Fox Corporation has teamed up with the well-known global media brand Time to utilize Fox’s Verify protocol for establishing unchangeable content licensing and verification.
In an official announcement, the two media giants have joined forces to ensure the credibility of journalism and combat the dissemination of false information in the media.
Time, as the initial external publishing partner for Fox’s Verify protocol, will collaborate with Fox to incorporate blockchain-based verification into journalism.
“We are pleased to be a part of Fox’s Verify as a trusted source of fact-based journalism in a time where reliable information is crucial,” stated Mark Howard, Chief Operating Officer of Time.
The Verify protocol by Fox was launched on the Polygon network, a blockchain platform, in January, utilizing cryptography to digitally sign and authenticate the history and source of digital content.
Through the partnership with Time, Fox’s Verify protocol has reached a significant milestone.
“FOX and TIME are reputable brands, and we are excited to work together to enhance Verify in a way that benefits consumers and content creators, allowing this ecosystem to thrive,” said Melody Hildebrandt, Chief Technology Officer at Fox Corporation.
Fox has revealed plans to transition the Verify protocol from the Polygon network to an independent zero-knowledge blockchain, making use of Polygon’s Chain Development Kit (CDK) with the assistance of Gelato, a decentralized smart contract automation platform.
This transition is expected to improve content verification, making it more secure and open-source, paving the way for exponential growth and enabling developers to create projects with authentic provability.
As the popularity of cryptocurrencies and blockchain technology rises, companies in various sectors are finding new ways to integrate them into their operations.
Microsoft was an early adopter, accepting Bitcoin for Xbox content and services in 2014 through a partnership with Bitpay, and has since been exploring blockchain technology to enhance its business operations.
Similarly, Ford and Shell are both exploring blockchain technology to improve supply chain management. Ford aims to use blockchain to track car parts, while Shell is looking into blockchain for energy trading.
Sony has also been investing in blockchain technology for gaming and NFTs, enhancing digital asset ownership and security.
While there are potential benefits, companies adopting cryptocurrencies face regulatory challenges as the regulatory environment for cryptocurrencies continues to evolve, with varying stances on crypto assets in different countries.
