How Blockchain can restore confidence in online markets

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Workers who package packages at a logistics center in Lianyungang, in the eastern province of Jiangsu, China (STR / AFP / Getty Images)

Internet connectivity has reinvented the way consumers interact Consumers now rely heavily on online reputation systems to search and search for products before making online purchasing decisions. Social media platforms such as Facebook allow us to share assessments and advise good results for our online networks. Meanwhile, many online marketplaces have built-in review and evaluation systems for both suppliers and customers.

However, there are loopholes with today's online reputation systems: the lack of solid checks and social credit mechanisms allows sellers too easily to manipulate and deceive the perception of themselves and competitors U n decentralized reputation system, enabled by blockchain, would be able to verify and create unique digital identities for all users and aggregate reputation data on the Web. Confidence and transparency will be restored to online markets, allowing customers to trust reviews and of the markets to grow. & Nbsp;

Current reputation systems operate in silos and are subject to manipulation

Typically, each market has a native reputation system that works independently and is abstracted from unique personal identities; the bad actors exploit it to behave maliciously behind their screens.

Sellers and Internet users can create different different accounts for each platform with relative ease. Without incentives to improve the reputation score, any user with a poor credit rating only needs to create a new account to start with a neutral score.

It is not surprising that the economy for fake reviews is flourishing. Driven by profit, sellers and traders are starting to buy positive reviews for themselves or negative reviews of their competitors to artificially influence their online reputation. Perhaps the perfect example can be found with Amazon, where recent investigative pieces have discovered a troubled economy on Facebook where sellers can buy reviews to manipulate their ratings.

With the Chinese e-commerce platform Taobao, sellers

Decentralize the reputation to restore confidence

Until the influence can be bought or sold freely, not there is no incentive for such sellers to maintain online reputation scores. With blockchain technology, however, there may be a way to change the way online reputation is handled. Building a decentralized reputation as an intelligent contract provides a standardized way to access accumulated reputation data, where multiple audits across platforms can strengthen the reliability of any reputation score.

Integration of a trial of individuality within the verification system For example, we protect against Sybil attacks, which involve creating multiple identities to manipulate reputation scores [19659024]

We are already starting to see blockchain projects such as DREP Foundation explore reputation management mechanisms in this regard. To illustrate, an e-commerce market working on such a system would be able to:

  • Verify the identity of the user and delete duplicate accounts or bots;
  • Quantifying and tokenising the reputation of users on the platform based on factors such as product or service quality, response times or after-sales support;
  • Facilitate bidirectional reputation system mechanisms such as upvoting and downvoting to allow users to leave feedback;
  • aggregate reputations of individual users on different platforms on the network.

Main components for a reputation protocol. Drep.org

Transactional parties may use reputation indicators to decide who to commit to or avoid. Furthermore, traders will be encouraged to be aware of the service and the goods they provide. Yeeyi a community platform with a second-hand market for over a million Chinese expats and students in Australia, has already started technical docking on the DREP chain.

Other projects that are developing in the space of reputation include Ontology and Fantom & nbsp; where they are working on distributed trusted collaboration platforms. Ontology also has a trusted search engine that provides & nbsp; authentication and connect services for individuals. & Nbsp; Another project, Utu & nbsp; – notorious for their slogan " Who Do You Trust ?, " addresses this problem also in the African market where the challenges are unique. Consumers trust personal recommendations with respect to star ratings, as the possibility of fraud is rampant. Here, your reputation is even more important.

Blockchain technology is able to provide full transparency on individual transactions, interactions and reviews between sellers and consumers, while preserving the privacy of the parties involved. The security of on-chain data ensures the integrity of information.

Beyond Online Markets

A decentralized reputation system will have an impact beyond online markets. It will also change our economies of content, facilitating trust in a world of "false news", helping consumers to discern the credibility of content or content creators. Perhaps, & nbsp; in the long run, these reputation values ​​can also be weighted eligibility factors for tokenised resources.

The immutability of blockchain data can act as a deterrent to malicious online behavior, since the recorded data can not be changed. As we enter the digital age, perhaps a system like this can help reconcile online behavior and offline identities.

