Use of Blockchain Technology for Reputation Management

April 26th, 2019

Use of Blockchain Technology for Reputation Management

With time social networking platforms are becoming more popular and thus playing a larger role in every individual’s lives. Businesses of all scales are making their online presence felt. A few years back hardly anyone knew about Instagram, Twitter or Facebook but now these platforms are frequently used. For all the latest news and trends, millions around the world are checking these sites or networks. Social networking allows users to connect without ever meeting.

Technology is bringing in many changes in the lives of people. All latest technological advancements are powering social transformation. The blockchain is the next big thing which is going to bring considerable change around the world. Already this concept has created a buzz. Originally it was behind the concept to purchase Bitcoin but now it’s being used to develop many concepts. Top businesses and companies are investing a huge amount in Blockchain technology.

 What’s Coming Next?

To get a clear picture of what happens when information from private and public sources are stored in a singular profile let’s peep into the whole new social credit system of China. Since the starting of 2014, China was piloting a concept to quantify an individual’s reliability or honesty based on his or her debt payments, charitable donations, and various other factors. This new feature is providing advantages to all honest people in different spheres starting from an online dating site to the healthcare market. Not many countries and its government will promote such a system but now its coming handy.

Now it seems quite reasonable that within the next few years, someone will start taking advantage of broad data storage and design an app which aggregates data from different other apps to create a reputation for any individual. Online reputation is becoming important and in days to come it will be a huge deciding factor. Though many know about the role of Blockchain technology behind purchasing Bitcoin its use in various other concepts is still uninformed to a good section. The all-new concept of online reputation looks possible with this technology. This means your Uber ratings and ratio of both, as well as lswipes on Tinder, can play an important role.

How Effective Will It Be?

As of the present date, some may feel this to be different but in many ways, it could be convenient. People these days are very curious to know and have an impulse about new things, knowing information about overall reputation can be of great help. Imagine an app or system which will help you know about the person or individual before linking or associating yourself with. There will be justice in a different system which exists. For instance, online reputation will be considered based on how an individual treats their Uber drivers before investing their time. Or is worth it to figure what share or percent of their Instagram followers like their photo.

What Will This Mean for Business?

This whole concept will mean a lot for businesses of all scales. The idea of social responsibility and corporate ethics could change hugely if details about the quality of leaders and employees daily interact become public. It may sound crazy now but companies can be blacklisted as irresponsible of for instance most of its employees don’t tip well at eateries or cafes. This social acceptance surveillance of human behaviors can actually change the way how talents are hired. People with a higher reputation score can actually get hired easily or may be offered the best salary packages.

This disclaimer informs readers that the views, thoughts, and opinions expressed in the text/sponsored content belong solely to the author, and not necessarily to Bitcoin of America, organization, committee or other group or individual. All investments are at your own risk and should be done after careful research.

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