Verizon is implementing a blockchain-verified record of changes to its news releases using its ‘Full Transparency’ initiative. It has the potential to change the way companies communicate to their audiences.
The Full Transparency initiative is a proof of concept built with open-source blockchain technology in partnership with Huge, MadNetwork and AdLedger. The blockchain-based, open-source newsroom product is designed to raise the bar for corporate accountability.
Full Transparency is expected to transform how the Verizon Corporate Newsroom publishes news releases by providing an authoritative record of changes to public communications.
All official news releases published to the Verizon Newsroom that incorporate Full Transparency will be secured and bound using cryptographic principles, so that subsequent changes can be tracked on the blockchain ledger and contextualized. All details and changes are recorded and stored with their own unique hash code and becomes a permanent part of the chain.
A blockchain is a shared ledger or record book where all relevant details about a content record are permanently logged and any changes rigorously tracked. Once information is recorded in the shared ledger, it’s almost impossible to reverse or change it.
The lack of transparency has the potential to undercut corporate credibility, particularly for news releases from a publicly traded company. Nearly 60% of consumers globally believe that the media they consume is contaminated with untrustworthy information, according to the 2020 Edelman Trust Barometer.
Full Transparency will help change the way corporate newsrooms provide visibility to their readers and hold themselves accountable for what they communicate to the public.
The Full Transparency initiative is an extension of Citizen Verizon, a responsible business plan that drives economic, environmental and social advancement by promoting technology as a tool to improve communities, education and the workforce.
The initiative will help combat the spread of misinformation and creates a trustworthy, authoritative source for confirming company information. It documents all text changes made to the official news releases and all details are timestamped, making them easily verifiable.
This proof of concept is intended to convey a level of transparency that’s unprecedented from a corporate newsroom. Verizon intends to help other organizations build trust and transparency through technology to bring more credibility to their publishing model.
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