Soraya GonzĂĄlez-Mendes, Fernando E. GarcĂaâMuiña, RocĂo GonzĂĄlez SĂĄnchez
This paper investigates the application of blockchain technology in the tourism industry, reviews its evolution and develops a future research agenda. A semi-systematic literature review was conducted of 98 publications from 2017 to the first quarter of 2023, indexed in the Web of Science database. This is followed by an in-depth analysis of the most recent papers (2022 to March 2023). The research focuses on the improvement of processes, their interaction with other technologies and adaptation to the environment. However, the studies show the need for further study on social and legal aspects. In addition, blockchain technology could be an enabling tool in the face of new sustainability paradigms or crisis environments. Finally, considering new lines of research, five dimensions were identified (social, organisational, technological, sustainable and economic) as well as the need to develop a regulatory framework and interaction with other technologies.
Le Van Huy, Hanh T.H. Truong, Tan VoâThanh, Hien Nguyen · 6 authors
This study examines the determinants of blockchain technology adoption in small and medium hospitality and tourism enterprises. This study also investigates the moderating effect of technology optimism. Results from a sample of 550 enterprises indicate that technological factors (i.e., relative advantage and compatibility), organizational factors (i.e., top management support, organizational readiness, and employee blockchain technology knowledge), and environmental factors (i.e., competitive pressure, customer pressure, and government support) positively affect intention to adopt blockchain technology. These relationships are moderated by technology optimism. Interestingly, perceived complexity and adoption cost are insignificant determinants of blockchain technology adoption. This study contributes to the literature by explaining the underlying mechanism and boundary conditions (i.e., managersâ technology optimism) under which technological, organizational, and environmental factors predict the adoption of blockchain technology among small and medium hospitality and tourism enterprises. Moreover, the findings provide implications for hospitality and tourism managers in adopting and implementing blockchain technologies.
Mark P. Doblas, Jishanis Mae G. Becaro, Jayendira P. Sankar, V. Natarajan · 6 authors
This study explores the adoption of cryptocurrency, specifically Bitcoin, in the Philippines. The authors argue that current behavioral prediction models, such as TRA, TPB, and TAM, do not adequately account for the affective constructs of decision-making when high monetary stakes are involved. To address this gap, the authors propose an integrative model that accounts for financial decision-making processes, risk constructs, and population-specific behavioral strategies. The study used a quantitative-based research design and involved 684 university students from one of the major state universities in the Philippines. The findings show that perceived usefulness, attitude toward cryptocurrency, self-efficacy, and descriptive norms significantly influenced the intention to adopt cryptocurrency. Overall, the study confirms the direct influence of instrumental attitude, knowledge of cryptocurrency, descriptive norm, risk tolerance, ease and difficulty, and control on an individualâs intention to use cryptocurrency. The study contributes to exploring a less studied Philippine consumer base and provides empirical findings and insights into Bitcoin adoption in developing Asian economies. JEL Classification: G15. G17, G41, P33, G32.
In the tourism industry, big data has emerged as a revolutionizing the way businesses operate and travelers experience destinations. With the vast amount of data generated from online bookings, social media interactions, and mobile applications, tourism companies can gain valuable insights into traveler preferences, behavior patterns, and market trends. This paper proposes a development strategy for the tourism industry in the post-epidemic situation, leveraging network big data analysis with Multi-Factor Hashing Ethereum Classification (MFH-EC). By harnessing the power of network big data, this strategy aims to provide insights into changing traveler preferences, market dynamics, and risk factors in the wake of the pandemic. The MFH-EC model facilitates the classification and analysis of diverse factors influencing tourism development, including economic indicators, health and safety measures, environmental conditions, and traveler sentiment. Through simulated experiments and empirical validations, the effectiveness of the proposed strategy is assessed, demonstrating significant improvements in predictive accuracy and decision-making capabilities. For instance, the MFH-EC model achieved an 80% accuracy rate in predicting tourism demand shifts and a 30% reduction in forecasting errors compared to traditional methods. These results underscore the potential of network big data analysis with MFH-EC in guiding strategic decision-making and fostering sustainable recovery and growth in the tourism industry post-epidemic.
Imagine if owning a specific baseball card gave you the privilege of attending their home games. Or that having attended previous Taylor Swift tours entitled you to purchase tickets for her next tour. What would that be worth, and how would that change the way in which you relate to the brand or to the artist? This article examines the case of the Bored Ape Yacht Club (BAYC), a prominent Non-Fungible Token (NFT) community. The investigation reveals the multifaceted nature of NFTs, which can act as keys to access exclusive clubs and privileges, and as independent products whose value is inherently linked to market dynamics. By doing a deep dive into one of the most prominent NFT communities, BAYC, this work underscores the potentially transformative effects of NFTs on consumer experience, providing a deeper understanding of value co-creation in the rapidly evolving decentralized landscape.
