KYC is vital for financial institutions worldwide to prevent illicit activities. The current process is slow, ineffective, and reliant on centralized databases. This study explores decentralized identification (DID) as a solution. DID enables efficient access to verified user credentials while enhancing user privacy. Thus, enhancing the speed and efficiency of the overall KYC process. The study employs the Design Science Research approach to systematically design the decentralized identity solution for KYC. Our solution employs blockchain and cryptographic technologies to enhance the DID process. Credentials submitted in the DID system are verified by a DID resolver, then stored and managed by an identity hub through the employment of a blockchain-based KYC contract. Ethereum JSON-RPC is employed to facilitate the DID authentication process. We also implemented zero-knowledge proofs to enhance usersâ privacy. The result of this study contributes to the advancement of KYC by offering practical insights, design guidelines, and evaluation measures for the implementation of decentralized identification.
This study is based on the Expectation Confirmation Model and the Information System Success Model to evaluate the influence of perceived usefulness and satisfaction towards online cryptocurrency exchanges. Therefore, this study deconstructs the âconfirmationâ component of the information system continuous use model into three different components: confirmation of information quality, confirmation of system quality, and confirmation of service quality, to investigate the factors that influence the desire to use online cryptocurrency exchanges continuously. This research used a questionnaire methodology, with data collected from 248 users of cryptocurrency platforms. This study found that perceived usefulness and satisfaction significantly correlated with continuance intention. Furthermore, information quality, system quality, and service quality significantly correlated with perceived usefulness and satisfaction. Finally, perceived usefulness was found to be significantly correlated with satisfaction.
Wei Quan, Seongseop Kim, Tadesse Bekele Hailu, Wisal Ahmad · 5 authors
Mobile payment is already the main financial transaction method for travellers, whereas cryptocurrency payment has emerged more recently. This study aimed to compare and reveal the intentions and research implications of the adoption of the two payment methods. The novelty of this study lies in the inclusion of the technological dimensions, perceived security, perceived risk, and perceived convenience that influence Korean and Chinese consumersâ behavioural intentions in the technology acceptance model (TAM). The results of this empirical study will help expand the industry's perspective on and understanding of this innovation in technology, and facilitate the development of related policies in the tourism and hospitality industry.
V. Krishna Prasad, Meta Dev Prasad Murthy, Joshy Joseph, Atanu Adhikari
Abstract This pioneering study wishes to advance our knowledge regarding consumers' motivating, inhibiting, and trust factors influencing their purchase of nonâfungible tokens (NFTs). Employing an extended valence framework (EVF), the authors investigate the role of the marketplace trust, marketplace reputation, and perceived regulatory support in addition to the benefits and risks of the new NFT technology; in eliciting a purchase intention for NFTs. A survey of 358 NFT enthusiasts is conducted to empirically test the EVF using the structural equation modeling (SEM) technique (study 1). Further, an experimental inquiry using a 3 Ă 3 betweenâsubjects design (study 2) is performed on actual NFT consumers to investigate the relative effectiveness of the focused benefits (value appreciation vs. exclusivity vs. enjoyment) and the brand extension (original product vs. nearâextension product vs. farâextension product) in leading to positive outcomes like purchase intention and the price willing to pay for the NFTs. In addition to suggesting a comprehensive and useful framework for examining the psychological determinants of an individual's purchase intention for NFTs (study 1), the study 2 outcomes contribute significantly to future scholars and marketers by guiding them in designing effective benefits message appeals to the buyers in promoting their NFTs for original as well as brand extension products. The results recommend that NFT marketers focus on the exclusivity benefits of the NFTs for higher willingness to pay among the users while signaling value appreciation benefits shall evoke the highest purchase intention among the three benefit message appeals.
