Verizon has announced the launch of a blockchain-based product which aims to provide an authoritative record of changes to company news releases.
Full Transparency by Verizon is a proof of concept built with open source blockchain technology. The product is put together in partnership with AdLedger, a consortium which explores standards for blockchain and cryptography in media and advertising, authentication infrastructure provider MadNetwork, and marketing company Huge.
Verizon noted the rationale and idea behind the product:
“Full Transparency’s goal is to change the way corporate newsrooms provide visibility to their readers and hold themselves accountable for what they communicate to the public,” the company wrote. “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.
“All news releases published to the Verizon Newsroom will be secured and bound using cryptographic principles, so that subsequent changes can be tracked and contextualised,” the company added.
The company cited the 2020 Edelman Trust Barometer study which found almost three in five consumers globally believed the media they consumed was in some way untrustworthy. Jim Gerace, chief communications officer for Verizon, said the company is inviting organisations around the world to adopt blockchain-verified communication practices.