Social media giant Twitter intends to find a blockchain solution that would help stop fake news and online scams on its platform.
It’s been decades since the internet revolutionised the world. Approximately ten years ago, social media did the same, and 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 enamoured with its potential security applications.
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, his team is currently working on finding a solution to prevent online scams on Twitter – and to achieve this, it means reaping the benefits of blockchain tech.
Of course, this is not the first time Dorsey has expressed his interest in utilising the opportunities afforded by blockchain. He has previously highlighted a desire to develop a blockchain-based security solution which would be used to verify the identities of users while simultaneously fighting the publication of misinformation.
When questioned about the potential applications of blockchain, Dorsey said: “We need to start with the problems we’re trying to solve” and suggested that blockchain had a lot of “untapped potential”, although he admitted Twitter had not yet gone as “deep as we like” in understanding how the technology could be adapted to fight the problems currently faced by the platform.
While it remains to be seen precisely how Twitter will implement blockchain technology, 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.