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The use of blockchain technology in marketing: advantages and barriers

Year 2021, Volume: 3 Issue: 2, 164 - 174, 08.12.2021

Abstract

Blockchain technology becomes more and more important and offers great benefits to marketing. Blockchain technology fosters transparency, protects consumer data, increases trust, enables traceability of data, reduces transaction and investment costs, and provides personal products/services. However, there have been only a few implementations of blockchain technology in the field of marketing so far, because it is still not clear whether it will be the “next big thing” for companies' marketing departments or not. The objective of this study is to examine the potential advantages and barriers facing the implementation of blockchain technology in marketing. In this conceptual paper, it is asserted that blockchain technology can provide advantages to companies in their marketing activities, but also reveal the barriers during its adaptation. In this respect, this paper is expected to guide future research on the implementation of blockchain technology in marketing.

References

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Pazarlamada blokzinciri teknolojisinin kullanımı: avantajlar ve engeller

Year 2021, Volume: 3 Issue: 2, 164 - 174, 08.12.2021

Abstract

Blockzinciri teknolojisi, pazarlamada gittikçe önem kazanmaktadır. Blockzinciri teknolojisi şeffaflığı teşvik etmekte, tüketici verilerini korumakta, güveni artırmakta, verilerin izlenebilirliğini sağlamakta, işlem ve yatırım maliyetlerini azaltmakta ve kişisel ürün/ hizmet sağlamaktadır. Blockzinciri teknolojinin, firmaların pazarlama bölümleri için “gelecek büyük şey” olup olmayacağı henüz kesin olmadığı için bugüne kadar pazarlama alanında sadece birkaç uygulaması gerçekleştirilmiştir. Araştırmanın amacı, blockzinciri teknolojisinin pazarlama alanında yaratacağı potansiyel avantajları ve engelleri ortaya çıkarmaktır. Bu kavramsal çalışma, blockzinciri teknolojisinin pazarlama faaliyetlerinde firmalara çok sayıda avantaj sağlayabileceği, ancak benimsenmesi sırasında engellerin yaşanabileceğini ileri sürmektedir. Bu yönden çalışmanın, blockzinciri teknolojisinin pazarlamada uygulanmasına ilişkin gelecekteki araştırmalara yön vermesi beklenmektedir.

