EVOLUTION AND IMPLICATIONS OF BLOCKCHAIN IN MARKETING

Paper ID: EIJTEM_2023_10_3_21-24

Author's Name: Prof. ASHISH KUMAR SRIVASTAVA, ANSHIKA MISHRA

Volume: 10

Issue: 3

Year: 2023

Page No: 21-24

Abstract:

Marketing is about influencing the customers towards the merchandise and persuading them to buy it. Consumers' buying preferences drastically shifted towards online buying, where various e-commerce companies or websites offer a bundle of services for luring customers. To survive in this extensive competitive world with emerging challenges and difficulties, systematic or well-organized strategies and a more positive approach towards innovation are of utmost importance. Blockchain is one of the trending terms in the marketing world. Blockchain is an immutable and tamper-proof record that offers a high degree of reliability and security. It emerges as one of the most significant innovations that help in advertising and marketing by keeping decentralized records in the form of blocks which help the marketers not only in managing the large pool of the customer’s data but also in cultivating effective customer relationships. It facilitates unbiased decision-making with the use of a consensus algorithm and also minimizes the risk of data mutation and tampering. This paper tries to throw light on the evolution of blockchain in marketing and how it transformed the entire functioning of the market by offering amazing benefits accompanied by some new challenges.

Keywords: Blockchain, Immutable, Tamper-proof, Blocks, Consensus algorithm, Data mutation and tampering.

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