What is a Blockchain?
What is Blockchain Technology and why is it so important to online reviews?
Blockchain Technology is a pretty smart invention that allows digital information to be distributed across thousands of nodes in the network.
In a nutshell, a blockchain is a time-stamped batch of immutable records of data that can be managed by clusters of computers (Nodes) that are not owned by any single entity. Each block in the chain is secured to each other using cryptography technology.
ReviewTrak uses this technology for recording online reviews and their replies to ensure that they are not modified or deleted. Unlike traditional databases, blockchain technology doesn’t have a central ownership or data storage for it’s shared across the nodes creating a decentralized distributed ledger.
At ReviewTrak, we work with companies who rely heavily on reviews and want to quantify those reviews to increase transparency, reputation and revenue.
Critical Features of Blockchain Technology
- Distributed Ledger – Each node verifies every review that is posted and generates a transaction record with all the details of the review and reply.
- Immutability – It’s not uncommon for some review sites to modify or delete reviews. For total transparency reviews must be permanent and indelible.
- Security – Due to the structure setup of blockchain there is not one central owner of the data. It’s distributed over thousands of nodes creating a secure chain of immutable data.
- Consensus – Consensus is a fault-tolerant mechanism that is used in blockchain technology to achieve the required agreement on data being posted to the blockchain. It is useful in record-keeping but lends itself well to securing online reviews in a vertical that needs 100% transparency.