References

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  • Al-Jaroodi, J., Mohamed, N. (2019). Blockchain in industries: A survey. IEEE Access, 7, 36500-36515.
  • Antoniadis, I., Kontsas, S. & Spinthiropoulos, K. (2019). Blockchain applications in marketing. The Proceedings of 7th ICCMI.
  • Aspasia, V. & Ourania, N. (2014). Social media adoption and managers’ perceptions. International Journal on Strategic Innovative Marketing, 1(2), 61-63.
  • Ayoade, G., Karande, V., Khan, L. & Hamlen, K. (2018, July). Decentralized Iot data management using blockchain and trusted execution environment. In 2018 IEEE International Conference on Information Reuse and Integration (IRI) (15-22).
  • Balditsi, F., Kıayıas, A., Samarı, K. (2017, November). Watermarking public-key cryptographic functionalities and ımplementations. International Conference on Information Security (173-191), Springer, Cham.
  • Beck, R. & Müller-Bloch, C. (2017, January). Blockchain as radical ınnovation: a framework for engaging with distributed ledgers as ıncumbent organization. In Proceedings of the 50th Hawaii International Conference on System Sciences.
  • Bıswas, B. & Gupta, R. (2019). Analysis of barriers to ımplement blockchain in ındustry and service sectors. Computers and Industrial Engineering, 136, 225-241.
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  • Brauer, J. & Linnala Eriksson, B. (2020). Blockchain's influence on digital marketing: An exploratory study examining blockchain in relation to big data and digital marketing. Department Of Business Administration (Degree Project), Supervisor: Thomas Biedenbach
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  • Casino, F., Dasaklis, T. K. & Patsakis, C. (2019). A systematic literature review of blockchain-based applications: Current Status, classification and open ıssues. Telematics and Informatics, 36, 55-81.
  • Chapron, G. (2017). The environment needs cryptogovernance. Nature, 545(7655), 403-405.
  • Cmm360 (2020, July 20). Can blockchain fix the big problems of CRM? Retrieved from (22.08.2020): https://www.cmm360.ch/kann-blockchain-die-grossen-probleme-von-crm-beheben.
  • Collomb, A., Sok, K. (2016). Blockchain/distributed ledger technology (DLT): what ımpact on the financial sector? Digiworld Economic Journal, 103.
  • Compeau, D. R., Higgins, C. A. (1995). Computer self-efficacy: Development of a measure and ınitial test. MIS Quarterly, 189-211.
  • Customer Thınk (2020), How blockchain is having an ımpact on digital marketing? Retrieved from (12.02.2020): https://customerthink.com/how-blockchain-is-having-an-impact-on-digital-marketing/.
  • Cvitanović, P. L. (2018, September). New technologies ın marketing as competitive advantage. In 2018 ENTRENOVA Conference Proceedings.
  • Deloitte (2016). Making blockchain real for customer loyalty rewards programs. Deloitte Center for Financial Services, Retrieved from (21.08.2020): https://www2.deloitte.com/content/dam/Deloitte/us/ Documents/financial-services/us-fsi-making-blockchain-real-for-loyalty-rewards-programs.pdf.
  • Dujak, D. & Sajter, D. (2019). Blockchain applications in supply chain. In SMART supply network. Springer, Cham, (pp. 21-46), doi: 10.1007/978-3-319-91668-2_2
  • Ertemel, A. V. (2018). Implications of blockchain technology on marketing. journal of ınternational trade, Logistics And Law, 4 (2), 35-44.
  • Fang, Y., Peng, C., Lou, P., Zhou, Z., Hu, J. & Yan, J. (2019). Digital-twin-based job shop scheduling toward smart manufacturing. IEEE Transactions on Industrial Informatics, 15 (12), 6425-6435.
  • Farooque, M., Jaın, V., Zhang, A. & Lı, Z. (2020). Fuzzy DEMATEL analysis of barriers to blockchain-based life cycle assessment in China. Computers and Industrial Engineering, 147, 106684.
  • Forbes, (May, 2020). What is blockchain and why does ıt matter? Retrieved from (24.09.2020): https://www.forbes.com/sites/theyec/2020/05/18/what-is-the-blockchain-and-why-does-it-matter/#4777989c48a1.
  • Francisco, K. & Swanson, D. (2018). The supply chain has no clothes: Technology adoption of blockchain for supply chain transparency. Logistics, 2 (1), 2.
  • Gaiser, B. & Linxweiler, R. (2017). Aufgabenbereiche und aktuelle problemfelder der markenführung. In brand evolution, (pp. 99-121). Springer Gabler Wiesbaden.
  • Gartner Glossary (2020). Blockchain. Retrieved from (24.09.2020): https://www.gartner.com/en/information-technology/glossary/blockchain
  • Gatteschi, V., Lamberti, F., Demartini, C., Pranteda, C., & Santamaría, V. (2018). Blockchain and smart contracts for ınsurance: Is the technology mature enough?. Future Internet, 10 (2).
  • Hampton, N. (2016). Understanding the blockchain hype: Why much of it ıs nothing more than snake oil and spin. Computerworld, 5.
  • Horızont (2018). Adjust übernimmt die "Kommandozentrale" für marketing-manager, Retrieved from (10.08.2020): https://www.horizont.net/tech/ nachrichten/acquired.io-adjust-uebernimmt-die-kommandozentrale-fuer-marketing-manager-171519.
  • Hughes, L., Dwıvedı, Y. K., Mısra, S. K., Rana, N. P., Raghavan, V. & Akella, V. (2019). Blockchain research, practice and policy: applications, benefits, limitations, emerging research themes and research agenda. International Journal of Information Management, 49, 114-129.
  • Iansiti, M. & Lakhani, K. R. (2017). The truth about blockchain. Harvard Business Review, 95(1), 118-127.
  • Innogy Innovatıon Hub (August 2017). Revolutionizing digital marketing by ıntroducing a new unique channel: object marketing, Machine Economy Lighthouse, (Dr. Carsten Stöcker, Dr. Michael Rüther, Nicole Reinhold, Marius Goebel), 1/4.
  • JIA, D. (2019, February). Research on the ıntegration of marketing management and big data technology. In The International Conference on Cyber Security Intelligence and Analytics, (pp. 633-639). Springer, Cham.
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There are 95 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Review Article
Authors

Bihter Biçer Oymak 0000-0002-1934-6605

İpek Kazançoğlu 0000-0001-8251-5451

Publication Date December 8, 2021
Submission Date July 14, 2021
Published in Issue Year 2021 Volume: 3 Issue: 2

Cite

APA Biçer Oymak, B., & Kazançoğlu, İ. (2021). The use of blockchain technology in marketing: advantages and barriers. Ardahan Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 3(2), 164-174.