Verizon, an American multinational telecommunications firm, has recently launched an open-source newsroom called Full Transparency. The platform is developed to document news releases of the firm on a public blockchain platform. They believe that this product will raise the bar for corporate accountability. Verizon has already posted its first news story using this platform on October 30. All the changes that are made in the story post the publications were recorded by the platform. According to one of the representatives of the firm, blockchain is able to track only the text changes at the moment. Verizon Took This Step Due to Increase in Fake News In the past few years, it is seen that there has been a huge increase in fake news which has caused some major problems. The major concern of Verizon behind building Full Transparency is to control these fake news as much as they can. According to the 2020 Edelman Trust Barometer, people are having huge media doubts and are unable to trust it. The reason is the fake news and it reports that around 57% of people across the world are not unable to trust their media. Along with this, there are 76% of people who are quite concerned about the weaponization of false information that is causing some huge problems. Global Organization That Prize Transparency Are Invited Jim Gerace, Chief Communications Officer of Verizon, has said: “We invite organizations across the world that prize transparency as much as we do to adopt blockchain-verified communication practices.” The firm is aiming to create a new standard for both corporate transparency and responsibility. The new platform will be using the cryptographic principles that will help to track down the changes. To make this possible, the firm has also collaborated with MadNetwork and AdLedger. This is going to be a great step to regain the trust of the people in news.
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