Twitter is exploring blockchain to solve fraud problems

    2018/09/06 17:48 Joey huang Created with Sketch.
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Twitter’s CEO Jack Dorsey told the Congressional Committee on Wednesday that Twitter is exploring blockchain solutions for the platform.

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Dorsey's statement is in response to a question raised by California representative Doris Matsui at the Energy and Business Council hearing, which focuses on user privacy protection, content review, and allegations of political conservatives on Twitter.


"You've been interested in the widespread use of blockchain technology, including verifying identity against error messages and fraud. What other potential applications do you think blockchains have?" Matsui asked.


Dorsey said earlier this year that he hopes Bitcoin will become the "local currency" of the network, he answered:


"First, we need to start with the problems we are trying to solve and the problems we solve for our customers, and look at all the available technologies to see if it can help us better serve our customers. "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."


CoinDesk reports that Twitter has been widely known for identity fraud, and these fraudsters are trying to trick users’ cryptocurrencies by using fraudulent accounts and zombie accounts.


Dorsey is also the CEO of Payment Processor Square, and he has shown great interest in blockchain technology.


In 2014, Square Market integrated Bitcoin into the company's merchant point of sale system. Another Square product, the Cash app, began testing bitcoin transactions at the end of 2017, and last month launched visits to all 50 states in the United States.


At the hearing, Matsui also highlighted a pending legislation requiring the Ministry of Commerce to set up a blockchain working group.



    Adapted from: CoinTime Executive editor: Nino
Declaration:The purpose of COINTIME in carrying out more information does not mean endorsing its view or confirming its description. The article is for reference only, does not constitute investment proposal. Investors operate on the basis of risk.
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