Twitter CEO Jack Dorsey is looking at blockchain technology for the future of his social media platform. Dorsey told this during a hearing about transparency and accountability, in the U.S. House Committee on Energy and Commerce. The CEO stated that blockchain technology could be used to fight misinformation and scams, the so-called Fake News.
“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.” – U.S. House Committee on Energy & Commerce archived hearing.
Twitter and crypto are already closely tied. Many influential people in the blockchain and crypto currency business are active Twitter users, often working under pseudonyms to secure their privacy. Twitter has been fighting scam bots for years now. Recently an entire network of crypto scam bots was unraveled. This network was made with 15 thousand fake accounts, all trying to steal private keys and personal logins for crypto accounts.