In a Congressional committee hearing, Twitter’s CEO states blockchain has “a lot of untapped potential.”
Twitter CEO Jack Dorsey testified before a Congressional committee Wednesday, September 5 that the company is exploring blockchain technology for potential application.
Dorsey answered questions during a hearing on Twitter transparency and accountability held in the U.S. House Committee on Energy and Commerce.
Doris Matsui, a representative from California, asked Twitter’s CEO about what potential applications blockchain technology might have for the company. Dorsey answered that blockchain could be used to fight misinformation and scams, stating:
"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."
Dorsey attended another meeting on Capitol Hill September 5 the same day, providing testimony at a Senate Intelligence Committee hearing dedicated to alleged interference in the U.S. 2016 presidential elections. Following the meetings, Dorsey summed up some of his thoughts on the issue in a Twitter thread.
As Cointelegraph reported in August, research from cybersecurity firm Duo Security shed light on the infamous phenomenon of Twitter scam accounts advertising fake crypto “giveaways,” revealing a network of at least 15,000 scam bots.