Opporty ICO: Reputation Tracking and Analysis on the Blockchain, and How Opporty Makes It Workopporty ethereum cryptocurrency business-development blockchain
In today’s interconnected digital world, the reputation of your business on the web can make or break it. Just as a good online reputation can help you attract customers, a bad one can become the “ultimate repellant” that drives them away.
According to a Moz study, a bad reputation on the web — specifically, negative reviews — can cost you up to 67% of potential new customers.
The worst part of it is that you cannot realistically control what is being said about your business online. Artificially crafted negative reviews can considerably cut into your company’s bottom line, and your competitors know that for sure.
On the other hand, when you plan on doing business with another company, you need to consider that they may have generated their own positive reviews to mislead you and other business owners.
That being said, while a positive online reputation (mostly, online peer reviews and endorsements) is critical in business and e-commerce, any company can:
Fortunately, blockchain technology can be applied to resolve the problem of the authenticity of a company’s reputation on the web, including authentication of reviews, endorsements, assets, and even the individuals who leave reviews.
Let’s dig a bit deeper!
The Current State of Online Reputation Tracking and Analysis
Since everyone who has access to the internet can now share their opinions about anything or anyone, an online reputation — specifically, when it comes to established businesses, popular products or services, celebrities, etc. — is pretty hard to manage.
Basically, reputation management of any online entity comes down to collecting and analyzing opinions and experiences of the public, with a focus on “cleaning up” any bad mentions about a person or a business from the web.
And this activity totally makes sense.
Based on BrightLocal’s 2017 Local Consumer Review Survey, 84% of people trust online reviews as much as they would trust their family and friends.
Unfortunately, the very same study reports that 79% of consumers came across fake reviews in 2017, with 84% of them admitting they cannot always spot fake reviews.
Fake reviews can be found anywhere — from minor directories and listings, to Yelp and Amazon. Actually, they are so problematic that Amazon regularly files lawsuits against companies that generate false product reviews to mislead Amazon’s customers.
And fake reviews comprise only a fraction of a more serious issue.
Some companies not only manipulate their online reputation by leaving fake reviews or reporting negative reviews as “unhelpful,” but publish fake news, engage in aggressive blackhat SEO practices, and even hire hackers to delete or leave negative mentions about competitors in the media and at review platforms.
Fortunately, all of these practices can be mitigated by the blockchain.
Online Reputation Using Blockchain
As of now, the online reputation of any digital entity — be it a person or a business — is impacted by:
As we already know, reviews, references, and scores can be easily manipulated. But what about the courts?
While customers can rely on the courts’ judicial decisions for sure, it is worth noting that consumers who have been treated badly by a business rarely file a lawsuit.
On the one hand, companies do their best to resolve arising issues, oftentimes compensating a customer’s negative experiences by offering free products or services, or by paying a compensation.
On the other hand, in most cases consumers opt to avoid suing a business. They do not want to pay a lawyer more than that they would receive in a successful court settlement.
And here is exactly where blockchain technology comes into play.
The implementation of blockchain solves such issues as paid reviews, fake news, data manipulation, and an inefficient legal system, safely securing the authenticity of all three elements that constitute the online reputation of any digital entity.
On the blockchain, the online reputation of any business, individual, or even asset is totally traceable and verifiable. It is immutable and cannot be manipulated by bad actors.
Since all blockchain participants have a unique ID (i.e. a private key), all reviews, references, endorsements, and activities are easily trackable. Bad actors cannot create multiple fake accounts to leave negative comments and artificially reduce a company’s rating in the network.
Most importantly, blockchain technology allows all parties to establish transparency. Not only can consumers — be they a business or a private individual — trace a product’s history, but they can verify warranties, avoid pirated content, and gain access to non-manipulated business scores across multiple scoring platforms, marketplaces, and e-commerce websites.
By default, blockchain technology creates an atmosphere of trust for B2B and B2C sectors.
Online Reputation Tracking and Analysis at Opporty
Consisting of three layers (Protocol, Scoring, and Platform), Opporty puts a great emphasis on ensuring the authenticity of the online reputations of registered providers, and is in the process of developing programmatic out-of-the-box solutions to assess the reputations of third-party service and product providers.
Opporty’s Proof-of-Expertise protocol, which is currently in the active development phase, holds promise that Opporty will be able to process thousands of domestic and international transactions.
Opporty collects and stores transaction metadata, which is used in Opporty’s unique business scoring mechanism. It analyzes transaction metadata to assign business scores and to connect domain-relevant expertise to digital business identities.
In other words, Opporty’s blockchain ensures that every business in the network is identified and verified. All of their activities are stored on the blockchain and cannot be artificially manipulated to increase or reduce their Opporty business score.
This system allows every user to easily check valid business scores and the trustworthiness of every company, on and off the platform.
In addition to transaction metadata, Opporty’s business scoring system enters decentralized escrow rulings, user reviews and endorsements into the equation, which are also put on the blockchain and cannot be manipulated by bad actors.
With a combination of innovative features for collecting, storing, and analyzing transaction metadata and other user activities in the network, Opporty creates an atmosphere of trust, which benefits small and medium companies who may have not yet established reputations in B2B and B2C.
Moreover, it makes the Opporty platform a safe choice for domestic and cross-border transactions, corporate and government procurement, and supply chain risk management.
When it comes to establishing an online reputation, every business needs to ensure that they are seen in a good light.
Lower-than-average scores and negative reviews can not only stunt a company’s growth, but they can deliver the final blow to a business’s bottom line.
From this perspective, the application of blockchain technology that allows Opporty to vet user reviews and to keep user activities transparent makes sense.
Opporty solves the problem of online reputation manipulation through the implementation of its three layers: Protocol, Scoring, and Platform.
While the protocol collects and safely stores transaction metadata and other useful reputation indicators, the scoring system analyzes data to assign business scores, openly displaying a valid and fair rating of each company in the network to consumers.
With blockchain technology, Opporty establishes an atmosphere of trust and transparency that benefits all network participants.
Reputation Tracking and Analysis on the Blockchain, and How Opporty Makes It Work was originally published in Opporty on Medium, where people are continuing the conversation by highlighting and responding to this story.
Original article was created by: Opporty ICO at blog.opporty.comDisclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.
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