How Blockchain Technology Will Change Online User Reviews & Comments
The importance of review content for consumers attempting to make a decision regarding a product, platform, or service cannot be understated. Reviews are both a powerful marketing tool for businesses as well as an important resource for consumers, and provide detailed insight into the quality of a given platform or product.
Recent statistics show that most consumers make purchasing decisions based on reviews. According to research published by BrightLocal more than 84% of consumers trust online reviews as much as personal recommendations made by friends and family, while another 87% won’t even consider a business with poor reviews.
Despite the importance of reviews, however, there are a number of issues that are currently plaguing the review industry.
Review Industry Issues
Fraudulent or spam online recommendations are currently one of the biggest issues in the review industry. As a result, many consumers don't trust review websites. The demand for positive review content is extremely high, with negative review content not only causing business to lose existing customers, but also preventing them from attracting new customers.
In many cases, business often pay for positive review content- there are thousands of different job posting across the internet advertising positive reviews in return for pay. Attempting to fight against fake reviews, the Google Play Store has recently announced that it will crack down on fake reviews. Amazon has also recently sued more than 1,000 people who left fraudulent reviews on their platform.
In some cases, business are able to delete negative reviews of their products or services, which makes these platforms less valuable to consumers. These issues make it difficult to create a centralized review platform that provides consumers with unbiased, reliable review information.
How Revain Aims to Change the Review Industry
A new Russian startup called Revain aims to shake up the review industry with a new platform that addresses the primary issues that trouble it. Unlike most of the other review platforms online, Revain doesn’t allow users to delete posts, and rewards authors for creating honest reviews. The Revain platform is described as a next generation feedback platform based on the Ethereum blockchain.
Revain promises improved transparency by providing users with a single source of information that can’t be changed by anybody. By leveraging blockchain technology, Revain verifies reviews and guarantees their immutability. The Revain platform also integrated IBM’s Watson Tone Analyzer and Natural Language Understanding to provide automated moderation and filtration.
The Revain platform will use two different types of tokens- RVN tokens and R-Tokens. The RVN token is used for transactions on the Revain platform, while the second is tradable on crypto exchanges. Tokens are intended to be used as a method of reward for insightful reviews and helpful content. The RVN token will have a fixed price of 0.0001 BTC.
Recently, Revain generated more than 2108 BTC in a crowdsale, which will be used as startup capital to launch the platform. R-tokens are currently trading on crypto exchange Mercatox. The token will soon be available on DABTC, Kraken, Livecoin, Btcchina, Okcoin, Bitfinex, Bittrex, Gatecoin and Poloniex.