Verizon reveals that it has implemented the most widely used Ethereum block chain to monitor its press releases.
The block-chain-based system is expected to raise Verizon’s bar.
The new block chain system is called a “full transparency” system that monitors the system of press releases.
Verizon announced that it is introducing a new technology that will record press releases through the Ethereum block chain. This news has surprised the community, but it is a step in the right direction. According to Verizon, their new system is called Full Transparency, and it is based on block chain technology.
The press release recorder is designed to ensure corporate accountability and help build community trust. The full transparency system cryptographically links each press release to the block chain.
It also tracks and contextualizes any subsequent editing of the press release. This new system from Verizon is open source software, making it available to anyone who wants to use it for their business.
So once a user has integrated Verizon technology, they can log every press release in the block chain. Complete transparency, as we have discovered, is based on the MAD network, which is also based on the ETH/USD. We also learned that MadNetwork project manager Adam Helfgott, Huge and AdLedger, worked with Verizon to develop this product.
Impact of full transparency on Ethereum
This new product is necessary to achieve transparency and community trust. But it also means that any company using the system will no longer be able to update its contributions. So if they have made a mistake in their original press release, it will remain visible to readers. This system also checks whether a participating company has changed its press in any way.
But full transparency is not the only technology with the same capabilities. There is Everipedia, which was introduced as Wikipedia based on blockchain technology. This version of Wiki came into the community in 2018, and it records every new change to every post so that readers can see it.
In addition to Everipedia, there was another attempt at transparency systems that failed later in June 2020. Civil developed this system on the Ethereum block chain to record articles from all sites that participate in the newsroom. The developer’s focus in building the system was also to ensure transparency and trust. Unfortunately, it did not work well.