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How Blockchain Will Revolutionize Online Marketplaces

By Michiel Mulders

Centralized marketplaces have some well-known issues which are almost all related to trust. It is incredible that marketplaces like eBay do work. We trust a complete stranger our money before he has sent any wished goods. People who have lost faith in humanity might be wrong.

It’s often very hard for newcomers to start selling items on a marketplace as they have to build up their reputation. People tend to trust (luckily they do) sellers who have a proper reputation on the marketplace. However, I don’t need to tell you it’s very easy to buy fake reviews or create a new account after you have scammed someone successfully. Scammers are part of the marketplace ecosystem since the beginning as they like to abuse this concept of ‘trusting a complete stranger’.

Know Your Customer data is a great step towards a more trustworthy marketplace.

The problem of trust can be partially solved by applying KYC, although, not all marketplaces have the resources to implement this check. What if there existed a service that lets you transfer your reputation from one marketplace to another? Like a certificate that you can create and import into another marketplace for example. Even then, people will try to mitigate this security step by buying fake certificates.

Visit Multiven.io and see how they revolutionize online marketplaces. 

More on Hackernoon https://goo.gl/M1AjoP

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