How block chain can restore trust in Online Markets

How block chain can restore trust in Online Markets - How block chain can restore trust in Online Markets

The internet creativity has totally changed the consumer interaction towards with information. Nowadays consumers completely depend on the online reputation systems so that they can research and browse any products of their interest before making any of the online decisions. However there are many online market places who that have developed a rating and review and rating system for the vendors and clients both.

But there is a common problem that there are many gapping loopholes in modern reputation system. The vendors on such online markets manipulate the clients easily because of the lack of social credit process and vigorous verification. There are many face reviews and ratings on the site which may fool the client. The solution to this sort of a problem is the dispersed unstable reputation system with the block chain. The block chain is able to generate and verify the distinctive digital identities the credible users. It can do this for  and for the grouped data of the entire web. Hence as block chain is smarter, This is how it can ensure the transparency and trust will be restored tofor the clients in , online markets and people will be able to trust the reviews and ratings given.

Reinforces the reliability of score

As long as the stimulus can be credited or sold spontaneously, there is a little inducement for the vendors, so that they can maintain the scores of online reputation. With the help of this block chain technology the vendors are able to manage online reputation. Developing a dispersed reputation system with the block chain offers consistent approach of retrieving the reputed data which is beenthat has been collected. Moreover the verifications across variant different platforms is able to reinforce the reliability of a single reputed score.

Guards against the Sybil attacks

There is a framework of proof individuality within the block chain verification system which helps to guard against the Sybil attacks. This includes the forging of many identities to manipulate the standing scores.

DREP Foundation

the blockchain project like DREP Foundation searches for the repute administration procedures in respect to the service quality. The block chain projects such as the DREP Foundation search repute administration processes in respect. To exemplify, marketplace of an e-commerce working off. This this reputation system would be capable to:

  • Validate the user uniqueness moreover, it weeds out the bot or duplicate accounts.
  • Enumerate and tokenize the users’ standings on any platform grounded on the factors like the quality of service or product , after sales provision and the response time
  • It also Facilitates the bi-directional online reputation system processing like down voting and up voting for the operators to leave their feedback
  • Collective standings of the individual operators across variant platforms on networks.

Core components for a reputation protocol.DREP.ORG

It will be very helpful in order to decide for the serious clients to whom they want to engage with and whom to avoid by the reputation indicators. In addition to this feature the vendors will be incentivized for the quality of services and products they are providing.

Block chain technology provides clarity and transparency on the individual trades, collaborations and appraisals between the vendors and the consumers, although stabilizing the confidentiality of the people involved. The integrity of collective information and reputation data is assured by the security no chain data.

Leave a comment