On October 30, Verizon announced the launch of its new blockchain-based product, titled “Full Transparency”, which is designed to improve corporate accountability and provide the public with means to follow trustworthy news connected to its releases.
According to the announcement, the project is intended to change the way in which corporate newsrooms provide visibility to their readers and hold themselves accountable for the information they share.
Verizon claimed that Full Transparency will track official news releases on its blockchain ledger so statements can be authoritatively reflecting the information which was intended for release. Moreover, all new announcements published to the Verizon Newsroom will be secured and bound using cryptographic methods, so that subsequent 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, Chief Communications Officer for Verizon. “We invite organizations across the world that prize transparency as much as we do to adopt blockchain-verified communication practices.”
Full Transparency comes as an extension to Citizen Verizon, a business plan aimed at driving economic, environmental, and social advancement by promoting technology as a way of improving communities and education. In their new project, Verizon will be partnering with Huge, a Brooklyn digital agency for operational brand strategies, to successfully roll out the initiative. MadNetwork, an authentication infrastructure provider, will also join this venture to bring in the needed resources for its future development.
“Blockchain has long been associated with cryptocurrency, but that is just the beginning of what it can do,” said Adam Helfgott, Project Lead at MadNetwork. “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.”