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Twitter CEO to Congress: Blockchain Being Tried in Battle Against Scams

Jack Dorsey, CEO of Twitter, told a Congressional board that the social media giant is trying out blockchain solutions for its platform last Wednesday, September 5, 2018.
Based on recent events, Twitter has been a starting point for identity scams that aims to defraud users out of their cryptocurrency holdings. Scammers have reportedly tricked users into sending their coins to fake celebrity and influencer profiles through the use of copycat accounts and big botnets. The fact that the company is now on the move in finding possible solutions for supporting digital trust is no longer a surprise.
At a House Committee on Energy and Commerce hearing which was dedicated to user privacy protections, misinformation, content moderation and alleged bias against political conservatives on Twitter, California Representative Doris Matsui asked Dorsey: “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?”
To which Mr. Dorsey replied: “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,” he added.
Another company where Dorsey is the CEO, payment processor Square has also been showing great interest in blockchain technology.
During the aforementioned hearing, Representative Matsui also emphasized an incomplete piece of legislation which calls for the Department of Commerce to create a blockchain working committee.

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