The Industry Problems
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Review Fraud
Due
to review fraud, consumers can no longer trust online reviews. Review fraud
happens in a number of ways. Companies artificially inflate their overall
ratings by purchasing fake reviews and paying for the removal of negative
reviews. Companies also artificially deflate the ratings of their competitors
by purchasing fake negative reviews. As a result, consumers can no longer trust
search listings, such as local Google recommendations, HomeAdvisor, and Yelp.
Without legitimate reviews, consumers cannot make educated choices, which leads
to hiring the contractor with the most advanced fraud practices as opposed to
the best service or pricing.
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Advertising Fees
Due
to advertising fees, consumers are paying too much for skilled trade services.
For instance, on existing skilled trade service websites, contractors will
spend a significant amount of money on advertising. Contractors pass these
advertising costs on to the consumers, which results in higher prices.
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Pricing Transparency
Due
to a lack of pricing transparency, consumers do not know the actual costs of
the services they purchase, which results in unfair pricing. For instance, an
existing skilled trade service website may charge $375 USD to replace a toilet.
The consumer, however, does not know why that service costs $375 USD - how much
does the new toilet cost versus the labor versus the fees? As a result, the
consumer will unknowingly pay $375 for a toilet install that they should have
paid $150 USD for.
The Solution is
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Review Fraud - The Bob Application will leverage
blockchain technology to fight review fraud. The Bob Application will be built
on the STEEM blockchain due to its three second transaction time and no
transaction costs. The Bob Application will store all financial transactions
that take place on Bob’s Repair on the blockchain. Then, when both sides of a
transaction - consumer and contractor - leave a review, Bob’s Repair will link
that review to the actual financial transaction. By linking reviews with actual
financial transactions, consumers can trust that the review is real and
unaltered. Real reviews from real consumers, provides better information so consumers can make better decisions.
unaltered. Real reviews from real consumers, provides better information so consumers can make better decisions.
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Disintermediating the Industry - The Bob Application will not
support any type of advertising by contractors. As a result, contractors will
not pass on advertising costs to consumers. Contractors cannot buy visibility
on Bob’s Repair through advertising. Rather, due to the functions of upvoting,
flagging posts, and user reputation on the STEEM blockchain visibility is governed
by merit. For instance, if a contractor has more verified positive reviews,
then that contractor will have a more significant presence. This structure will
eliminate hidden advertising costs.
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Transparent Pricing - The Bob Application will have
transparent pricing. Each review will provide the cost of the service broken
into the material and labor costs. Consumers will be able to easily search
reviews to determine the actual material and labor costs for a certain service
for transactions that had already happened. This transparency will drive down
prices and fight inflated costs.
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Escrow Service - Bob’s Repair will provide an
escrow service powered by smart contracts to ensure that all parties are
protected in a home repair transaction. Consumers and contractors are
traditionally not protected against the other party failing to fulfill the
requirements of their home repair agreement, intentionally or unintentionally.
A contractor may mismanage the funds received by the client, and later find
himself unable to finish a job for this reason; the client or contractor may
forget what the original terms of the agreement were; or one of the parties may
fail to deliver the funding or services that they had previously agreed upon.
Smart contracts allow for the money to be allocated to the job and milestones
to be laid out by both parties before any work is initiated, protecting both
the skilled trade worker and the client. The escrow service is composed of two
main parts: the Bob’s payment website & API and the smart contract
for escrow. The website works as the front end for customers and workers and as a storage medium for documents (job agreements, reviews, etc.) to be referenced from the Blockchain. The escrow smart contract is used to manage the flow of money between customers and workers and also to store links and hashes of job agreements and reviews so that they can not be changed later.
for escrow. The website works as the front end for customers and workers and as a storage medium for documents (job agreements, reviews, etc.) to be referenced from the Blockchain. The escrow smart contract is used to manage the flow of money between customers and workers and also to store links and hashes of job agreements and reviews so that they can not be changed later.
SO JOIN NOW AND INVEST
AT https://www.bobsrepair.com/
Website: https://www.bobsrepair.com/
MORE INFORMATION :
Website: https://www.bobsrepair.com/
Telegram: https://t.me/bobtoken
Facebook : https://www.facebook.com/BobsRepairCom/
Twitter: https://twitter.com/bobsrepair
Whitepaper : https://www.bobsrepair.com/docs/White-Paper.pdf
Authorized By:
My Bitcointalk account : jagadlangit
My ETH address : 0xA2BFa48A6AfEFaBF498B6541f609E6cef4700D91
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