The digital age has completely changed the way we interact and live. This is especially true for the early 2000s. Borders were transcended by digital avenues. Tim Berners-Lee – the World Wide Web inventor – finally saw his dream of “a place where we all meet and read” come true. E-commerce and social networking exploded. Any Utopian visions of cyberspace soon died though, with the centralization of many services that took away that true sense of freedom early internet users experienced.
However in today’s world, new technologies such as blockchain technologies are powering a movement away from the centralization of services. Social media, blogs and any peer-to-peer services can technically be now built and run without depending on any single and central organization. Collaborative platforms such as review sites are the obvious next step.
A review site is a website where individuals leave public audits of their experiences with products and services. While consumers’ reviews have been proven to be highly influential to users, they are as well commonly subject to concerns and criticisms.
Our Sponsors at REVAIN are reinventing the review model and aims at tackling the previously mentioned challenges. They do it by leveraging blockchain technology, best known for driving Bitcoin and more generally the engine of services decentralization. The blockchain may lay the foundations to design a new form of smart, collaborative, and robust review platform.
Transparency
The blockchain-powered review platform provides users, merchant and third parties with a clear view on the mechanisms and rules that govern the reviews. It also offers to all actors an equal visibility of activities.
Immutable Reviews
The platform offers a trusted single-source of information that cannot be altered by any party without anyone noticing. It is an obvious quality to establish trust between all stakeholders but may as well come with risks.
To offset these risks, REVAIN needs to provide more context, to help users to put reviews into perspective, and to balance them. Here is how they address those issues:
Governance and Economics of the platform
The blockchain enables new form of economic organization and governance. Through issuing and exchanging of digital tokens, it enables a direct value flow from those who produce value to those who consume this value, without the need of a ruling central authority or clearing house. Writers are rewarded for genuine and constructive reviews. Businesses pay to expose these reviews and bad actors are punished when they break platform policies. It is about designing and fostering a relationship where users and businesses trust each other.
Decentralization of reputation management could be extremely valuable to the public and companies. REVAIN plans on reinvigorating review services at both the user and business level. With a solid footing thanks to their recent ICO, it will be interesting to see how the project develops.
This sponsored post does not necessarily reflect the opinions of any The Merkle employees. This is not investment or trading advice, always conduct your own independt research.
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