Verizon today announced that it will be using blockchain to enhance corporate accountability for the company’s news releases by verifying and tracking any changes to those releases. The company is calling the project the Verizon Full Transparency Initiative.
The initial implementation is designed as a proof of concept pilot, with the carrier partnering with Huge, MadNetwork and AdLedger to use open-source blockchain technology in conjunction with any news releases the company puts out in what the carrier is calling the Full Transparency initiative, an extension of Citizen Verizon. Citizen Verizon is designed to use technology to drive economic, environmental and social advancement.
Citing the 2020 Edelman Trust Barometer, Verizon said that nearly 60% of consumers globally think that the media communicates untrustworthy information. By implementing blockchain technology, a company can help ensure that corporate newsrooms can trust the information they are releasing. Under the Full Transparency initiative, Verizon Newsroom releases will be secured and bound using cryptographic principles, so that any changes can be tracked and contextualized.
“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,” said Jim Gerace, Verizon chief communications officer, in a prepared statement about the Verizon Full Transparency Initiative. “We invite organizations across the world that prize transparency as much as we do to adopt blockchain-verified communication practices.”
“Full Transparency is an unmistakable stake in the ground for transparency and tech-forward thinking by a leading corporation,” said Marc Maleh, Huge group vice president of emerging experiences, in a prepared statement. “As consumers rightly demand more accountability from their organizations, we are proud to partner with Verizon, MadNetwork, and AdLedger to roll out this initiative.”