Ioannis Antoniadis, Stamatis Kontsas, Konstantinos Spinthiropoulos
Blockchain is gaining ground on academic research and business applications as it is believed to have the potential to change business models in numerous sectors of the economy. Blockchain applications characteristics (security, immutability of record keeping, efficiency, and disintermediation) provide solutions to a number of issues firms and organizations face. Until now, most of the research until now deals with its financial applications and cryptocurrencies. There is however, an important field for developing blockchain application in marketing and most specifically in brand loyalty programs. In this paper, we are going to review some of the applications of blockchain in marketing and marketing management, and the ways it could enhance brand loyalty and brand loyalty programs run by firms and brands. The main findings of our paper is that blockchain could help brand loyalty by building trust between the brand and consumers, by simplifying and reducing the cost of administering brand loyalty programs, and by providing more ways for consumers to derive benefits from these programs through tokenization or cryptocurrencies. Finally, we are proposing issues that should be considered for further research on the topic. Keywords: Blockchain; Marketing; Brand; Loyalty Programs.
Agriculture is indispensable for every country. Farmers use pesticides in large quantities to increase productivity, thus causing serious damage to the agro-ecological environment. If consumers consume a large number of such vegetables, there can be an adverse effect on their health. Therefore, consumers shift from consuming general vegetables to organic vegetables. However, the price of organic vegetables is higher than that of general vegetables, and there are doubts about the authenticity of the production and marketing process. Unfortunately, production and sales records are often falsified. The blockchain may be able to guarantee the authenticity of organic vegetables because the blockchain is tamperproof and transparent. Therefore, we proposed an exercise environment for the production and marketing of organic vegetables by using Ethereum. This proposed system can ensure the authenticity of the production and sales record, it may increase the sales of organic vegetables and solve the problem of agricultural ecological environment pollution in the real world.
Lee Ki-Kwang, Suji Cho, Gyungsu Min, CheolâWon Yang
This paper analyzes the factors affecting the price of Bitcoin which has recently received a lot of attention. Specifically, we distinguish three factors of supply and demand, real economic factors, and psychological factors, and examine the effect of these variables on Bitcoin price. This is related to the issues that crypto-currency can function like real money, or it can replace financial investment assets such as existing stock markets as an investment alternative, what effect it has on the real economy, and it will rely on investorsù attention and psychology. The results of this study show that the price of Bitcoin is more influenced by investorsù attention and psychological factors such as Naver trend index and newspaper articles, rather than being influenced by rational variables such as supply and demand variables or real economic variables. This means that Bitcoin fever and downfall were more likely to be irrational bubbles than were supported by economic value. Key words: Crypto-Currency; Bitcoin; Real Economy; Demand and Supply; Psychological Factor JEL Classification: G11, G12, G41
Smart technologies are shifting how tourism and hospitality businesses capture, analyse and distribute data from the individual usersâ online activity. This contribution critically reviews the latest developments on big data analytics and programmatic advertising. Moreover, the research also sheds light on the use of blockchainâs distributed ledger technology as it can be used to facilitate secure, verified transactions among marketplace stakeholders. The findings suggest that tourism service providers are increasingly utilising tracking, geolocation technologies as well as programmatic advertising tools to target and re-target individuals online. However, individuals and organisations are becoming increasingly aware of data protection issues, and they often block marketers from tracking them, and serving them ads. In conclusion, this research implies that data-driven technologies facilitate the businessesâ customer-centric marketing.
Open access
Digital Marketing and Social Media
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
Purpose The transaction process of an office building is known to be time consuming and inefficient, in part due to the lack of market transparency. The purpose of this paper is to focus on the development of a blockchain application that can improve the transaction process of office buildings in the Netherlands. Design/methodology/approach Conducting design science research, the current transaction process of an office building and status quo of blockchain technology in real estate is investigated. Subsequently, multiple parties are interviewed to define major pain points within the process. The interview findings are used to design a blockchain solution which overcomes the aforementioned pain points. After designing, the interviewees are asked again to pragmatically validate the proposed model. Findings One of the major pain points identified concerning the transaction process of an office building is that it is difficult to define the characteristics of a property, due to lack of data structure and quality. The proposed application improves the way specific assets are understood by structuring physical and contractual information in one place and guarantees the quality of the data by using the blockchain mechanisms. Practical implications A blockchain application is proposed, which can improve the transaction process of an office building. Originality/value Recent studies indicate that blockchain technology could lead to improvements in efficiency, transparency and therefore trust within the transaction process. Therefore, the proposed application is of value for the future of real estate data management and the transaction process.
