The Future Of Currency — Reputation
The legal mechanisms for enforcing compliance with blockchain-based dispute resolution do not exist and may still have speculation for some time. However, in the era of instantaneous global information in our media dynamics, the most effective lever for blockchain dispute resolution is reputation. Organizational and individual users can now use BANKEX Smart Justice to resolve disputes quickly and fairly, saving time and money and providing a decisive advantage in managing reputation.
The job of the mass media is to promote unfairness and danger to the public, but the brand correctly follows their portrayal in the media, because news organizations tend to favor unilateral narratives, focusing on the sensational and emotional aspects of the event rather than seeking balance or Objective information. In today’s social media world, reputation is more important than ever, but at the same time it is becoming more and more fragile. Premature and biased conclusions on social media have undermined career and company reputation. As social media increases its dominance and protects corporate reputation from fast-moving, the importance of viral nature of reactionary blogs and social media and negative news on the Internet will increase.
Guilt and damage control
At the same time, organizations cannot afford to show their stories. They can disclose important details, take action and provide information that may ultimately provide a more balanced version of any event. Johnson & Johnson’s rapid response to the Tylenol tampering crisis led to the death of seven people in 1980, which not only saved their lives, but also maintained their reputation. However, the worst nightmare of the consumer goods company caused the company to lose hundreds of millions of dollars in recalled products and public relations work, and it took years to fully recover. Legal decision-making can be an authoritative force, show correct behavior, and strengthen the brand in adversity, but litigation costs are expensive and more retroactive. Even the positive outcome of litigation takes time and may come too late to help the company restore the impact of embarrassment and obituary. Time is of the essence when reputation can be destroyed in an instant. The viral nature of negative news means that organizations need faster, more preventive reputation management tools.
Johnson & Johnson and agile thinking have enabled Johnson & Johnson to act and become a truly caring company, ready to respond, starting from the past. In our environment, negative news spreads at the speed of light, and reactionary self-styled experts like to eat by expressing prejudice to the public, and Johnson & Johnson may not perform well. The company’s market share is likely to have been taken over by other lucky players who have failed to face such challenges, rather than becoming a hero of the community’s selfless actions. Without a quick response, the company is unlikely to survive this test. Consumers don’t have time to wait to see what happens and the competition is fierce.
BANKEX Smart Justice, however, would give organizations facing disputes a fighting chance to turn the situation around a U-turn if the case was brought to BANKEX Smart Justice.Devil in the details
Obviously, the Tylenol crisis is not the fault of Johnson & Johnson. However, their response is crucial. Their attitude towards reputation management needs further study.
After the crisis, Johnson & Johnson relaunched the Tylenol product, using a three-sealed tamper-proof package, the first pharmaceutical company to meet the new tamper-proof packaging requirements of the US Food and Drug Administration, which was directly caused by the crisis. In addition, they have introduced more tamper-resistant caps and offer coupons to enjoy discounts on products purchased in newspapers and to make free calls. The shareholders of Johnson & Johnson were only temporarily injured and the stock resumed after two months.
Not every company has the witty, talented public relations team like Johnson & Johnson. There is no ‘fairness’ because the company’s shareholders respond to panic and give consumers discounts on new products to satisfy consumers’ unreasonable perceptions of the company.
Deflecting the Reputational Lynch Mob
Today, in order to determine whether Tylenol is a drug that the public needs to be vigilant, the US Food and Drug Administration can use BANKEX Smart Justice to launch a new case. As an applicant, the Food and Drug Administration will describe the nature of the dispute from their perspective and determine the punitive behavior commensurate with the alleged misconduct.
Upon receipt of the notice, Johnson & Johnson will have the opportunity to explain its views in detail — either to deny or propose a solution to the problem before the story is announced, and the company must conduct a more biased public opinion court among the self-proclaimed experts and experts. In this case, Johnson & Johnson is prepared and eager to solve the potential hazards caused by the use of its products, may only need to recall drugs in the Chicago area rather than the country, and can save hundreds of millions of dollars and an unrecoverable reputation. Knowing events from Johnson & Johnson rather than news, stakeholders may not feel the pain of volatility, because the case is not directly related to the drug itself. Finally, due to early attention to the perpetrators, the authorities may take action as soon as possible, and the company could have avoided taking an adventurous strategy and providing the general public with a $100,000 reward for the information that led to his arrest.
