The blockchain technology has started gaining its popularity amongst investors, tech community worldwide besides widely used by fintech. Recently Jack Dorsey, CEO of Twitter considers the new age technology blockchain that helps ward off certain complexities like scams and uncertainties emanating from technology companies especially. He would like to understand the whole new concept from a variety of angle to use and apply towards real-world problems that the company is facing at present.
He further commented on attending the Congressional Committee, that Twitter, a social media company is actively focusing the blockchain technology in numerous ways mostly fighting scams. The major aim of the committee is to have a certain defense mechanism in place that provides shelter from prevalent issues like user privacy protections, content moderation, misinformation among others already sprawling in the industry.
When the question asked to Dorsey in the Committee that “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?”
Dorsey answered to the questing saying that “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,” adding that blockchain has untapped potential, specifically around distributed trust and distributed enforcement potentially.”
Amidst all this, Dorsey said that they have not yet evaluated all the facets of the entirely new concept that has started gaining its popularity by leaps and bounds.
Let us not forget that the blockchain technology has immense potential in place. What matters is the exploitation of the technology in the best way!!