Purpose The purpose of this conceptual paper is to delve into the implications of blockchain technology adoption for brands and consumers. Drawing on the existing branding literature and real-life applications of blockchain, the challenges, risks and opportunities from blockchain adoption for four important areas of the branding literature are canvassed (i.e. brand positioning and corporate brand image, consumerâbrand relationships, online brand communication and consumersâ trust in the brand). Also, a future-oriented discussion is provided that highlights some important avenues for researchers in the field. Design/methodology/approach This conceptual paper sheds light on the potential implications of blockchain technology for brandâconsumer relationships. To do so, an analytical review of the blockchain literature is conducted, the nature of blockchain technology is presented and its unique features and functions for brandâconsumer interactions are discussed. Findings This paper ignites an exploratory discussion around how blockchain applications and platforms can affect consumerâbrand relationships, drawing on a number of real-life examples of blockchain adoption. This discussion sheds light on how blockchain features can impact on various areas of interest for strategic brand management, such as the adoption of digital currencies, brand storytelling, use of blockchain-enabled loyalty programmes, role of intermediaries in online advertising, counterfeit consumption, brand transparency and trust for brands in online marketplaces, amongst others. Originality/value This is one of the first conceptual efforts in the branding literature that draws on the scarce existing knowledge around blockchain adoption and discusses the potential implications of blockchain technology for brands and consumers whilst also providing directions for future research.
Purpose-Trade goods have been used as exchange mediums since the first humans. A thousand years ago currency was invented, and it became the dominant exchange medium in today's world. The history of money did not end with the invention of fiat currency, such as US Dollar or Euro. Cryptocurrency is the new development. It is not a trade good, nor a fiat money. "It is a new, experimental kind of money." In this study our purpose is to analyze the factors influencing investors' decision making on investment in cryptocurrencies by using conjoint analysis. Studies suggest that some attributes of cryptocurrencies affect decisions of investors. In this study, the attributes at different levels related to investors' expectations on cryptocurrencies are examined. Methodology-In this study, conjoint analysis has been conducted. Conjoint method is a statistical analysis method and by using this method researchers determine the value of the attributes of a product or a feature for its consumers. Conjoint analysis is a method for analyzing preferences of customers; it is a useful tool for predicting and determining responses of customers to new product features and totally new products. In this case customers are investors and the new product is cryptocurrencies. Conjoint analysis has several types, choice based conjoint analysis is one of them and it is the preferred method for most of the researchers. Findings-Data collected for the study has been analyzed by using Marketing Engineering for Excel software. The findings of the study indicate that profitability, bookkeeping and security are the most important attributes which influence expectations of investors in cryptocurrencies. Five attributes with five levels each are chosen. It is predicted that these attributes are the most important indicators of investor behavior. According to research findings, most important attribute for investors is profitability. This study confirms that the majority of investors have high profit expectation from crypto currencies. But study results also include some unexpected findings. Anonymity is not one of the main concerns for investors and almost equal number of investors prefers very high and very low level of bookkeeping.
Objectives: Incorporating new technologies into the development of smart cities means rethinking the way different services are provided. From this perspective, Blockchain might represent the future of both smart cities and smart communities as it offers new alteratives for individuals and institutions.
We are part of historic changes in terms of profoundness and velocity in all industries and in customersâ expectations. The aim of this paper is to create an overview of a new age in customer experience generated by a banking environment disturbed by the raising of Financial Technology. Firstly, the article is reviewing the customer experience concept from academic and practitioner perspective. It is making a literature review and additionally is bringing into attention the common elements of customer satisfaction and service quality which are considered an antecedent of customer experience. Furthermore, it is reminded that the latest developments in communications and information technology are intensely changing customersâ demands and expectations resulting a total transformation in the way that customers are interfering with the service providers. Secondly, is debating the subject of how financial service industry should balance customer experience expectations, considering that the banks are activating in an environment disrupted by the raise of distributed ledger technology, machine learning, big data analytics, roboadvice and other technology/digitalization proliferated by the FinTechs. Lastly it is analyzed how European regulatory bodies are seeing and managing the new technologies and FinTechs, how agile should be in an ecosystem that is very dynamic and governed by a customer with a lot of choices, good or bad, risky or non-risky, in front of his decision.