Open access
Service and Product Innovation
Consumer Behavior in Brand Consumption and Identification
The non-fungible token (NFT) market has indeed expanded dramatically during the past few years. The way we see and interact with digital assetsâsuch as music, artwork, collectibles, and gaming itemsâis being transformed by non-fungible tokens. The distinctive IDs of these tokens are based on blockchain technology and may be connected to digital or virtual assets. All recognized properties can be freely traded using NFTs, which serve as a distinct price and authenticity guarantee for digital commodities. The difficulties in this developing sector can be overcome, even though the user experience is still clumsy and regulation has not yet been harmonized. NFTs offer the perfect mix of skills to rethink how businesses interact with their customers, including through loyalty and rewards programs as well as other innovative methods. This chapter makes an effort to critically analyze the benefits and drawbacks of the global NFT ecosystem as well as the various ways that modern marketers might use NFT to improve customer engagement in the digital era.
Non fungible tokens (NFTs) are the new power tools in the hands of the marketers. Various companies are using NFTs in their marketing campaigns in order to attract and engage the target customer. Although, NFTs are relatively new and mysterious at the same time for the marketers. NFTs are also considered as a bridge between brands and their communities. The present study will explore the potential and challenges of NFTs in marketing campaigns utilizing secondary sources of the data. The chapter also focuses on the real-world examples of the companies reaping the benefits of using these new tools and techniques in the marketing field.
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
The rapid evolution of blockchain technology has led to the emergence of non-fungible tokens (NFTs) as a novel and disruptive tool within the realms of digital art, collectibles, and entertainment. This research chapter delves into the nascent yet rapidly growing trend of utilizing NFTs for marketing campaigns. As traditional marketing strategies continue to face challenges in capturing audience attention and engagement, NFTs offer a unique avenue to enhance brand-consumer interactions. This chapter aims to provide a comprehensive analysis of NFT-based marketing campaigns, examining their effectiveness, challenges, and potential for reshaping the future of advertising. The study also delves into the underlying psychological and economic factors that contribute to the success of NFT-based marketing, including scarcity, ownership, and emotional resonance.
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
Faisal Al Reshaid, Petek Tosun, Merve Yanar GĂŒrce
Purpose Cryptocurrencies are becoming increasingly attractive as alternatives to traditional currencies. Although many retailers accept cryptocurrencies as a means of payment in online shopping, consumersâ cryptocurrency adoption intention in online shopping (CCAI) is still low. This study aims to investigate the influence of attitudes, subjective norms, consumer trust, financial literacy and fear of missing out (FOMO) on CCAI. Design/methodology/approach A quantitative research approach was followed using a consumer survey. Hypothesized relationships were tested through regression and mediation analyses. Findings The results revealed that consumers could accept cryptocurrencies as a means of payment in online shopping. Attitudes, subjective norms, consumer trust and financial literacy directly and positively influence CCAI, while they indirectly affect CCAI through the mediating impact of FOMO. Practical implications Marketing managers should improve consumersâ knowledge about cryptocurrencies and trust in online shopping to increase CCAI. Social media marketing can be appropriate, while the advertising content can address keeping up with others and staying connected. Originality/value This study addresses a critical gap in the literature by empirically examining the antecedents of CCAI within an original conceptual model based on the theoretical framework provided by the theory of planned behavior. Attitudes, subjective norms, trust and financial literacy influence CCAI, where FOMO plays a significant role as a mediator.
The term âweb3 developmentâ refers to the practice of creating and building applications, platforms, and technologies that are designed to operate on the decentralized web, also known as web 3. This new paradigm of web development aims to leverage blockchain technology, decentralized networks, and cryptographic protocols to enable greater user control, privacy, and security. Web 3 development refers to the systematic creation of applications, platforms, and decentralized systems that leverage blockchain technology, cryptocurrencies, and decentralized networks. This procedure additionally involves implementing these applications and platforms. This chapter discusses the web 3 development importance and the driving forces behind web 3 development.
The digital landscape is poised for a transformative shift with the advent of Web3. This dynamic and ever-evolving realm provides a comprehensive overview of the chapter, offering insights into the trends shaping the internet's future. Web3 represents a paradigm shift in how society interacts with the digital world, characterized by decentralization, blockchain technology, and user empowerment. This chapter explores the emerging trends that are set to define the Web3 ecosystem in the coming years. The future of Web3 is crucial to understanding the trends and predictions that will shape our digital world. This chapter equips individuals and organizations with valuable insights to anticipate and harness the unfolding transformations in our digital future.
