Twitter Explores Blockchain Technology Potential

Twitter explores Blockchain technology potential, according to the CEO of the social media company, Jack Dorsey. Mr. Dorsey has stated that Blockchain might be the solution for a number of issues on Twitter platform.

6 September, AtoZ Markets The CEO of Twitter Jack Dorsey had shared some insights about his company exploring Blockchain technology. According to him, the social media giant is looking for the way to utilize this technology for its platform. 

Twitter Explores Blockchain Technology Potential

Mr. Dorsey has been speaking during a Congressional committee hearing this Wednesday. He has been asked about user privacy protections, content moderation, misinformation and alleged bias political conservatives on Twitter by California Representative Doris Matsui. Mrs. Matsui has stated:

“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?”

Mr. Dorsey has stated that he hopes that Bitcoin will become the Web’s “native currency” earlier this year. He has 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. The blockchain is one that I think has a lot of untapped potential, specifically around distributed trust and distributed enforcement potentially.”

He also added the following:

“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.”

Twitter Crypto Scams

Many online media outlets have reported that Twitter has been a starting point for identity scams that intend to defraud users and steal their cryptocurrency holdings. It usually happens via the use of copycat accounts and massive botnets. With the help of these, scammers are tricking users into sending their coins to fake celebrities or influencers. 

One of the latest cases like that happened just this week. This time, cybercriminals have used the identity of Elon Musk, the founder of Tesla. AtoZ Markets reported that just hours after cryptocurrency giveaway scam bots have targeted the official account of Pope Francis to advertise a fake Bitcoin giveaway, Elon Musk’s account has been attacked. 

Square Cryptocurrency Integration

Coming back to Mr. Dorsey, he is also the CEO at the payment processing company Square. The organization has shown a significant interest in the Blockchain technology as well. 

Back in 2014, Square Market has integrated Bitcoin into its merchant point-of-sale systems. The Cash mobile app, one of the Square products, also commenced testing Bitcoin trading back in 2017. The application has been launched across 50 US states last months. 

During the recent Congressional hearing, Matsui has also noted a pending law that calls for Department of Commerce to form a Blockchain working group. She has added:

“As I previously announced in this committee, I am soon introducing legislation to direct the Department of Commerce to convene a working group of stakeholders to develop a consensus-based definition of the blockchain.” 

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