Verizon’s ‘Full Transparency’ launches blockchain verification for news releases

Rhea-AI Summary

Verizon has launched the Full Transparency initiative, a blockchain-based product aimed at enhancing corporate accountability in news releases. This open-source technology, developed in collaboration with Huge, MadNetwork, and AdLedger, allows for a verified record of changes to public communications, addressing the growing demand for transparency in corporate messaging. With almost 60% of consumers distrusting media sources, this initiative aims to restore credibility by employing cryptographic principles to secure news releases and enable real-time tracking of amendments.

Positive

• Launch of the Full Transparency initiative enhances corporate accountability.
• Utilizes blockchain technology to verify news release changes, increasing trust.
• Addresses consumer demand for transparency, potentially improving brand reputation.

Negative

• None.

• What you need to know:

            º  Verizon is implementing a blockchain-verified record of changes to its news releases
            º  The Full Transparency initiative is a proof of concept built with open-source blockchain technology in partnership with Huge, MadNetwork and AdLedger
            º  The Full Transparency initiative has the potential to change the way companies communicate to their audiences

BASKING RIDGE, N.J., Oct. 30, 2020 (GLOBE NEWSWIRE) -- Verizon today announced the launch of Full Transparency by Verizon, a blockchain-based, open-source newsroom product designed to raise the bar for corporate accountability. This initiative seeks to transform how the Verizon Corporate Newsroom publishes news releases by providing an authoritative record of changes to public communications.

A lack of transparency has the potential to undercut corporate credibility. According to the 2020 Edelman Trust Barometer, nearly 60% of consumers globally believe that the media they consume is contaminated with untrustworthy information. Transparency in news releases is an important step that a company—particularly a publicly traded one—can offer. Full Transparency's goal is to change the way corporate newsrooms provide visibility to their readers and hold themselves accountable for what they communicate to the public. Official news releases that incorporate Full Transparency are tracked on the blockchain ledger, so news releases or statements can be treated as authoritatively reflecting what was intended to be released. All news releases published to the Verizon Newsroom will be secured and bound using cryptographic principles, so that subsequent changes can be tracked and contextualized.

“As a technology company that quite literally connects people to information, we are excited to bring Full Transparency to market—a product that, in its own quiet way, can help ensure corporate accountability and trust,” said Jim Gerace, Chief Communications Officer for Verizon. “We invite organizations across the world that prize transparency as much as we do to adopt blockchain-verified communication practices.”

“Full Transparency is an unmistakable stake in the ground for transparency and tech-forward thinking by a leading corporation,” said Marc Maleh, Group Vice President of Emerging Experiences at Huge. “As consumers rightly demand more accountability from their organizations, we are proud to partner with Verizon, MadNetwork, and AdLedger to roll out this initiative.”

"Blockchain has long been associated with cryptocurrency, but that is just the beginning of what it can do," said Adam Helfgott, Project Lead at MadNetwork. "MadNetwork is thrilled to power Verizon's approach, exploring how blockchain can be a critical part of enterprise software at scale, providing validation and authentication in the digital world."

The Full Transparency initiative is an extension of Citizen Verizon, a responsible business plan that drives economic, environmental and social advancement by promoting technology as a tool to improve communities, education and the workforce.

For more information regarding Full Transparency, please contact fulltransparency@verizon.com 

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is celebrating its 20th year as one of the world’s leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $131.9 billion in 2019. The company offers data, video and voice services and solutions on its award winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at www.verizon.com/about/news/. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contact:
Kim Ancin
kimberly.ancin@verizon.com

FAQ

What is the Full Transparency initiative by Verizon?

The Full Transparency initiative is a blockchain-based product designed to enhance corporate accountability by providing a verified record of changes to news releases.

How does Verizon's Full Transparency initiative work?

It employs blockchain technology to secure and track news releases, ensuring that any changes can be verified and contextualized.

Why is transparency important for Verizon?

Transparency is critical as it helps restore consumer trust, especially given that nearly 60% of consumers perceive media as untrustworthy.

When was the Full Transparency initiative announced?

The Full Transparency initiative was announced on October 30, 2020.

Which companies partnered with Verizon for the Full Transparency initiative?

Verizon partnered with Huge, MadNetwork, and AdLedger to develop the Full Transparency initiative.