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Twitter Turns to Blockchain for a Solution to Scams

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Twitter is no stranger to misinformation and scam on its platform.

Unfortunately, it’s been a breeding ground for identity scams that seek to defraud users out of their cryptocurrency holdings.

Now, in an effort to fix that issue, CEO Jack Dorsey is turning to blockchain for solutions.

That was in response to a comment made by California Representative Doris Matsui

“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,” she asked.

In response, Dorsey said:

“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.”

Square is Jumping on Blockchain, too

Payment processor Square, where Dorsey is also CEO, has shown significant interest in blockchain technology.

The company now has a patent that allows merchants to accept cryptocurrency payments.  According to the patent:

“The payment service described herein can facilitate real-time (or substantially real-time) transactions, allowing a customer to pay in any currency of their choice, while the merchant can receive payment in a currency of their choice.”

The also refers to bitcoin payments being made with Square’s peer-to-peer Cash App.

While Square isn’t the first to process cryptocurrency payments the latest move means that millions of merchants will now have access.

In addition, according to Square CEO Jack Dorsey, Square’s interest in bitcoin extends beyond just buying and selling.  Instead, he sees cryptocurrency as a “transformational technology.”

 

 

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