Blockchain technology is an emerging technology useful to provide innovative solutions in various sectors. The real world uses cases of blockchain technology such as faster cross-border payments, identity management, crypto currencies, smart contracts, and supply chain-blockchain technology are here to stay and have become the next innovation just like internet. There have been attempts to formulate and introduce digital money, but they have not been successful due to security and trust issues. Blockchain has moved past crypto currency and discovered implementations in other real-life applications; this is where we can expect blockchain technology to be simplified and not remain a complex concept. Blockchain technology's desirable characteristics are decentralization, integrity, immutability, verification, fault tolerance, anonymity, audibility, and transparency. The present chapter aims to investigate the applications, trends, and benefits in a real-world environment. This chapter presents a detailed review of blockchain technology, the benefits, and its applications in different fields.
Abstract This study aims to (a) develop the innovation of BoT prototype; and (b) provide an effective platform to recommend tourists activity, implement and trials blockchain prototype for booking travel activities, whether booking travel programs, air ticket booking hotel stay visits to attractions and payment of goods and services, and evaluate tourist intention to use BoT. The developed architecture enables the integration of blockchain technology capabilities into IoT technology based on high performance of usability, stability, accuracy, and completeness. The BoT prototype is evaluated by 428 users to support smart tourism. This support is significant and the level includes the BoT functional benefit (security, process, and availability) that is positively related to the intention to adopt BoT, and user benefit (trust, usability) is also positive related with intention to adopt BoT. This study significantly contributes to revolutionizing the tourism industry by implementing BOT in smart tourism destinations to gain competitive advantage.
Abstract This paper provides a systematic literature review of text analysis methodologies used in blockchain-related research to comprehend and synthesize existing studies across disciplines and define future research directions. We summarize the research scope, text data, and methodologies of 124 papers and identify the two most common combinations of these dimensions: (1) papers that focus on specific cryptocurrencies tend to apply sentiment analysis to instant user-generated content or news articles to discover the correlations between public opinion and market behavior, and (2) studies that examine the broad concept of blockchain with text data from documents published by companies tend to apply topic modeling techniques to explore classifications and trends in blockchain development. We discover five major research topics in the academic literature: relationship discovery, cryptocurrency performance prediction, classification and trend, crime and regulation, and perception of blockchain. Based on these findings, we highlight three potential research directions for researchers to select topics and implement suitable methodologies for text analysis.
This study delves into the dynamic landscape of public sentiment surrounding cryptocurrency through a comprehensive social media discourse analysis. Employing the Python Selenium library, data from 1000 public profiles across major platformsâX, Facebook, Instagram, and LinkedInâwere systematically collected. Using advanced text-mining techniques in R Studio, sentiment analysis was conducted with the âSyuzhetâ package and word frequency analysis via the âtmâ package. The results unveiled a nuanced emotional landscape characterized by dominant sentiments of anticipation and positivity, interwoven with expressions of negativity, notably anger, and loss. Word frequency analysis highlighted vital themes such as established cryptocurrencies (e.g., Bitcoin, Ethereum), blockchain technology, and practical and financial aspects of cryptocurrency usage. The study illuminated technical interest, financial speculation, and reactions to regulatory and economic developments. Offering insights crucial for stakeholders, including investors and policymakers, this research contributes to the academic understanding of public sentiment, emphasizing the volatile nature of crypto-currency markets and the transformative potential of blockchain technology and calls for ongoing monitoring of public sentiment to inform policy, investment, and technological innovation in the ever-evolving cryptocurrency ecosystem.
This chapter examines the dynamic fusion of the Metaverse and the retail industry, highlighting the fundamental shift toward digital goods and immersive purchasing experiences. It investigates the Metaverse's fundamental concepts, historical development, and current impact on retail. Digital products, such as non-fungible tokens (NFTs), virtual goods, and augmented reality products, assume centre stage and potentially transform shopping experiences. However, it also faces obstacles during this metaverse transition, including technological hurdles, security concerns, and challenges related to customer adoption. Future trends and practical strategies for seamless integration, customer engagement, and marketing are discussedâthe metaverse ushers in a revolutionary era for retail, presenting boundless opportunities for those who embrace it. Retailers are urged to embark on this journey to satisfy evolving customer expectations and remain competitive in the future retail landscape.
