REVAIN’s contribution to the blockchain ecosystem

“For the first time in history of the mankind people all over the world can trust one another and make transactions directly. And this trust is built not by means of some extraordinary instrument — it is created simply by technology: cryptography and smart code”. Don Tapscott on blockchain potential

Have you ever wondered to what extent the economic ecosystem these days has evolved over the last couple of years? And what technology has been the most powerful driving force for this? We certainly agree with Don — who is one the most noticeable figures in blockchain community — that a new ecosystem of shared economy is driven by blockchain in a great number of ways.

But how would you simply explain the notion of ‘blockchain’ to common public, I mean those not familiar with it at all or maybe heard the word once on Youtube or saw on Twitter? When I got into this, I came across this great visual explanation by UK Government Office for Science: https://www.youtube.com/watch?v=4sm5LNqL5j0&feature=youtu.be

The blockchain ecosystem on a broader scale might be considered a new dimension of ecosystem of shared value economy that implies a management strategy in which companies find business opportunities in social problems.

“Shared value is not social responsibility, philanthropy, or sustainability, but a new way for companies to achieve economic success.” Michael E. Porter and Mark Kramer, “Creating Shared Value,” Harvard Business Review.

Blockchain’s potential can be extended over multiple areas. Horizontal regulation is very much needed in supply processes and asset tracking, marketing and management. Vertical research in banking, insurance, medical care, retail and government agencies is vital as well. However, some might falsely confuse decentralization and self-organizing that is implied by the essence of this technology for disorganization. On the contrary, blockchain needs cooperation and coordination on a bigger scale. There is a lot to be done to build the collaborations, organizations and networks required for proper functioning of this resource.

We firmly believe that the Internet is entering a second era and the digital revolution is bringing a radically different ways of operations. The Blockchain ecosystem can most effectively move forward to ensure that this technology fulfills its potential.

Let’s look into some consensus conclusions from Muskoka conference on blockchain governance held in Toronto last year and try to see how Revain might fit in there.

1. The time for global action is now: One participant noted that “societies are facing a deficit of trust and deficit of opportunity.” If you look at review websites as they are now being an intermediary between a company and a user, you’ll see the scope of Revain’s potential as a platform built on blockchain: it is able to simply remove that notorious “third party” enormously contributing to the ecosystem.

In blockchain ecosystem the information is always immutable, i.e. it cannot be hacked: and the governments all over the world are actively looking into implementing it to all sorts of ledgers. An immutable review platform will tie in nicely with those prospects.

2. Global communication is critical. We believe that broad Blockchain ecosystem must come together to expand the potential of Blockchain. We see a lot of potential in collective impact efforts. To advance shared value efforts businesses must participate in multi sector coalitions — and for that they need a new framework. There are multiple examples where companies have used collective-impact principles to improve their ecosystems for all concerned. We envision REVAIN as new framework for genuine opinion sharing without any intermediaries and aspire to introduce new behavior models for users and operation templates for businesses.

It’s common knowledge that when one company improves the market ecosystem, it almost always improves conditions for its competitors. By introducing the first unbiased review platform we aim at setting up a new standard to guide other platforms and developments.

Leading social change is immensely challenging. The issues might take years to solve, but with common effort and the technology at hand we can see it coming much sooner.