CEO of Twitter Elaborates on Blockchain to Fight Scams

CEO of Twitter Elaborates on Blockchain to Fight Scams

The CEO of Twitter Jack Dorsey who is already in the cryptocurrency scene with his own cryptocurrency payment platform Square told Congress it would use Blockchain to fight scams online.

The idea of using Blockchain by Dorsey was said in reply to a question by a California representative by the name of Doris Matsui. The question was raised at the Congressional committee meeting on Energy and Commerce yesterday the 5th of September.

“You previously expressed interest in the broad applications of blockchain technology, including potentially in an effort to verify identity to fight misinformation and scams. What potential applications do you see for blockchain?” Matsui asked.

The Congressional committee meeting’s main agenda was to understand how social media was going to solve the spreading of false news.

Dorsey replied, “We‘re now removing over 200% more accounts for violating our policies. We’re identifying and challenging 8-10 million suspicious accounts every week. And we’re thwarting over a half million accounts from logging in to Twitter every day.”

In reply to Blockchain technology, Dorsey explained, “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. Blockchain is one that I think has a lot of untapped potential, 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.”

The number of cryptocurrency related scams on Twitter such as ‘free giveaways’ and impersonations of personalities such as Elon Musk is starting to become a huge nuisance on the social media platform.

Twitter is not the only type of medium that is facing fake news spreading. Even mainstream journalism has started to face issues regarding dividing the truth from the lies.  Thus the Associated Press (AP) known to be the handbook for journalists has signed a partnership with journalism blockchain startup Civil to use Blockchain technology to fight false news.

Image Source: “Flickr”