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The head of Twitter announced a possible approach of social network to the blockchain

Twitter сan move to blockchain to fight against fraud

On Wednesday Twitter's CEO Jack Dorsey told the Committee, that his company was studying blockchain solutions for its integration into social network.

During a hearing of the Committee of state houses on Energy and Commerce, which was focused on users' privacy protection, countering misinformation, moderation of content and biased attitude for representatives of conservative political parties on Twitter, the California representative Doris Matsui asked Dorsey:

"You expressed an interest in the blockchain technology previously, paying particular attention to its capabilities in the field of identity verification, fighting against misinformation and fraud. How do you want to apply the technology of blockchain?".

Dorsey, recently stating a possible formation of Bitcoin as the only web currency, said:

"First, we need to start with problems, that we are trying to solve for our clients. Secondly, it's necessary to examine all available technologies in order to understand, whether they are able to help us. I think, blockchain has a huge amount of untapped potential, including the areas of trust distribution and enforcement. We haven't delved into the study of technology so far, but company is already working on it."

Twitter's aspiration to use possible solutions for strengthening digital trust is quite understandable, considering recent events. Specialized media have repeatedly written about the fact, there are many frauds on Twitter, who use identity information with a purpose of users' deception and theft of cryptocurrency. With help of fake accounts (massive botnets) scam urges users to transfer cryptocurrency to addresses, that allegedly belong to celebrities and other influential people.

Payment system Square with Jack Dorsey as one of the founders also can start using the blockchain technology in near future. In 2014 the Market Square integrated Bitcoin into the company's payment terminals system, and in 2017 mobile app Cash, being also Square's product, tested buying and selling Bitcoin. A month ago Cash app became available throughout the United States.

During the meeting Doris Matsui paid special attention to the upcoming amendments in legislation, after adoption of which the Department of Commerce should establish a working group for studying blockchain.


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