Alexander Babkin, Đą. Đ. ĐĐŸĐ»ĐŸĐČĐžĐœĐ°, A.V. Polyanin, Yulia Vertakova
The modernization of traditional process and service industries, organization of trading and procurement procedures, related financial and logistical operations, change in the structure of consumption associated with the through penetration of information technologies and digitization of economic processes creates the basis for formation of new markets and conditions for their functioning. As employees, consumers, businesses, and manufacturing processes become increasingly related as a single digital space, digitalization offers wide possibilities for new decision-making models being the basis for ongoing global economic and social transformations which change business and consumer models, one of which is the sharing economy. The digital model of sharing economy will be developed and transformed in the next few years to achieve the main purpose â the use of unengaged or underused assets in the economy. In this regard, the search for new tools and technologies for business models development is vital. The authors present the content, advantages, current state and prospects for development of the distributed registry technology (blockchain). It is presented that it will increase transparency, security and efficiency of transactions of economic entities in various financial and non-financial fields. A transactional model of the economic system based on the blockchain technology is presented. The sharing economy features and characteristics are given.
Denne avhandlingens mÄl er Ä analysere om medieoppmerksomhet er en drivende faktor i etterspÞrselen etter Bitcoin, og pÄ sÄ mÄte avkastning pÄ Bitcoin. Et nyttig verktÞy i denne analysen er Ä kategorisere Bitcoin. De to hovedspÞrsmÄlene som da vil bli besvart er:\n(i) Hva slags finansielt aktivum kan Bitcoin kategoriseres som?\n(ii) Hvordan pÄvirker medieoppmerksomhet Bitcoin?\nDette er gjort ved Ä fÞrst presentere et teoretisk rammeverk for prisdannelse hvor investorers interesse er forklart i en variable for medieoppmerksomhet. Ved Ä bygge videre pÄ dette rammeverket blir Bitcoins funksjonalitet som en valuta i samfunnet i dag analysert og sammenlignet ved bruk av det tradisjonelle rammeverket for penger vi kjenner til. Dette er videre analysert ved hjelp av volatilitetsprosessene til Bitcoin og andre finansielle aktivum. Funnene fra denne analysen tyder pÄ at Bitcoin ikke kan klassifiseres sammen med tradisjonelle finansielle aktivum, og pÄ sÄ mÄte er et spekulativt finansielt aktivum som stÄr pÄ egenhÄnd. Videre blir det funnet at medieoppmerksomhet gjÞr Bitcoin mer attraktiv for investorer og er en driver av etterspÞrsel. Denne spekulative driveren av etterspÞrsel sammenfaller godt med kategoriseringen av Bitcoin som et spekulativt aktivum.
Open access
Consumer Behavior in Brand Consumption and Identification
Purwono Purwono, Alfian Maâarif, Wahyu Rahmaniar, Qazi Mazhar ul Haq · 6 authors
Blockchain technology has a promising future in a number of industries and enterprises. Formerly connected to virtual currency like Bitcoin, blockchain has evolved into a versatile technology with many applications. In the upcoming years, it is predicted that blockchain will revolutionize a variety of industries, including banking, supply chain management, healthcare, voting systems, and more. The future of blockchain technology depends critically on its ability to increase security and transparency. By providing a decentralized and unchangeable record, eliminating the need for middlemen, and boosting participant confidence, blockchain promotes secure and traceable transactions. This transparency has the potential to transform whole industries by reducing fraud, streamlining processes, and increasing output. Blockchain also has the power to change financial systems. Blockchain-based smart contracts facilitate faster, more efficient transactions by automating and enforcing contractual agreements without the need for middlemen. By enabling speedier cross-border transactions, reducing costs, and boosting financial inclusion, tokenization and blockchain-based digital currencies have the potential to overturn conventional banking institutions. Blockchainâs key attributes, including decentralization, transparency, immutability, and security, make it a desirable choice for a range of organizations. Cross-border payments, trade finance, and smart contracts are just a few of the financial sector processes that blockchain technology has the potential to enhance and automate, lowering costs and increasing productivity. Additionally, the tamper-resistance of blockchain technology can boost transaction security and reliability, allowing for a wider use in traditional financial institutions. Outside of the financial industry, blockchain technology has a lot of promise, particularly in industries like supply chain management, healthcare, energy, intellectual property, and governance. By enabling transparent and traceable transactions, blockchain may improve supply chain efficiency, ensure product authenticity, and boost customer trust. By facilitating the secure exchange of patient data and research data, the decentralized nature of blockchain technology can enhance data security, interoperability, and privacy in the healthcare sector. A more decentralized and sustainable energy ecosystem may be supported by blockchain technology through peer-to-peer energy exchange, grid management, and monitoring of renewable energy certificates in the energy sector. Additionally, blockchain technology has the potential to transform decentralized governance structures, voting procedures, intellectual property rights, and digital identity management. By allowing people to own and manage their digital identities, blockchain can enhance privacy and reduce identity theft. Blockchain-based voting systems can offer transparency, security, and verifiability, thereby increasing voter turnout and public trust in democratic institutions. Blockchain can also enable the secure and transparent management of intellectual property rights, fostering author credit and just compensation.