Customer Service Quality and Loyalty
Consumer Behavior in Brand Consumption and Identification
Chi Minh Pham, Sachithra Lokuge, Thanh-Thuy Nguyen, Arthur Adamopoulos
Purpose With the advent of new technologies, the integration of blockchain-enabled food supply chain (FSC) implementations is on the rise. Considering the multilateral, comprehensive and complex nature of the whole blockchain-enabled FSC implementation process, understanding knowledge management (KM) practices will add value. Prior literature shows that only a few studies have focused on this topic. As such, this study aims to identify and establish key KM enablers for blockchain-enabled FSC implementations. Design/methodology/approach This study conducted a qualitative research approach. By conducting 22 in-depth interviews with experienced blockchain implementation experts in FSC contexts, this study provides interesting insights for academics and practitioners. Findings The results of the analysis highlighted eight critical KM enablers that directly influence blockchain-enabled FSC implementations. They include external enablers (i.e. regulation and market competition) as well as internal enablers (i.e. people â organizational learning, strategy and leadership, culture, information technology, organizational infrastructure, processes and activities). Originality/value This study is one of the few studies that identify KM enablers for blockchain-enabled FSC implementations. Considering the novelty of decentralized blockchain implementations in FSC and its importance in transforming silo-based knowledge exchange to a decentralized operational structure, this study attempts to identify factors that increase the efficiency of blockchain implementations in FSC contexts.
Purpose This study aims to explore whether the blockchain technology (BCT), as a unique and distinctive resource, affects the development of unique capabilities and the integration and reconfiguration of internal physical and human resources necessary to gain a trusted competitive advantage. Design/methodology/approach A case study approach has been used to identify the internal resources and capabilities that affect the decision to implement BCT and to determine whether this new technology can become a strategic internal resource in the wine industry. Findings Results show the role of two strategic resources: human resources, such as IT specialists and software developers for BCT applications, and skills of companiesâ management to grant sensitive and confidential data to IT specialists and the ability to read the analytics from the BCT application, becoming a distinctive enabling assets. Research limitations/implications The main limitation of this study is related to the analysis of a single case, which, on the one hand, does not allow generalisation of the empirical findings but, on the other hand, is themost appropriatemethod for the explorative nature of this research. Practical implications Our findings have useful practical implications for wineries and agri-food companies in overall because they can support managers and entrepreneurs in effectively implementing these innovative digital technologies in their valuecreation process. Originality/value The study of this underexplored topic gives interesting insights into the resources needed for the successful adoption of this emerging technology, which can support wineries in improving the value-creating process. In particular, compared to the previous studies, this research analyses the adoption process under the resource-based theory lens.
Blockchain technology is predicted to become a powerful driver of marketing transformation. At present, most envisioned use cases are in an early stage with an uncertain industrial impact and an immature theoretical integration in academic research. To help close this research gap, we investigate how blockchain-based loyalty programs transform B2C relations through innovative customer services that bear important properties of a sharing economy. Specifically, we identify-five potential advantages of blockchain-based programs over traditional loyalty programs pertaining to usage, accrual, relevance, expiration, and transferability. We then apply expectancy theory to assess consumersâ perceptions in two empirical studies, both of which reveal an overall preference for blockchain-based loyalty programs over traditional models: an analysis of 5,059 Twitter tweets detects more positive feedback for the blockchain-based program, and a survey of 206 consumers reveals a significantly more positive attitude toward the blockchain-based loyalty program with respect to accrual, relevance, expiration, and transferability.
Fang Yu, Wenbin Bi, Ning Cao, H.H. Li · 5 authors
In view of the fact that the prediction effect of influential financial customer churn in the Internet of Things environment is difficult to achieve the expectation, at the smart contract level of the blockchain, a customer churn prediction framework based on situational awareness and integrating customer attributes, the impact of project hotspots on customer interests, and customer satisfaction with the project has been built. This framework introduces the background factors in the financial customer environment, and further discusses the relationship between customers, the background of customers and the characteristics of pre-lost customers. The improved Singular Value Decomposition (SVD) algorithm and the time decay function are used to optimize the search and analysis of the characteristics of pre-lost customers, and the key index combination is screened to obtain the data of potential lost customers. The framework will change with time according to the customerâs interest, adding the time factor to the customer churn prediction, and improving the dimensionality reduction and prediction generalization ability in feature selection. Logistic regression, naive Bayes and decision tree are used to establish a prediction model in the experiment, and it is compared with the financial customer churn prediction framework under situational awareness. The prediction results of the framework are evaluated from four aspects: accuracy, accuracy, recall rate and F-measure. The experimental results show that the context-aware customer churn prediction framework can be effectively applied to predict customer churn trends, so as to obtain potential customer data with high churn probability, and then these data can be transmitted to the companyâs customer service department in time, so as to improve customer churn rate and customer loyalty through accurate service.
