27v is a pre-revenue startup that was to raise capital to fund a restaurant review platform, which will utilize the blockchain. The aim is to solve major problems that exist in the current restaurant review model.
The Main Issues 27V Will Target
To achieve their goal, this project will utilize the Stellar Network blockchain technology. The project will concentrate on resolving five main issues with this project:
- The lack of transparency on the ranking system and the algorithm used
- The possibility of review manipulation by restaurant review sites
- The lack of an incentive for customers to leave neutral or positive remarks on review sites
- Limited options for restaurant owners to mediate on negative reviews
- The limited ability to utilize review platforms to acquire new platforms and entice existing customers to come back except via ads
How 27V Came Up With Their Model
For the team to decide what model they would use for reviews, they went out and interviewed about 40 restaurant owners. They also examined over 150 review platform users to understand the strengths and weaknesses of current review sites. Besides that, the team looked at news reports, academic articles, and other data on the restaurant review platforms.
What 27V Offers
Via this process, they believe they have been able to gain enough insight into the current review model. Through their model, the team behind this project believes that they can:
In many cases, users may find that a restaurant with a lower rating is shown higher in search results with no clear reason why this is happening. Restaurant owners interviewed for this project said that some restaurants were paying an advertising fee to get better rankings. Whether or not this is the case, the fact that such sentiments exist shows the current model is highly flawed.
To solve this issue, 27v will utilize a five-star ranking system where they are the only mathematical input for the ranking algorithm. Since the ranking algorithms will run on the blockchain, it will be verifiable by anyone. Thus, it will not be possible to alter inputs to favor anyone.
Incentivize Customers To Leave Restaurant Reviews
The data shows that customers are three times likely to leave a review if they have a negative experience. The 27v platform will encourage those who have a positive or neutral experience to leave reviews for more balanced insight.