Head of Twitter and payment start-up Square Jack Dorsey at the hearings in Congress on Wednesday, September 5, said his company is exploring the possibilities of using blockchain technology to fight fraudsters. This is reported by CoinDesk.
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?
Mister Dorsey noted that the blockchain is great for establishing trusted relationships in the digital world. This is especially important in the light of cryptoscam related accounts.
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.
Earlier Mr. Dorsey stated that the Internet needs its own native cryptocurrency, which may turn out to be bitcoin.