Jack Dorsey, the CEO of Twitter, addressed a Congressional committee on Wednesday to address a variety of issues such as user privacy protections, misinformation, content moderation and cases of alleged bias towards political conservatives on the social media giant’s platform.
A representative of California from the Congressional committee on Energy and Commerce, Doris Matsui, addressed a question towards Dorsey and inquired, “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?”
Jack Dorsey’s reply provided a lengthy reply that added a great deal of insight into the direction in which the social media giant is set to be headed. Dorsey replied by saying:
“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.”
Coinedict reported last month two incidences where both Pope Francis and Elon Musk joined the lengthy list of people who have been targeted by fake Twitter accounts in order to ‘giveaway free ETH and BTC’.
These scams target individuals with a large following in order to dupe users to part with their cryptocurrencies as a ‘mining fee’ in order to receive their ‘free crypto’.
These tweets usually follow a set format where the malicious fake Twitter accounts link to a website and invite users to claim their free crypto.
Before asking Dorsey about how Twitter planned to integrate the blockchain within the social media platform, Matsui spoke briefly about legislation that was pending for the Department of Commerce in creating a working blockchain group.. She 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 blockchain”.