The Impact and the Potential Disruption of the Blockchain Technology on Marketing
The blockchain (a distributed ledger) is commonly known as the backbone of the emerging digital cryptocurrencies, such as Bitcoin, and potentially disruptive technology for the monetary system and the financial industry. However, the impact of the blockchain technology goes beyond financial sector and could also influence supply chain management, commerce, health care, real estate, data storage, supercomputing power, decentralized notarization, marketing etc.
In this paper we examine the potential of blockchain technology to influence and even disrupt marketing. The areas of influence of the blockchain on marketing include but are not limited to creation of new products and services, ensuring trust and transparency, disintermediation, privacy and data ownership, digital identity, customer relationship management, loyalty programs, advertising, fighting click fraud, supply chain management, etc.
Since the application of the blockchain in marketing is novel, mostly conceptual, unmatured and still in development the influence and the potential disruption of this technology is envisioned for the years to come. Anyway, there are already promising projects that have potential to change the landscape in this industry and to provide first-movers advantage for the existing or the emerging brands.
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