Ink Protocol, PayPal Team For Marketplace dApp With Reputation Transfers

Blockchain, FinTech, Innovation | January 15, 2019 By:

Ink Protocol has joined with PayPal for Partners to build a new marketplace app that allows sellers to sell goods and services on any marketplace, while earning public, transferable reputation and transaction history.

Buyers will be able to leave feedback for every transaction, while sellers can carry over their reputation across platforms. Unlike current systems, reputation and feedback data will be stored via Ink Protocol — a blockchain-based reputation system — so no centralized third-party owns all the seller’s data.

The dApp is built on top of Ink Protocol’s existing reputation system, the ethereum blockchain, and Ink Pay’s infrastructure, but with a completely redesigned front end. No plugins, wallets or cryptocurrency knowledge is required.

Conventional online P2P marketplaces store only the reputation and feedback of their own users, making it very difficult for sellers to branch out to other marketplaces to find new buyers. With PayPal for Partners integration, payments happen directly via PayPal, so buyers and sellers have a familiar way to pay, with the backing of PayPal’s payment network. All of the associated feedback, reputation and transaction history will be completely decentralized and stored via Ink Protocol, so that it is publicly available, transferable between marketplaces, permanent and viewable by everyone.

The integration with PayPal means prospective buyers will soon be able to easily look up any seller’s public reputation on every marketplace before deciding whether to buy from them. This creates a global trust and reputation network that works across all kinds of marketplaces, eradicating uncertainty and reducing the risk associated with P2P online shopping.