Blockchain technology applications in marketing

Abstract

The issue of trust is increasingly important in the concerns of the business environment. There is a growing distrust of brands and concerns about the security and privacy of the data that users share in digital media. On the other hand, today's consumer has more demanding characteristics in terms of the products and services they want. The advancement of the new blockchain technology with cryptographic security serves as a layer of trust that allows the user to return control over their data. This study analyzes blockchain technology since its origin, the advantages it offers and the implications of the different applications in marketing activities. More specifically, this study indicates how blockchain promotes disintermediation and the design of new business models, helps restore trust in brands, enhances transparency and veracity of information, and allows consumers to better understand and respond to their new needs. The study continues with the challenges to which blockchain is presented and the conclusions on the development direction and adoption of this technology in companies.