Blockchain and Marketing: Enhancing Consumer trust and Transparency in the Digital Era

Abstract

Although blockchain technology was first used for cryptocurrencies in 2009, it immediately captured the interest of other sectors, including governance, managing supply chains, healthcare, and banking. Investigating and assessing six advantages of blockchain for marketing—promoting decentralisation, thwarting click fraud, bolstering transparency and trust, improving privacy safeguarding, bolstering online marketing security, and facilitating innovative loyalty programs—was the goal of this study. To investigate how advantages are really realised in reality, an empirical research was carried out using an online poll. According to the research, blockchain does have potential advantages for marketing, but whether or not marketers choose to use private or public (permissioned) blockchains will determine these benefits. Additionally, the blockchain community's capacity to address basic challenges and unresolved issues like privacy, capacity, speed, and connectivity, among many others, will also determine these benefits.