Blockchain effects on marketing empowerment
Keywords:
Blockchain technology, Digital marketing, Marketing empowermentAbstract
Blockchain has emerged as a major revolution in the field of information technology. It is an open, immutable and distributed public ledger that is accessible by multiple parties involved in a transaction and acts as a global depository for all transactions between the parties involved. The blockchain transaction structure aims to reduce perceived risks for consumers, however, its benefit for marketing is still vague. The motivation of the present study is to investigate the effects of blockchain technology in marketing empowerment. This research has been done through a review of existing literature using an exploratory-descriptive approach and systematic review method. For this purpose, 50 articles were collected from valid databases, with the inclusion criteria considered for the research. Based on the result, five elements including reduction of disintermediation, advertising, privacy, increased security and loyalty programs were found as important components of blockchain that can empower marketing.
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