VeritaTrust Revolutionizes Online Reviews Leveraging Concordium Blockchain Technology
VeritaTrust, a pioneering platform focused on transforming the online review landscape, is leveraging the Concordium Blockchain to restore trust in online reviews and enabling better customer feedback and engagement mechanisms.
In response to a growing concern of fraudulent reviews affecting consumer decisions, VeritaTrust aims to fill the market gap by employing blockchain technology to timestamp the hash value of customer reviews. This process, coupled with metadata generated from product purchases, ensures that reviews are authentic and submitted by real customers who have made actual purchases.
The platform will empower reviewers to monetize their unique and verified feedback while providing e-commerce businesses with genuine and trustworthy reviews.
The collaboration seamlessly aligns with Concordium’s core mission of promoting accountability and transparency, ensuring accessibility, and emphasizing the ownership of consumer data. By bringing blockchain into the realm of online reviews, both companies aim to address the growing trust deficit in user-generated content.
The technical implementation involves integrating Concordium-based smart contracts to facilitate the minting of reviews as Non-Fungible Tokens (NFTs). This approach establishes a transparent and unforgeable link between users and their reviews, enabling an automated royalty system. Reviewers will be rewarded for valuable contributions, and businesses can incentivize loyal customers.
The initiative benefits consumers by offering a platform that values and rewards their opinions, promoting a “create-to-earn” paradigm. Simultaneously, e-commerce companies and product brands stand to gain improved consumer trust, enhanced loyalty incentives, and valuable feedback to refine their value propositions.
Brahim Ben Helal, CEO of VeritaTrust, expressed enthusiasm about the collaboration, stating, “This partnership with Concordium represents an important step in ensuring the authenticity of online reviews but importantly Concordium’s ID-Layer also ensures authenticity of reviewers. We believe it will play a pivotal role in reinstating trust in the e-commerce sector and improve customer loyalty.”
The outcome of this collaboration will be a plug-in solution for e-commerce platforms like WooCommerce and Shopify, enabling the seamless display of trustworthy product and service reviews. The platform is expected to go live in late Q1 2024. The primary target audience includes regular e-commerce users, e-commerce professionals, and businesses seeking authentic customer feedback.
About VeritaTrust -
VeritaTrust is pioneering the use of blockchain technology to authenticate and validate online reviews, empowering both reviewers and businesses with a transparent and trustworthy platform.
With 9 out of 10 people checking reviews before purchasing online, there has never been more value to merchant or product reviews. By providing trusted reviews on the blockchain, they reduce cart abandonment, boost conversion rates and increase loyalty.
For more information, please visit VeritaTrust.