The French cloud software provider Wiztopic announced a partnership with Euronext Corporate Services, a subsidiary of the Euronext stock exchange. Euronext will use Wiztrust’s blockchain certification platform to combat fake news for publicly traded companies.
When a person copies and tampered with a company communication, it can affect the company’s stock price. Wiztopic’s platform will certify corporate press releases in blockchain, providing investors and other parties with additional security and confidence.
Founded in 2014, the startup claims it was the first blockchain platform to certify corporate content. Currently, 20% of the information on the French CAC 40 and SBF 120 stock market indices are certified on the Wiztrust certification platform and are distributed via Wiztopic. Listed companies such as industrial companies Axa, Allianz, Credit Agricole, Natixis, Renault and L’Oreal also work with Wiztopic to distribute and certify information.
This type of certification usually involves creating a hash or fingerprint of the content that is stored on the blockchain. If the content is optimized in any way, the hash will not match.
In addition to the blockchain solution, the companies also agreed to cooperate in the distribution of news. Wiztopic’s investor and media rooms will be combined with Euronext Corporate Services’ webcasting and investor CRM.
“Communication has been one of our four main pillars since Euronext Corporate Services was founded. We believe that Wiztopic’s technology will help our issuers accelerate the digitization of their communications in a secure environment, ”said Mathieu, Head of Euronext Corporate Services Caron.
The spread of fake news is a social problem with ramifications beyond fluctuations in stock prices. Fake news played a prominent role in both the 2016 US election and the 2018 Brazilian presidential election. To combat this problem in 2020, Association Press (AP) news agency and blockchain company Everipedia collaborated on a project that enabled AP to use blockchain to distribute calls from US presidential elections to see if the Information was legitimate.
More blockchain initiatives to combat fake news across all industries are emerging. Italian news agency ANSA has partnered with EY to develop a blockchain system for tracking news sources in the face of the panic created by spreading misleading Covid-19 news. Last year, the New York Times announced a blockchain-based project to review media sources and fix misinformation in the industry. A prototype has already been built.