Abstract Non-fungible tokens (NFTs) have witnessed unprecedented dynamism over the recent years with only few luxury brands experimenting with the technology albeit the very personal characteristics of NFT ownership. Little is known about how luxury brands use NFTs to develop their brand image and what opportunities luxury brands anticipate from NFTs as a new technology, digital product category or customer relationship channel. The present research note offers an applied research design to tackle these questions and systematically understand the potential of NFTs for personal luxury brands at large.
Open access
Consumer Behavior in Brand Consumption and Identification
Mehdi Dadkhah, Fariborz Rahimnia, Viachaslau Filimonau
Purpose The purpose of this study is to empirically evaluate the potential of the blockchain technology in tourism. The blockchain technology (BCT) holds potential to contribute significantly to tourism policy and practice. Academic interest in the BCT is rapidly growing with studies looking at the opportunities and challenges of its application. The shortcoming of research on the BCT in tourism has however been in its conceptual nature. The lack of empirical investigations hinders an understanding of how the BCT can be more broadly adopted in tourism, especially from the viewpoint of minimizing its risks. Design/methodology/approach The initial screening of the opportunities, challenges and risks is undertaken via a systematic literature review. The Delphi study is subsequently applied to empirically confirm what opportunities, challenges and risks can be attributed to the BCT use in tourism. Twelve industry and academic experts have contributed to the Delphi study. Findings The risks identified have been categorized as societal, technical, financial and legal. Propositions have been made on how these risks can, at least partially, be overcome. Originality/value To the best of the authorsâ knowledge, it is the first known attempt to study the BCT from the perspective of academic and industry experts. This research is also one of the first to evaluate the risks of the BCT use in tourism. Most risks are identified as not critical and can be addressed as the BCT develops.
Abstract Prior research typically positions blockchain technology as enabling a trustless exchange environment without specifically investigating how blockchain technology provides trust and what makes the data in a blockchain âtamperproofâ and âimmutable.â This article serves to address these research gaps by conducting semi-structured interviews with 18 informants who have had at least three years of project experience with blockchain-enabled exchanges. Our findings uncover three unique aspects of blockchain that enable trust in exchange vs. a traditional exchange: (1) trust in exchange actors: mathematics and cryptography vs. human guardians within institutions, (2) trust in exchange actions: information transparency enabling tamperproof and immutable data vs. information asymmetry, and (3) trust in exchange assets: digital vs. manual escrows for verifying ownership of valuable goods. This research is vital for marketing scholars and practitioners who seek to understand the rise of threats to trust regarding online advertising, customer trust, privacy, and digital rights.
Purpose The paper explores how consumer behavior for purchasing impulse products changed in the complex and disruptive (emergency) situation of the COVID-19 pandemic when the customer is shopping in-home and not visiting the offline stores in an emerging economy context. This paper further explores how digital transformations like the use of blockchain technology can aid offline/omnichannel retailers in reviving sales via permission marketing for impulse products. Design/methodology/approach The authors followed a qualitative research design and conducted 24 personal interviews with millennials and 15 interviews with offline/omnichannel retailers from an emerging economy. The data collected were analyzed using the thematic analysis procedure. Findings The authors discuss their findings under three themes â customers' conscious impulse buying during the pandemic, customers' unconscious impulse buying during the pandemic, and a viable solution for retailers in response to the pandemic. Practical implications The authors suggest that marketers primarily from an offline/omnichannel store should adapt to permission marketing and use technologies like blockchain for the digital transformation of their marketing strategies. Doing so can help offline retailers minimize future damages in the retail sector during emergency situations. Originality/value This paper is one of the first that explores how impulse â pure, suggestion, planned and reminder â purchases got affected during the COVID-19 pandemic disruptions in an emerging economy. This paper is also one of the first to explore the role of permission marketing and digital transformation by the use of blockchain in helping offline retailers in forming swift trust and practice trust-based marketing.
