The concept of QashBack was birthed when co-founder Michael Tan was reading hotel reviews online, in search of the perfect accommodation for his holidays. He had observed that most reviews tended to be skewed in extreme directions — either they were rated five stars or only given a single star. Moreover, certain reviews appeared to be non-credible, given the lack of details or had come across as overly promotional.
As a seasoned entrepreneur in the technology industry, Michael was fascinated with blockchain technology and the immense potential it could bring to addressing the current challenges of the online review space.
The vision of creating a decentralised online reputation management system where merchants can directly reward customers for leaving an online review, regardless of their bias, was thus developed.
Tapping on Blockchain Technology
In essence, what separates the QashBack platform from traditional review sites is the use of blockchain technology. All transactions, or submission of online reviews by consumers in the case of QashBack , are self-executed on the blockchain. Customers are rewarded with QBK tokens, the platform’s digital currency, without reliance on the vested interest of a centralised third-party intermediary.
This significantly reduces polarisation bias, where only users who absolutely love or hate the brand are motivated to take the time to write an online review, as every user is incentivised to share their experience.
What’s Next for QashBack
As a start,QashBack plans to enter the market through the beauty, wellness and healthcare industries to facilitate platform adoption by Malaysian vendors, consumers and advertisers. Thereafter, QashBack will move on to other target markets that include transit, retail, food and beverage, travel, entertainment and education.
At the moment, the Asia Pacific region appears to be an underserved market by established sites in the review industry. In 2017, TripAdvisor derived only 17% of its revenue from countries outside of the U.S. and Europe, according to TripAdvisor’s 10-K filing.
Using South East Asia as a starting point for market penetration, QashBack hopes to create awareness in the region for the potential of using blockchain to help businesses scale and establish an online review platform where both users and merchants are empowered.