Implications of Blockchain Technology on Marketing

Abstract

Trust issue gradually becomes more of a concern in the 21st century business environment. Recent research sheds light on the erosion of trust to brands on a global basis. Traditionally, trusted third parties take place to ensure the trust needed for business transactions to take place. Digitization, advances in peer-to-peer networks and cryptographic technologies have advanced to such a point that exchange of currency, as in the case of Bitcoin, and even value as in the case of property rights, securities, ownership etc. can be done over Internet with Blockchain technology serving as a trust layer baked into the protocol. Blockchain technology serves as the missing trust layer in the evolution of Internet. This paper explores implications of Blockchain technology on marketing discipline from various aspects. The paper pinpoints the key strategies marketers need to adopt to survive in the rapidly evolving business landscape. Finally, conclusions are drawn regarding future direction of marketing as affected by those technological advances.