Singapore blockchain start-up DREP Foundation (DREP) has announced signing Memorandums of Understandings (MOUs) with Ziggurat and Triip.me to increase on-chain offerings for commercial deployment and to take a step toward bridging traditional internet and blockchain technology.
DREP Foundation is developing a blockchain protocol that quantifies and monetizes online reputation values of users.
By aggregating reputation values of each user across platforms, DREP Foundation eases the information silo effect between platforms. E-commerce, social media or content sites on DREP Foundation’s chain will be able to access a suite of services, including a data hub of reputation data, to monetize traffic and more accurately represent their users.
“The blockchain industry remains nascent; there will be friction as internet players transition toward integrating blockchain technology. Beyond developing and implementing our DREP (decentralized reputation) system, DREP Foundation is committed to collaborating with internet and blockchain players to bridge the internet and blockchain industries for real-world use of blockchain.”
China-based Ziggurat offers IP certification and protection to content creators on their blockchain, Zig Ledger. They are a member of global open source blockchain project Hyperledger and have strategic partnerships with Alibaba Cloud on blockchain cloud services, among others. The company also jointly established four blockchain research facilities with several top universities in China as a member of the Trusted Blockchain Alliance, led by China Academy of Information and Communication Technology. DREP Foundation will be integrating Ziggurat’s IP protection service into their on-chain offering to internet platforms.
Singapore-based Triip.me has received recognition from various national tourism boards in the form of awards and partnerships. Aboard their platform is over 1.8 million hotels in 228 countries and more than 6,000 unique locally-immersed experiences at the best prices. Triip is also an honorary board member of the Pacific Asia Travel Association (PATA) and an active member of the United Nation World Travel Organisation (UNWTO)’s Global Code of Ethics for Tourism.
Under the agreement, Triip.me will develop on the DREP chain, using DREP Foundation’s reputation system to increase transparency and accuracy of reputation information on their platform. Users are incentivized to behave positively to maintain their online reputation, reducing occurrences of fraudulent and malicious behavior, such as local tour guides failing to provide service after engagement.
“It is essential that relevant, strategic and mutually beneficial partnerships between startups are formed. This spurs continuous innovation and collaboration to improve the commercial utility of blockchain technology. That is the essence of the sharing economy we live in today.”