In addition to all the “hypothetical” emergencies that may occur, along with BANKEX Smart Justice, the wave of irrational public opinion will never reach Johnson & Johnson before the legal, out-of-court system blockchain arbitration clarifies details.
Human and moral dilemmas
Even if all the details of a particular case are available, and all parties have put forward their own views, certain ethical aspects are also challenging for real court judges and juries. Does the judge interpret the law according to ethical values and principles, and if the law does not reflect ethical principles, is the law binding, and is it morally reasonable to violate bad laws? What gives legal power? These are all difficult human problems. The judgment of a particular case usually depends on the particular judge, their values, past experience and personal interpretation of the law.
In contrast, the law of large numbers provides a mathematical approach to decision making that relies on a large number of decision makers that are enhanced by the law of probability. Mathematical theorists have long recognized this method of dispute resolution, but until the emergence of the Internet and the rapid assembly of a large number of random, fair arbitrators, the practical possibility of this feasibility. More importantly, this method of dispute resolution has become not only feasible but also practical through blockchain-based arbitration. The blockchain not only provides transparency and unalterable event records, but also includes review of arbitrators, secure voting and participation incentives to ensure objectivity. In any dispute, BANKEX Smart Justice relies on 51 arbitrators and a quorum of at least 29 votes in favor of one of them. This mathematical basis is an ideal mechanism to eliminate subjective values and random outliers, making litigation and other forms of offline decision making possible.
True equality between small and large
As user reputation becomes more and more important in the online world, the preservation and promotion of reputation becomes the most operative lever for dispute resolution in the blockchain. The trend of online reputation affecting offline reputation is also increasing. In today’s global brand-aware world of business networks, reputation is a highly valued quality that is even more critical in a fragmented world because it does not obscure the necessary actions on the blockchain. Perhaps most importantly, the online reputation environment provides a level playing field for individual and organizational size entries. The relative size and status of any entity is not as important as its reputation.
Johnson & Johnson is one of the thousands of companies who have faced a crisis that would have been the end of the company if not handled properly. When Coca-Cola met a similar health scare crisis in 1999, Nick Purdom of PR Week observed critically that “…the PR industry has an important role to play in helping companies identify and manage risks that could damage their reputation.” Major corporations such as Exxon, Toyota and 21st Century Fox faced crises and were not as successful in emerging with their reputations intact. With BANKEX Smart Justice, organizations will not have to rely so heavily on the PR industry to accomplish a Sisyphean task of resurrecting a damaged reputation.Smart Justice is not only about resolving disputes, it also provides an open and honest way of operating incentives, as well as faster and more effective reputation management tools, so that individuals and businesses can friendlyly resolve breaches outside the courtroom and reduce There is a greater likelihood of confusion and improved cooperation and reduced reputational risk. The perpetual, immutable nature of the blockchain encourages accountability and reconciliation, not media rotation and litigation. When any user can fully understand the company’s reputation and even the outcome of the most trivial dispute, perhaps more importantly, how the company makes an objective assessment of its behavior, its own mistakes, and the treatment of others in the transaction — this will It is to determine the company’s business behavior. In turn, reputation will become the currency of the future.
Future wisdom and justice
Resolving litigation disputes remains a long, expensive and emotional process. This is why people are more willing to arbitrate or mediate as much as possible. However, even arbitration is far from ideal because it inevitably involves human factors and in some cases leads to corruption and judicial injustice. Although the court is still indispensable for managing many civil and criminal cases, BANKEX Smart Justice will bring the precision of mathematics and high technology to commercial arbitration and promote social order through the fairness and unambiguous justice of the blockchain. This will alleviate the court’s fair, friendly and cost-effective resolution of cases in the blockchain, reduce false accusations and avoid accountability for spin and mob justice in past public opinion courts.
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