- June 19, 2024
- Posted by: [email protected]
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Fox Corporation has announced a strategic partnership with the renowned global media brand Time to leverage Fox’s Verify protocol for immutable content licensing and verification. This collaboration, highlighted in an official press release, aims to enhance the authenticity of journalism and combat the widespread issue of misinformation.
As the first external publishing partner for Fox’s Verify protocol, Time will play a crucial role in integrating blockchain-based verification into the field of journalism. Mark Howard, Chief Operating Officer of Time, emphasized the significance of this partnership, saying, “Time is proud to join Fox’s Verify as an authenticated source of fact-based journalism at a time when access to trusted information is more important than ever.”
Fox’s Verify protocol, launched in January on the proof-of-stake (PoS) network of Polygon, employs cryptography to digitally sign and verify the history and origin of digital content. This technology has already authenticated over 300,000 pieces of content across Fox’s platforms, effectively bridging the gap between artificial intelligence (AI) platforms and media companies. By ensuring the integrity of digital content, Verify is addressing a critical need in today’s media landscape.
The partnership with Time represents a significant milestone for the Verify protocol. Melody Hildebrandt, Chief Technology Officer at Fox Corporation, noted, “FOX and TIME are brands that consumers trust, and we look forward to working together to continue to evolve Verify in a way that empowers consumers and content producers and allows this ecosystem to flourish.”
Fox has revealed plans to move the Verify protocol from the Polygon PoS network to an independent zero-knowledge (ZK) blockchain, using Polygon’s Chain Development Kit (CDK). This transition, facilitated by Gelato, a decentralized smart contract automation platform, is expected to enhance content verification by making it more secure and open-source. The adoption of ZK technology is poised to drive exponential growth and enable developers to create projects with authentic provability.
As blockchain and cryptocurrency adoption continues to rise, companies across various industries are discovering innovative ways to integrate these technologies into their operations. Microsoft, an early adopter of cryptocurrency, began accepting Bitcoin for Xbox content and services in 2014 through a partnership with Bitpay. Since then, Microsoft has heavily invested in blockchain technology to enhance various aspects of its business operations.
Similarly, major companies like Ford and Shell are exploring blockchain technology to improve supply chain management and energy trading, respectively. Ford aims to use blockchain to track car parts, enhancing logistics efficiency and reducing costs. Shell is investigating blockchain for energy trading, which could streamline operations, enhance transparency, and reduce transaction costs. Sony, another prominent multinational conglomerate, has been investing in blockchain technology for gaming and NFTs, aiming to enhance digital asset ownership and security.
Despite the potential benefits, companies adopting cryptocurrencies face significant regulatory challenges. The regulatory environment for cryptocurrencies is still evolving, with different countries adopting varying stances on crypto assets. Navigating this complex regulatory landscape remains a key challenge for businesses seeking to integrate blockchain and cryptocurrency technologies.
The partnership between Fox and Time to utilize the Verify protocol for content verification represents a significant advancement in the fight against misinformation. As more companies explore the potential of blockchain technology, the landscape of digital content verification and security is set to evolve rapidly, offering new opportunities and challenges for the industry.
