In a world where fake news dominates headlines, online consumers are increasingly having to discern between real and fake reviews on purchasing platforms. A recent study showed that 88 per cent of consumers trust the online reviews they read. The problem is that a far less percentage of those reviews are real, with a study by Harvard Business School showing that a fifth of Yelp reviews are fake.
Subsequently, this has now created an ecosystem where it is uncertain whether products that are paid for based on positive reviews are authentic or not, and vendors are not held accountable for their online behaviour.
One new company has identified the problem and is now on its way to solving it. Review.Network is a new, user incentivised market research platform using Blockchain and AI technologies. It provides real-time high quality feedback from consumers to companies, while creating an insightful and verified network of reviewers. These technologies will provide companies with direct insights into how to improve products and services and ultimately create a greater overall customer experience. Users will be rewarded for providing this valuable feedback by responding to surveys and writing reviews, revolutionizing the way market research is conducted. Already 80,000 people have pre-registered for the Review.Network beta in a very short space of time.
Review.Network is on a mission to incorporate honesty enforcement into the review ecosystem with the Review.Network token, the REW. Reviewers will collect a variable amount of REW based on the speed and quality of reviews as determined by a global network of independent and randomly selected voters, called validators. These voters also hold the collective power to penalise the reviewer on consensus agreement when a review is fake or dishonest. The penalty will be the loss of a small ‘deposit’ of REW tokens that is staked when writing a review.
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Businesses, on the other hand, will pay in REW to conduct direct market research with their target demographic. In this decentralised system, every consumer will personally own their data, securely stored in their own device rather than on a central database, and each consumer will hold the exclusive power to access, share, or monetise any part of their data through Review.Network’s consumer portal. Participating businesses will also be required to stake tokens, proportional to their spend with the platform, in order to deter, for example, the publication of inappropriate survey questions or challenging market research respondents to avoid payment.
Co-founders Petar Slovic and Ivan Ciric are both software engineers who were early adopters of blockchain technology. This technology, coupled with a distrust of online reviews, lead them to create Review.Network.
“The whole aim of Review.Network is to make the wider community aware of the lack of transparency and the serious problems in market research and review industries,” said Slovic.
“We want to demonstrate what Review.Network’s role is in fixing these problems, and how blockchain-based feedback cannot be edited and is validated by a distributed pool of voters. This is a far more democratic way of reviewing products.”
“The idea of being financially rewarded for your opinions is something severely lacking in today’s social media landscape,” added Ciric. “Our coin, the REW, will create real value due to the business relationships we’ll establish as the project moves forward, with the goal that our currency is accepted by mainstream restaurants and hotels into 2019.”
Still in its infancy, Review.Network has already raised over $1,000,000 and plans to launch an ICO in the coming months.
For more information and to pre-register: https://review.network/