Faced with fake news, CAC 40 companies turn to blockchain

The diffusion of false information can cause major harm to companies, whose market value is thereby affected. Wiztrust offers these companies to exploit the blockchain to certify the information concerning them.

Last December, the press agency Bloomberg was fined five million euros in France by the Autorité des Marchés Financiers (AMF). He was accused of having disseminated false information concerning the French group Vinci in 2016.

This information had led to a fall in the company's share price. And if a certification of information on the blockchain allowed to guard against these risks ? This is the heart of the value proposition of Wiztrust.

Releases authenticated thanks to the blockchain

The publisher, who therefore offers his services blockchain to large companies and the media, convinced a new CAC 40 player to join its platform: Engie, a global energy group, at the heart of recent news due to the departure of its managing director, Isabelle Kocher.

Wiztrust therefore offers companies to certify the information they disseminate by saving it on an application blockchain. Communication teams can thus manage their content and guarantee its authenticity. The media, for their part, have access to information the identity of the issuer of which is guaranteed.

The editor counts several CAC 40 companies and other large companies among its customers, among which Allianz, Bouygues, Agricultural credit, Natixis, and Renault. Financial institutions, however not listed on the stock exchange, have also subscribed to its communication certification offer, including BPCE, the Macif and Malakoff Humanis.

Financial misinformation, a risk for companies

According to an American study cited by Wiztrust, the financial misinformation represents an estimated damage of $ 17 billion in 2019. For press publishers, it can also generate a significant cost of 5 million euros for Bloomberg.

In 2016, Bloomberg had therefore included in an article the elements of a false press release from Vinci reporting on a review of its accounts and announcing the dismissal of its chief financial officer. The blockchain would it have avoided this error?

It’s not guaranteed. The AMF indeed considered in its judgment that the news agency should of itself identify the information complained of as false. The Authority thus criticized the lack of verification by journalists.

However, the gravity of the elements should have called for increased vigilance of the latter, judged the regulator of the financial markets. A simple call to Vinci's communications department could have avoided the dissemination of false information, with or without blockchain.

However, this subject is taken seriously, particularly in the United States. Through his project Origin, the New york times wish to use the blockchain to guarantee the origin of digital files and fight against fake news.

In the cryptocurrency market, the spread of fake news may also have a impact on digital currency prices. In May, scammers published false news that the leader of Bitcoin SV, Craig Wright, was Satoshi Nakamoto, the creator of Bitcoin.