New York-based telecommunications company Verizon has announced the launch of a blockchain-based, “open-source newsroom product designed to raise the bar for corporate accountability,” according to its report released.
Verizon’s new initiative, dubbed the ‘Full Transparency,’ platform is meant to immutably document the company’s own news releases and provide a record of changes to communications on a public blockchain. The firm added:
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.
Citing data from the 2020 Edelman Trust Barometer, in which nearly 60% of consumers globally believe that the media they consume is contaminated with untrustworthy information, Verizon said that transparency in news releases was “an important step” that a “publicly traded” company could offer.
In addition to this, Chief Communications Officer for Verizon, Jim Gerace called upon global organizations to adopt blockchain-verified communication practices and said:
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 has already made use of the new blockchain platform and posted its first news story through it on 30 October, which was accompanied with updates of the story that was also recorded.
The Full Transparency initiative is an extension of Citizen Verizon, and is also a collaboration between marketing company Huge, blockchain data storage company MadNetwork and nonprofit blockchain application entity AdLedger.