Purpose This paper examines the impact of a blockchain platform on the role and importance of trust in established buyer-supplier relationships. Design/methodology/approach A literature review provides insight into trust development in supply chains. Research uses a case study of two wine supply chains: the producers, importers, logistics companies and UK Government agencies. Semi-structured interviews determine how trust and trustworthiness develop in buyer-supplier relationships and the impact of a blockchain-based technology proof of concept on supply chain trust. Findings A blockchain-based platform introduces common trusted data, reducing data duplication and improving supply chain visibility. The platform supports trust building between parties but does not replace the requirements for organisations to establish a position of trust. Contrary to literature claims for blockchain trustless disintermediation, new intermediaries are introduced who need to be trusted. Research limitations/implications The case study presents challenges specific to UK customs borders, and research needs to be repeated in different contexts to establish if findings are generalisable. Practical implications A blockchain-based platform can improve supply chain efficiency and trust development but does not remove the need for trust and trust-building processes. Blockchain platform providers need to build a position of trust with all participants. Originality/value Case study research shows how blockchain facilitates but does not remove trust, trustworthiness and trust relationships in established supply chains. The reduction in information asymmetry and improved supply chain visibility provided by blockchain does not change the importance of trust in established buyer-supplier relationships or the trust-based policy of the UK Government at the customs border.
Manuel Utz, Simon Johanning, Tamara Roth, Thomas BrĂŒckner · 5 authors
Global initiatives on climate protection and national sustainability policies are accelerating the replacement of fossil fuels with renewable energy sources. Many electricity suppliers are engaged in efforts to monetize this transition with âgreenâ services and products, such as Green Electricity Tariffs. These promise customers that their supply includes a specific share of green electricity, yet since electricity suppliers often fail to deliver on those promises, many customers have lost trust in their suppliers. Further information asymmetries may not only exacerbate this loss of trust, but also spark distrust and lead to an overall feeling of ambivalence. Eventually, ambivalent customers may feel inclined to switch suppliers. To prevent this domino effect, electricity suppliers must eliminate ambivalence by increasing customer trust and reducing customer distrust. Here, we discuss how these challenges can be met with a customer loyalty program built on blockchain technology. We developed the program following a Design Science Research approach that facilitated refinement in four iteration and evaluation cycles. Our results indicate that the developed customer loyalty program restores trust, reduces distrust, and resolves customer ambivalence by providing four features: improved customer agency, sufficient and verifiable information, appropriate levels of usability, and unobstructed data access.
Purpose This study aims to identify the challenges in the healthcare industry as it adopts an omnichannel setup in an emerging economy context. Further, the study determines the scope of blockchain in addressing these challenges. Design/methodology/approach The study uses a qualitative approach to understand the challenges in the omnichannel healthcare industry and know the scope of blockchain in building an omnichannel healthcare system. In the first stage, it did an in-depth analysis of the extant literature, followed by a Delphi study with 24 healthcare experts. Findings The study presents the current challenges in the omnichannel healthcare sector in an emerging economy. Further, it develops a novel conceptual framework for blockchain adoption in the omnichannel healthcare industry. The study also presents propositions that will help healthcare service providers enhance decision-making concerning the adoption of blockchain in the healthcare industry. Research limitations/implications The research results may lack generalizability due to the exploratory approach and emerging economies context. Theoretically, in this study, the authors extend the theory of swift trust and organization information processing theory in an omnichannel healthcare context. Practical implications The propositions provided in this paper can help healthcare managers make strategic decisions on the scope of adoption of blockchain for omnichannel healthcare. Originality/value This study explores the understudied area of challenges in omnichannel healthcare and the scope of blockchain for omnichannel healthcare in an emerging economy context.
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
Purpose This research investigates the effects that blockchain exerts on omnichannel solutions and logistics strategies with the aim of solving the last mile issues and improving performance. Design/methodology/approach Research hypotheses are developed according to the literature review and the related gaps. Then, the hypotheses are tested using structural equation modelling and adopting a partial least squares â path modelling technique on a dataset composed of 157 firms. Findings Blockchain technology alone is not an effective driver in solving last mile issues and improving performance. Rather, it exerts a positive contribution to both omnichannel and logistics. However, omnichannel is not effective in managing last mile problems and increasing performance without the support of other practices. Firms need to implement a strong logistics system to manage the last mile and get high performance, which can be then reinforced through blockchain and omnichannel solutions. Originality/value This research investigates the novel wave of research on blockchain and its impact on logistics management and omnichannel. It combines these ingredients to address the issues of last mile and improve the economic performance. The research provides an empirical verification of a new research stream that currently lacks empirical support.