Verizon announced that it is launching a new tech that will record press releases through Ethereum blockchain. This news took the community by surprise, but it’s a step in the right direction. According to Verizon, their new system is called Full Transparency, and it is based on blockchain technology.
The work of the press release recorder is to ensure corporate accountability and help build trust in the community. Full Transparency system bounds every press release cryptographically to the blockchain.
It will also track and contextualize every edit made on the press release afterward. This Verizon new system is open-source software that makes it accessible to anyone who may wish to use it for their business.
So, once any user integrates Verizon tech, they can log each press release on the blockchain. Full Transparency, as we gathered, is built on the MAD network, which is also built on ETH/USD. We also gathered that MadNetwork project lead Adam Helfgott, Huge and AdLedger, collaborated with Verizon in building this product.
Full Transparency implications on Ethereum
This new product is necessary for achieving transparency and the trust of the community. However, it also means that every company using the system won’t have the chance to update their posts anymore. So, if they have made any mistake in their initial press release, it remains visible to the readers. This system also verifies if any participating company has altered its press in any way.
But Full Transparency is not the only technology with the same capabilities. There’s the Everipedia that was launched as Wikipedia based on blockchain technology. This wiki version hit the community in 2018, and it records every new edit on each post for the readers to see.
Apart from Everipedia, there was also another attempt to transparency systems, which later failed in June 2020. Civil developed this system on Ethereum blockchain to record articles from all the websites that participate in the newsrooms. The focus of the developer in building the system was also to ensure transparency & trust. Unfortunately, it didn’t work out well.
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