Cryptocurrencies : 4103 Total Market Cap : $ 256.08 B

BTC Dominance : 68.46 %

Cryptocurrencies : 4103

Total Market Cap : $ 256.08 B

BTC Dominance : 68.46 %

Total Market Cap : $ 256.08 B

Why Review Sites Need Blockchain?

Why Review Sites Need Blockchain?

Why Review Sites Need Blockchain?

A review site is a website where one can post its critique on products, services, brands, businesses, people. Thus, it helps the customer, in a way, to decide if they want to invest or purchase a product or a service. A customer review is one of the important elements for a product or a service to sell in the market. It is estimated that 90% of customers read the review online which has 67% of the impact on their decisions while 72% of customers won’t purchase a product unless they have read the reviews. But what if we tell you that the reviews you read and trust may or may not be tampered? That there is a universal chance of a bad review to be monopolized or a good review to manipulate you.

Listed below are a few of the drawbacks of review sites:

  • Few businesses pay people who could also possibly be a non-customer to mark good reviews on their product or service’s site.

  • Few businesses pay people to comment bad or negative reviews on other businesses' products or services site.

  • This affects the business on a scale undetermined and moreover largely affects the small firms and start-ups leading to the polarization of reviews.

  • Sometimes a controversial comment from the company’s end can also affect its review and create an image far from the purpose of the review site.

  • There could be an “n” number of possibilities for a product or service to fail of its performance and reputation in the market.

Hence, due to the advancement in technology, this stream of the line could be settled by the use of Blockchain Technology.

The characteristics of Blockchain technology with relation to review sites are:

  • Decentralized technology

  • Distributed ledger

  • Consensus

  • Immutable

  • Smart contract

  • Enhanced security

  • Transparency

  • Trusts

The above-mentioned features of blockchain technology can help the formation of review sites into what it was originally proposed for. Blockchain technology can keep a track of the customer’s purchase enabling them to review only on the purchases they have made. This technology can potentially reduce the testimonials of the posts with a hidden agenda to mislead customers and manipulate them to spend their hard-earned money. None of the inputs in blockchain can be disrupted which leads to transparency of the system.

The customer would not need to identify themselves like they have to with the present system of review sites. For instance, many people who buy certain things, such as, an adult toy. They might want to place their review on the product but because of identity being visible on the site, they tend not to post.

Review sites with the help of blockchain technology will not only help customers but companies also to grow. The review puts a reputation on the brand. Reviews are a part of every product or service that is consumed by people.

The ISO Committee Chair Laurent Petit, said: “The ability to write and read online reviews empower consumers by allowing them to exchange information, views, and experiences, which in turn can drive industry improvements.” “However, it is vital to both consumers and suppliers that review sites are well managed and the content is reliable, otherwise trust is eroded, and reputations are damaged unnecessarily.”

Blockchain Technology can provide a sense of stability than the system we have for review sites now. It will help people to make smart purchases. With the utilization of Blockchain technology for review sites could bring back its genuine initial purpose!

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