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In today’s world where almost everything is digitized and social life has become highly dependent on the internet, the logical move for businesses to rely on the generic influence of the internet over their product and services is not a misplaced priority.
Research has revealed that a large number of online shoppers depend on the reviews of other shoppers. A system of word-of-mouth advertising is still as effective as, and maybe even more than large print posters or banners. Sadly, the standards of online review systems are eroded and in need of an overhaul.
A World of Reputation Flaws
According to other research, individuals with highly negative or positive opinions often perceive a greater psychological benefit from expressing those opinions online, relative to more moderate users. This oftentimes tends to lead to highly polarized reviews.
Moreover, fake online reviews tend to disrupt the trust systems of potential buyers and validators of products and services. Meanwhile, other problems such as censorships from centralized review systems, as well as data privacy protection/control are critical to the industry.
Leading the Way with an Ethereum-Based Reputation Portal
A Southeast Asian startup named QashBack is solving a unique problem – the flaw in the online review systems. The objective is to build a first of its kind in the region; a well-incentivized ecosystem of reputation management that leverages the perks of the blockchain technology and brings together urban consumers, merchants, and advertisers to a trusted review platform.