Jack Dorsey has been a great follower of the blockchain technology. He has integrated cryptocurrencies and blockchain into his business like the Square app. In the latest application of blockchain, Jack Dorsey may get blockchain technology to Twitter, this time to fight scams and misinformation and improving transparency of the social media platform.
Twitter is exploring blockchain Jack Dorsey testifies
Jack Dorsey testified before a Congressional committee that social media giant Twitter is exploring the uses of blockchain technology. The US House Committee on Energy and Commerce asked him questions related to transparency and accountability. Dorsey suggested that distributed ledgers could be used to stop scams and misinformation on the platform.
Dorsey was asked by California representative Doris Matsui about the potential use of blockchain in the social media company. Dorsey answered:
“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.”
On the same day, Dorsey provided testimony at a Senate Intelligence Committee hearing focused on the alleged interference during the US presidential elections in 2016.
Dorsey also took his twitter handle and twitted continuously to talk about transparency
Thank you Chairman Walden, Ranking Member Pallone, and the committee, for the opportunity to speak on behalf of Twitter to the American people. I look forward to our conversation about our commitment to impartiality, transparency, and accountability.
— jack (@jack) September 5, 2018
Twitter came under fire last month when Duo Security published a research report claiming that it came across a network of at least 15,000 scam bots using Twitter to spread fake cryptocurrency giveaways. During the study, 88 million Twitter accounts were scanned by the researchers who used machine learning techniques to identify bots.
Jack Dorsey’s love for cryptocurrencies and blockchain
Jack Dorsey has always been in support of cryptocurrencies and blockchain against all his critics. In January the company had added cryptocurrency operations which help the company net $200,000 from its newly-added bitcoin functionality. Dorsey was also quoted saying in favor of bitcoin and he believed that bitcoin may become the world’s ‘single currency’ and a dominant form of payment in a decade’s time.
“The internet will have a single currency. I personally believe that it will be bitcoin,”
Dorsey was quoted saying.
In May 2018, at the Consensus conference, Dorsey had indicated bringing blockchain to Twitter. On being asked On blockchain’s potential for Twitter, Dorsey said
“On the Twitter side, there are a lot of applications in trust and identity. We can apply a lot of those technologies toward the problems we’re seeing in terms of misinformation, manipulation, and we’re trying to fight scams as well. There are broad applications of the technology, and we’re going to have an open mindset.”
With such a clear vision of blockchain and cryptocurrencies Dorsey, is about to drench both his business into this latest technology as he believes that they are here to stay and will be solving problems which currently are difficult and farfetched.
Will Jack Dorsey bullishness on blockchain bring a paradigm shift in social media and end the menace of scam bots and misinformation? Do let us know your views on the same.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.