Word of mouth referrals improve marketing by up to 54% and 84% of consumers are likely to take action based on personal recommendations, and 70% for online purchases. With this information, we looked at blockchain technology to capture and track word of mouth campaigns. The inspiration is to uncover and reward our interconnected lives through social networks, and the blockchain provides a secure auditable method to allow companies to gather insight on their customers as well as providing a seamless experience for the end user.
We also incorporated hierarchical compensations where user payout is for the 5 most recent referrals, which prevents excessive splits on commissions. We had a lot of ideas, and specific implementation of the algorithms, payment structure, and client on-boarding provides a dynamic application that can be used around almost any industry.