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In today’s world where almost everything is digitized and social life has become highly dependent on the internet, the logical move for businesses to rely on the generic influence of the internet over their product and services is not a misplaced priority.
Research has revealed that a large number of online shoppers depend on the reviews of other shoppers. A system of word-of-mouth advertising is still as effective as, and maybe even more than large print posters or banners. Sadly, the standards of online review systems are eroded and in need of an overhaul.
A World of Reputation Flaws
According to other research, individuals with highly negative or positive opinions often perceive a greater psychological benefit from expressing those opinions online, relative to more moderate users. This oftentimes tends to lead to highly polarized reviews.
Moreover, fake online reviews tend to disrupt the trust systems of potential buyers and validators of products and services. Meanwhile, other problems such as censorships from centralized review systems, as well as data privacy protection/control are critical to the industry.
Leading the Way with an Ethereum-Based Reputation Portal
A Southeast Asian startup named QashBack is solving a unique problem – the flaw in the online review systems. The objective is to build a first of its kind in the region; a well-incentivized ecosystem of reputation management that leverages the perks of the blockchain technology and brings together urban consumers, merchants, and advertisers to a trusted review platform.
The platform will be built on the Ethereum blockchain and will assume the responsibility of a transparent, immutable and authentic review system. The data generated from consumers of products and services will be openly available to intended users. The project is based in Singapore and the planned launch has been scheduled for Q2 of this year. The platform features will allow users to make reviews on products, services, and merchants and still be rewarded with the platform’s native token QBK, regardless of their opinions.
Moreover, consumers can also take part in sponsored unbiased reviews through contests and marketing promotion exercises set up by a merchant. The system focuses on eliminating polarized bias that currently plagues online review sites.
Working Business Model
The QashBack platform targets relevant industries including wellness/beauty, healthcare, transit, shopping, food & beverage, travel, entertainment and education within the Southeast Asian region. All of which are well spread within the internet economy.
In view of the task ahead, QashBack has started making waves in the sector with its partnership with Oriental Mace Group Berhad early last year. More so, the Malaysian Government had endorsed the Oriental Mace Group as a national tourism strategy, which further gives the tech startup the opportunity to access the tourism industry.
The partnership allows QashBack to leverage Oriental Mace Group’s mobile application and accords QashBack the privilege of tapping into the portal’s 1,000 beauty service providers and numerous product suppliers. More so, merchants and users can utilize the QBK tokens outside the native platform and be rewarded also for engaging with contents such as advertising and submitting reviews.
QashBack token QBK is an Ethereum ERC-20 token standard and only 1 billion QBK tokens will be minted, with 10% made available to the public. The project had successfully pooled interest from private investors even in the bear market that plagued 2018, raising over USD 14 million. Funds raised during the project will be channeled towards the development of the QashBack ecosystem.
Those who missed the early bird entry and token sale can also obtain the token on the following exchanges: UDAX starting 5 January 2019, as well as Coinsuper, Dobi Trade, Upbit, and LAToken during Q2 and Q3 2019.