This article was first published on SingularityNET - Medium
An exploration of the effectiveness with which SingularityNET’s reputation system can be utilized to prevent scams on digital marketplaces.
The rise of digital marketplaces has served to drastically enhance the options available to consumers. No longer constrained by the limitations of their local stores, consumers can explore and choose from a nearly unlimited catalog of items and services.
The ability to choose from a variety of products, services, brands, and suppliers, has left the consumer with several questions. Most importantly: which product (or service), supplied by which supplier, at what price, with what delivery option, best fulfills their needs?
To address this question, digital marketplaces often use rating systems coupled with recommendation engines to aid consumers in their decision making. These novel mechanisms employed by digital marketplaces have fundamentally changed consumer shopping behaviors.
However, the widespread utilization of services that game the recommendation engines and rating systems has created considerable doubt about the veracity of the information being presented to the consumers. Recently, several scam campaigns involving financial incentives for the creation of fraudulent reviews have come to light. These campaigns affect up to an estimated 61% of reviews within certain product categories on Amazon.
In one of our recent publications, we conducted an in-depth study on the behavioral changes in digital marketplaces participants, to help develop a reputation algorithm that can perform more effective product recommendations.
In this blog post, we analyze the current state of different types of rating systems, explore how effectively our current reputation system distinguishes between honest and fake reviews, and discuss the development of SingularityNET’s reputation system that will, among other things, help prevent scams in digital marketplaces.
Weighted Liquid Rank Reputation Algorithm
The gaming of ratings and reputation systems in e-commerce platforms is a large and challenging issue. Various suppliers that are offering ...
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SingularityNET - Medium