Twitter to Explore Blockchain Technology in Its Fight against Scams

Twitter CEO Jack Dorsey had during a recent Congressional committee hearing stated that the social media company could utilize Blockchain technology and solutions to help fight scams on its platform.

The congress which was focused on issues from user privacy protections, misinformation, content moderation and alleged political bias against conservatives on twitter; had a host of social media heads and publication media in attendance.

Mr Dorsey who had earlier in the year expressed his optimism and hope that Bitcoin will become the Web’s native currency; was questioned by California representative Doris Matsui regarding his previously stated interest in blockchain technology saying: “You previously expressed interest in the broad applications of blockchain technology including its potential in an effort to verify identity to fight misinformation and scams. What potential applications do you see for blockchain?”

In his response, the CEO stated thus;

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 then look at all available technology to understand if it could accelerate or make those outcomes much better. Blockchain is one that I think has a lot of untapped potential with reference to distributed trust and distributed enforcement. That said we haven’t gone as deep as we’d like in understanding how we might apply this technology to the problems we are facing at twitter, but we do have people within the company thinking about it today.

This affirmation is no surprise; given that the company has looked to improve its digital trust rating amid cases of varying scams on its platform. As made known in a recent research by Duo Security, over $5 million has been sent to wallet addresses linked to Twitter scams; with activities from identity fakes/impersonation, use of copy cat accounts, massive botnets utility for amplification of tweets and likes for credibility ranking; which have all been used to trick unsuspecting users into sending their coins to fake exchanges, celebrity and influencer profiles.

Fortunately, there are a host of blockchain solutions which if integrated can curb the cases of these identity theft. For example, the Ethereum-ERC725 protocol which is a self- sovereign identity management solution that delivers decentralized identity management can if well harnessed reduce the cases of scam accounts on Twitter.

It is yet to be seen if this move will be made in earnest as many await a confirmation of the Blockchain utility on its platform.

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CryptoEnthusiast,CryptoEducator and Angel Investor,Writing Pro and Techie