The main target of the blockchain technology is to bring transparency and reliability to several industries and to improve the way they work.
In the era of e-commerce, we mainly rely on reviews to decide to buy products, book travels and other services. Thanks to this, the online and mobile user experience is improved, actually. Think about choosing the right seller on eBay, the right hotel or restaurant on Tripadvisor, the right product on Amazon, today we all strongly rely on reviews to buy online. A healthy environment should create “social regulation” with good companies to thrive and bad companies to abandon the market soon. In addition, honest companies can use authentic reviews and feedbacks by customers to improve their services and products.
Unfortunately, the e-commerce industry is plagued by fake reviews and and rating manipulation. Some positive reviews are written by robots, so that the consumer cannot understand if a review is written by a person or Artificial Intelligence. In addition, negative reviews are often deleted by business and sites owners. All of this jeopardizes the entire online world, ruining the reliability of honest businesses, elevating companies offering lower-level products and services and shattering the online experience of buyers.
In order to solve this problem, Russian startup Revain is advancing a next-generation unbiased feedback platform, built in close collaboration with hi-tech IBM AI systems and based on blockchain technology, which doesn’t allow to change or delete reviews while authors get a reward for creating them.
Using blockchain technology, the company has created an economic model, which allows common users to stay motivated because of a token called RVN. Using a second token, called R, and a non-linear conversion mechanism, Revain acquired a stable internal token. The Ethereum platform finally enabled the company to create a transparent system, guaranteeing the immutability of the system, and all of the reviews can’t be deleted or changed.
The platform enables users to get a reward in tokens for every review that passes the filtration stage. By using machine learning and neural networks, the system detects all types of unwarranted texts such as spam, flood, abuse, etc. while DAO and smart-contracts defend it from any kinds of fake reviews. The transparency is granted by the fact that anyone can check all the reviews or transactions and that the company has opened a public Github page so that people can explore its code.
Led by CEO Rinat Arslanov (read our recent interview with him here), Revain recently raised approximately US$8.85M in its Initial Coin offering.
FinSMEs
15/10/2017