One main aspect of open peer review is that referee reports are made publicly available after the peer review process. The theory underlying this is that peer review becomes a supportive and collaborative process, viewed more as an ongoing dialogue between groups of scientists to progressively asses the quality of research. Furthermore, it opens up the reviews themselves to analysis and inspection, which adds an additional layer of quality control into the review process.
This co-operative and interactive mode of peer review, whereby it is treated as a conversation rather than a selection system, has been shown to be highly beneficial to researchers and authors. A study in 2011 found that when an open review system was implemented, it led to increasing co-operation between referees and authors as well as an increase in the accuracy of reviews and overall decrease of errors throughout the review process. Ultimately, it is this process which decides whether research is suitable or ready for publication. A recent study has even shown that the transparency of the peer review process can be used to predict the quality of published research. As far as we are aware, there are almost no drawbacks, documented or otherwise, to making referee reports openly available. What we gain by publishing reviews is the time, effort, knowledge exchange, and context of an enormous amount of currently secretive and largely wasted dialogue, which could also save around 15 million hours per year of otherwise lost work by researchers.