Verizon Wireless Introduces Blockchain based Verification System for Verifying Information in News Releases

Verizon Wireless (NYSE:VZ), an American telecommunications firm that offers wireless products and services to 119 million+ subscribers, confirmed that it has launched Full Transparency by Verizon, a blockchain-powered, open-source newsroom product “designed to raise the bar for corporate accountability.”

According to a release, the initiative aims to transform how the Verizon Corporate Newsroom publishes its news updates by offering an “authoritative record of changes to public communications.” Verizon’s management states that a lack of transparency can “undercut corporate credibility.”

As mentioned in the release:

“According to the 2020 Edelman Trust Barometer, nearly 60% of consumers globally believe that the media they consume is contaminated with untrustworthy information. Transparency in news releases is an important step that a company—particularly a publicly traded one—can offer.” 

The Verizon team further noted that Full Transparency’s main goal is to change how corporate or business newsrooms “provide visibility to their readers and hold themselves accountable for what they communicate to the public.” Verizon also mentions that news releases that will use 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.”

The Verizon team claims that 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.”

Jim Gerace, Chief Communications Officer for Verizon, stated:

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

Marc Maleh, Group VP of Emerging Experiences at Huge, remarked:

“Full Transparency is an unmistakable stake in the ground for transparency and tech-forward thinking by a leading corporation. As consumers rightly demand more accountability from their organizations, we are proud to partner with Verizon, MadNetwork, and AdLedger to roll out this initiative.”

Adam Helfgott, Project Lead at MadNetwork, noted:

“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.”

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