Ways Blockchain Can Change the Online Reviews Industry
Blockchain is a ground-breaking technology that has swept the globe. Although it was primarily used in cryptocurrency trading, it has since transcended this usage and is currently used in various sectors.
This technology has many applications and is not just used for financial transactions. It provides a foundation for everything, whether handling data or tracking products.
You may wonder why review sites require blockchain or how the technology will benefit review sites. Before understanding how blockchain can benefit the online review industry, let’s first define review sites and consider their significance and drawbacks.
What are Online Reviews?
The number of online purchases has increased over the last few years. Also, nearly 58% of consumers now consult online reviews at least once a week. These websites do have an impact on how people shop. According to research, 93% of consumers agree that customer evaluations and reviews played a role in their purchase choice.
However, not everything is positive when talking about the online review industry. Several shortcomings have accelerated the adoption of blockchain by numerous online review sites.
Challenges Facing the Online Reviews Industry
Fake Reviews
Review sites are notorious for being unreliable. You are unsure of the truthfulness or sponsorship of the reviews you are reading. They are typically funded through advertising. As a result, there are some legitimate problems with the authenticity of online reviews.
Reliance on Tech Giants
Today’s market depends on data, and most tech powerhouses have entered the data arena. With this development, even major brands have become dependent on these tech leaders. Why is this problematic? In this situation, some companies have a monopoly on the industry. They can alter the protocol and how things operate for their benefit.
The Polarization of Reviews
While looking through a specific product, you may have noticed that some goods, services, or businesses have received only overwhelmingly positive or extremely bad feedback. In such a situation, you cannot decide whether to trust these reviews. The review sites, therefore, lack faith and trust. In some instances, businesses utilize sponsored reviews to harm their rivals.
Hence, it is clear that online review sites are both unmoderated and heavily manipulated. Anyone can access your portal and post unfavorable comments. This harms the business’s performance and credibility in the marketplace. This means there is a gap in the market and a requirement for technologies that can help increase the reliability of review sites.
Is Blockchain the Solution?
The same technological advancements driving shifts within the banking industry and a few other industries are also equipped to offer answers in various fields.
Blockchain is a technological breakthrough that displaces consolidated servers with a distributed network that is more dependable, credible, and accountable than any previous technology. It powers everything, including new payment solutions, records management, voter identification, and educational certification verification.
Thanks to the decentralized structure of the ledger system, no one can change or delete data discreetly. This means information is publicly stored and cannot be secretly changed. As a result, blockchain will be utilized more frequently in the future.
That being said, information does not have to be on the blockchain to be reliable. For example, this article on Bitcoinist about bitcoin bonuses provides objective reviews of the best crypto casino bonuses.
You can always verify the information by visiting each recommended casino. Or, you could read additional reviews to compare the details. After all, more than 80% of adults in the US occasionally check online customer reviews or ratings before making first-time purchases of products or services.
This is a considerable number of people using crowdsourcing to make decisions. The statistics also show that reading internet reviews is becoming more and more popular across all age groups, and younger consumers are leading in their usage.
Using blockchain, customers can now trust that online reviews are genuine and accurately reflect a person’s interaction with a business.
Using Blockchain to Block Fake Reviews
Services such as Yelp and Google have gained excellent reputations as customers swarm to their review pages before making purchases. For instance, Yelp is accessed by 185 million people monthly.
On the other hand, Google has both a passive and active impact on customers’ purchasing decisions because their popular evaluations are prominently displayed on their platform.
The issue is that websites like Yelp and Google give businesses the option to delete negative or unfair ratings that they believe are unjust. In many ways, this is similar to a pay-to-play scenario where businesses can influence customer feedback by contributing to review platforms. This is not accurate, impartial, or representative.
Blockchain presents a potential solution to this issue. The mutual involvement of community members is one of the most alluring features of blockchain apps. People are not just passive consumers; they can also participate actively. They can offer feedback, raise the bar, and profit from their participation. Using auxiliary coins can help blockchain applications reward user engagement and boost quality.
Blockchain applications, for instance, can work with dining establishments and other food providers to offer bonuses or discounts to platform users. Blockchain applications encourage platform development and quality assurance by giving users a digital currency to trade or redeem.
Blockchain and Machine Learning
A review can be matched with a qualified reviewer using machine learning, which goes beyond the advantages of the blockchain. By doing this, services can lessen bias and enable people to communicate their knowledge and experiences most effectively.
While creating evaluations for the products that users are already interested in, the platform’s sophisticated algorithms take into account their preferences for elements such as restaurant location, language, meal choices, cost, and other useful criteria.
Moreover, applications based on blockchain are dynamic networks that continue to accelerate as users engage with the apps because machine learning grows with ongoing user input.
Utilizing Blockchain’s Immutability
Immutability is an active property of blockchain. No one can alter the reviews once they are recorded on the blockchain-enabled site. One can also readily track it if someone tries to do the same.
With these two key characteristics of blockchain, it is simple to control the entire system and reduce the defects in the current one. You can control all of the reviews with the use of blockchain technology. Customers will receive an honest opinion, and confidence will be increased.
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