Blockchain is Changing The Rating Industry



Event News

April 13, 2018

Not only the technology experts but many ordinary users also believe that blockchain will revolutionize many industries.

What is Blockchain?

Have you ever wondered that how individuals or organizations can trust in each other without dependence on a third party? The answer to this question is: Blockchain. Blockchain is a “digital ledger” containing a list of steadily expanding transactions called “blocks” that are sequentially connected. Once the block has been added to the “chain”, it can not be deleted.

Moreover, no single individual can intervene to make changes to this data, making the data safe and absolutely accurate.

“The potential use of blockchain is almost endless, from tax collection to remittance transfers,” commented the World Economic Forum.

In Vietnam, blockchain is currently being explored and applied in numerous areas such as financial services, supply chains, public services, agriculture, education, etc.

Blockchain is Changing The Rating Industry

Speaking at Vietnam Blockchain Week (VBW),  Mr. Mitchell Pham, Co-founder of Smart Links Swiss and LINA.REVIEW emphasized that Vietnam had plenty of opportunities to develop blockchain because the Vietnamese were good at math and science. He also believed that this technology would enable Vietnam to revolutionize the world.

Blockchain creates a strong connection for people to access all types of transactions, interact and track changes, which cannot be done by traditional systems.

Blockchain Will Change The Rating and Ranking Industry

Blockchain can bring us the transparency, eliminate unnecessary costs, enhance the security and empower the community through its participation in the system. This is also the reason for the advent of many blockchain-based applications

Blockchain is Changing The Rating Industry

Remarkably, LINA.REVIEW – the world’s first blockchain-based evaluating platform, is using blockchain’s immutability to create the highest transparency and enable the evaluators to benefit from high-quality reviews, as well as direct and simple interactions with users and suppliers, without the need of preceding established trust.

Users can build, manage and develop their own rating system. All LINA-based rating systems will be interconnected on a global scale.

Blockchain is Changing The Rating Industry

The highlight is that review’s transparency is extremely high because no one can make changes to it. With current systems, data can be easily changed by owners. In fact, brands can easily get good reviews or remove negative reviews from users by … paying the owner. But with Blockchain, the change of data is subject to the approval of all involved parties. Changes are not just made by the owner of the system but by the majority.

Blockchain will bring us the absolute transparency and immutability (can not be changed) in order to regain the buyer’s trust, which is lost due to the traditional rating system. This will definitely change the buying behavior around the world.

It is undeniable that there are still many imminent weaknesses in blockchain applications, which have confused the public until now. However, with a positive look on this technology, the current difficulties will open up the way for more viable products in the future, bringing the blockchain closer to the dream of becoming “the new Internet” in the next decades.

* Mitchell Pham, Co-founder of LINA.REVIEW, Director of Augen Software Group; Founder of Kiwi Connection Tech Hub – promoting NZ technology in South East Asia.

He was awarded Young Leadership Award by the World Economic Forum (WEF) and the Augen Software Group, which he has founded and operated for 24 years, is awarded the prestigious Red Herring Award for Top 100 leading enterprises in the Asia-Pacific region.

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Twitter: @infinityblockchainlabs

LinkedIn: Infinity Blockchain Labs