While blockchain still seems to be in a budding phase, it seems it could be used in the future to even prevent scams. This revelation comes from Jack Dorsey, the CEO of Twitter who, during a congressional hearing on the 7th of September, stated that the social media giant is considering using blockchain technology to help prevent scams on their platform.
This was the answer he gave after being questioned by California representative Doris Matsui about user privacy content moderation. This took place during a House Committee on Energy and Commerce.
Beating with Blockchain
The question posed to Dorsey tackled head-on the possible use of blockchain in Twitter’s future:
“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?”
Dorsey replied, saying,
“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,” adding that blockchain has untapped potential, specifically around distributed trust and distributed enforcement potentially.”
Dorsey did not shy away from the topic of blockchain technology but rather took it head-on.
For a long time in the tech world, blockchain was seen as a fad of the internet that would fade away with time. For many, the explosion of Bitcoin was the peak of blockchain’s relevance and would die away eventually.
If the last few years have proven anything, it is that blockchain tech is here to stay and has slowly but surely found its place in all aspects of life, from banking to social media.
Craving New Paths
While the plans for blockchain technology is merely a possibility being spoken about, its implementation would mean a lot.
First, it would help remove the stigma that often follows blockchain whenever it is discussed, where it is often thought of as a risky internet gamble for those looking to get rich quick.
Applying blockchain to a platform as well-known and respected as Twitter would give it legitimacy like never before, especially since it would be used to ensure user safety.
With other social media platforms possibly following suit, blockchain could reach heights of visibly not previously imagined.