After the Internet and social media now, many predict it’s time for blockchain to provide the next leap forward. While blockchain was initially a niche interest for a small circle of researchers, it’s becoming clearer that increasing numbers of businesses are becoming enamored with its potential security applications.
Social media giant Twitter intends to find a blockchain solution that would help stop fake news and online scams on its platform.
Speaking to a congressional committee this week, Twitter CEO Jack Dorsey confirmed that blockchain technology is one of the priorities for his social media platform, on account of its ability to enhance the fairness and transparency of social media.
According to Dorsey, at the current moment, his team is doing its best to find an applicable solution that would help their platform to stop online scams. To achieve this aim, Twitter is going to use the benefits of blockchain technology.
Of course, this is not the first time Dorsey has expressed his interest in utilizing the opportunities afforded by blockchain. He has previously highlighted a desire to find a blockchain-based solution that would be used for identity verification and fighting misinformation.
When asked about potential applications for blockchain, Dorsey said:
First and foremost we need to start with the problems that we’re trying to solve and the problems we’re solving for our customers and look at all available technology in order to understand if it could help us accelerate or make those outcomes much better. The blockchain is one that I think has a lot of untapped potentials, specifically around distributed trust and distributed enforcement potentially. We haven’t gone as deep as we’d like just yet in understanding how we might apply this technology to the problems we’re facing at Twitter, but we do have people within the company thinking about it today.
Scams are one of the serious issues for Twitter. There are a lot of people who use fake profiles, they offer different gifts in the form of crypto to pay some “mining fee” and to get an access to their free crypto. As you can understand, these scammers are not going to give out any crypto but they are happy to receive this “mining fee”.
As it has been said, there is no any concrete plan or project how blockchain will be used to fight with scams on the platform. one thing is certain: the social media giant is 100% committed to exploring all avenues in an attempt to create a fairer, more transparent social network.