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Workers packing packages at a logistics center in Lianyungang, Jiangsu Province in eastern China (STR / AFP / Getty Images)

Internet connectivity has reinvented the way consumers interact with information. Consumers now rely heavily on online reputation systems for browsing and searching for products before making online purchasing decisions. Social media platforms such as Facebook allow us to share assessments and recommend good results. many online markets have integrated review and evaluation systems for both suppliers and customers.

However, there are open gaps with today's online reputation systems, allowing sellers to easily manipulate and deceive self-perception and of competitors by consumers: a decentralized reputation system, enabled via blockchain, would be in grad or to verify and create unique digital identities for all users and aggregate reputation data on the web. Confidence and transparency will be restored to online markets, allowing customers to trust reviews and markets.

Current reputation systems operate in silos and are susceptible to manipulation

Typically, each market has a native reputation system that works independently and is abstracted from unique personal identities; the bad actors exploit it to behave maliciously behind their screens.

Sellers and Internet users can create different accounts for each platform with relative ease. Without incentives to improve the reputation score, any user with a poor credit rating only needs to create a new account to start with a neutral score.

It is not surprising that the economy for fake reviews is flourishing. Driven by profit, sellers and traders are starting to buy positive reviews for themselves or negative reviews of their competitors to artificially influence their online reputation. Perhaps the perfect example can be found with Amazon, where recent investigative pieces have discovered a lively economy on Facebook where sellers can buy reviews to manipulate their ratings.

With the Chinese e-commerce platform Taobao, sellers could even compensate consumers for the purchase of their products and leave good reviews

Decentralize reputation for restoring trust [19659003] As long as the influence can be bought or sold freely, there is no incentive for such sellers to maintain online reputation scores. With blockchain technology, however, there may be a way to change the way online reputation is handled. Building decentralized reputation as an intelligent contract provides a standardized way to access the reputation data that has been accumulated, where multiple audits through platforms can strengthen the reliability of any reputation score.

The incorporation of a Proof-of Individuality framework within the verification system will also help prevent Sybil attacks, which involves creating multiple identities to manipulate reputation scores, for example.

We are already starting to see blockchain projects such as DREP Foundation to explore reputation management mechanisms in this regard. To illustrate, an e-commerce market working on such a system would be able to:

  • Verify user identity and delete duplicate accounts or bots;
  • Quantification and tokenisation of user reputation on the platform based on factors such as product or service quality, response time or after-sales support;
  • Facilitate bidirectional reputation system mechanisms such as upvoting and downvoting to leave feedback to users
  • aggregate reputations of individual users on different platforms on the network.

Main components for a reputation protocol. Drep.org

Transactional parties may use reputation indicators to decide who to commit or avoid. Furthermore, traders will be encouraged to be aware of the service and the goods they provide. Yeeyi a community platform with a second-hand market for over one million Chinese expats and students in Australia, has already started technical docking on the DREP chain.

Other projects that are developing in the space of reputation include Ontology and Fantom where they are working on distributed trust collaboration platforms. Ontology also has a trusted search engine that provides authentication and connects services to individuals. Another project, Utu – notorious for their slogan " Who Do You Trust ?, " is also facing this problem in the African market where the challenges are unique. Consumers trust personal recommendations with respect to star ratings, as the possibility of fraud is rampant. Here, your reputation is even more important.

Blockchain technology can offer full transparency on individual transactions, interactions and reviews between sellers and consumers, while preserving the privacy of the parties involved. Data security on the chain ensures information integrity.

Beyond Online Markets

A decentralized reputation system will have an impact beyond online markets. It will also change our economies of content, facilitating trust in a world of "false news", helping consumers to discern the credibility of content or content creators. Perhaps, in the long run, these reputation values ​​can also be weighted eligibility factors for tokenised resources.

The immutability of blockchain data can act as a deterrent to malicious online behavior, since the recorded data can not be changed. As we enter the digital age, perhaps a system like this can help reconcile online behavior and offline identity.

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