In recent years, new payment methods have emerged, aimed at improving convenience for users. Cryptocurrencies, in principle, are no different. In this study, we seek to analyze the general population's attitudes towards the adoption of cryptocurrencies as a payment method. To achieve this, we have developed a descriptive survey that targets both current cryptocurrency users and non-users, recognizing that differences in perception may exist. Additionally, we have conducted a sentiment analysis of open-ended questions to understand respondents' views on the future of the cryptocurrency market and its potential as a payment tool, utilizing different lexicons in the English language. Our findings indicate that most cryptocurrency users prefer to invest in these digital assets, often choosing coins based on their popularity rather than other intrinsic features. E-commerce payments are the most attractive activity, followed by international transactions when using cryptocurrencies as a payment method. However, high volatility and a lack of ease of use are the most common difficulties reported by users. Our study also highlights the importance of regulation in a time when users are increasingly demanding higher levels of oversight, in contrast to the past. While users are concerned about the instability and volatility of cryptocurrencies, they also value the anonymity these transactions offer. Our analysis showcases an innovative approach to analyzing interviews and qualitative questionnaires that can be applied in other research fields.
Exploring the potential pros and cons of Blockchain technology integration in digital marketing is undoubtedly a significant issue. The primary goal of this research is to analyze the role of blockchain technology in digital marketing, considering its advantages, disadvantages, and current acceptance rate. The main goal of the study would be to provide industry professionals and decision-makers with tactical data on blockchain applications. Research highlights the involvement of 402 digital marketing experts across industries in a quantitative survey to achieve the purpose. As per the research's results, the professionals in digital marketing have a common knowledge of blockchain technology and its application in the business field. Aside from such challenges, the survey revealed that many of these challenges include the high implementation costs, the lack of technical competence, and regulatory compliance concerns. Despite these challenges, the survey results still demonstrate that digital marketers are mostly open to implementing blockchain-related solutions in their firms, especially if they appear to increase efficiency, cost savings, and better customer experience. The survey finds that using blockchain technology can transform the digital marketing industry. More studies and training must be done such that digital marketers comprehend the technology and its options as well.
Abstract Turbulent market conditions, well-publicized advantages, and potential individual, social, and environmental risks make blockchain-based cryptocurrencies a popular focus of the public and scientific communities. This paper contributes to the literature on the future of crypto markets by analyzing a promising cryptocurrency innovation from a customer-centric point of view; it explores the factors influencing user acceptance of a hypothetical social network-backed cryptocurrency in Central Europe. The research model adapts an internationally comparative framework and extends the well-established unified theory of acceptance and use of the technology model with the concept of perceived risk and trust. We explore user attitudes with a survey on a large Hungarian sample and analyze the database with consistent partial least square structural equation modeling methodology. The results show that users would be primarily influenced by the expected usefulness of the new technology assuming it is easy to use. Furthermore, our analysis also highlights that while social influence does not seem to sway user opinions, consumers are susceptible to technological risks, and trust is an important determinant of their openness toward innovations in financial services. We contribute to the cryptocurrency literature with a future-centric technological focus and provide new evidence from an under-researched geographic region. The results also have practical implications for business decision-makers and policymakers.
Consumersâ growing interest in the environmental and social impacts of products has increased demand for sustainable fashion items, particularly denim. Emerging technologies such as blockchain technology and labeling certifications have been developed to address sustainability issues by improving supply chain transparency and efficiency. This research investigates the trade-offs consumers make when purchasing sustainable denim jeans and the impact of sociodemographic factors on their decision-making process. Employing a conjoint analysis approach, four attributes were examined: price, brand name, types of materials, and eco-labeling. The results indicated that price is still the most influential factor, followed by material, brand name, and eco-label. Although eco-labeling is of little importance to consumers, it offers valuable insights for effective communication of sustainable practices. Consumers prefer denim with a blockchain eco-label, followed by a fair-trade certificate. This research enhances the understanding of consumer behavior toward sustainable consumption and offers strategic insights for denim producers and marketers.
Pasquale Sarnacchiaro, Simone Luongo, Fabiana Sepe, Valentina Della Corte
Abstract Blockchain technology (BT) has attracted increasing attention in various research domains in recent years, particularly in the tourism industry where investments in blockchain-based solutions have witnessed remarkable growth. Scholars recognize BT as a disruptive innovation that has the potential to revolutionize the management of tourism processes and enhance traveler experiences. However, despite this growing interest, the literature on BT's application in the tourism sector is still in its early stages compared to other internet-related technologies. This research paper addresses the gap in understanding the challenges and opportunities of implementing and accepting BT within tourism. Specifically, it focuses on the critical aspects of security and trust, as they play pivotal roles in influencing tourists' behavioral intentions towards BT adoption. The study extends the Unified Theory of Acceptance and Use of Technology (UTAUT) model, incorporating security and trust as relevant antecedents, to comprehensively examine the dynamics driving BT adoption within the tourism context. The proposed model and findings contribute to filling the gaps in existing literature and offer valuable information for tourism players and policymakers to formulate strategies promoting BT acceptance in the tourism sector. By advancing understanding of BT adoption factors and end users' perspectives, this research facilitates the industry's transition towards integrated and seamless experiences for travelers, thus shaping the future of tourism through blockchain technology.