditional and social media. To highlight this, Verizon mentioned the 2020 Edelman Trust barometer, which stands as an indicator of the public’s trust in media. On the 19th of January, Edelman’s “Trust Barometer” reported that 76% of the world is concerned about how false information can be weaponized, with 57% feeling that they cannot fully trust their media.
The Mandatory Kind Words
Jim Gerace stood as the Chief Communications Officer of Verizon and stated the matter at large. He highlighted how Verizon is eager to bring Full Transparency to the market, seeing a company dedicated to connecting people to information. Gerace stressed how this product could ensure that corporate trust and accountability can be held in its own quiet way.
Alongside this, Gerace openly invited organizations across the globe, at least those prioritizing transparency as much as Verizon does, to adopt these communication practices of blockchain verification.
Setting New Standards For Transparency
Verizon hopes that this platform will set a new standard when it comes to corporate responsibility and transparency. In its statement about the matter, Verizon highlighted that all news releases published to Verizon Newsroom will now be bound and secured through the use of cryptographic principles. Through doing so, subsequent changes can then be tracked and contextualized as well.
This endeavor comes thanks to Verizon and Huge, a marketing company, as well as MadNetwork, a blockchain data storage company, and AdLedger, a nonprofit blockchain application entity.