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Blockchain Technology: How will it impact the Marketing Domain?
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Author(s): Jyoti Verma (Chitkara Business School, Chitkara University, Punjab,India)and Jasneet Kaur (Lovely Professional University, India)
Copyright: 2022
Pages: 15
Source title:
Developing Relationships, Personalization, and Data Herald in Marketing 5.0
Source Author(s)/Editor(s): Jasmine Kaur (Chitkara Business School, Chitkara University, Punjab, India), Priya Jindal (Chitkara Business School, Chitkara University, India)and Amandeep Singh (Chitkara Business School, Chitkara University, India)
DOI: 10.4018/978-1-6684-4496-2.ch009
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Abstract
The entry of new technologies has upgraded the dynamics of various marketing strategies and enables it to tap a wider range of uncovered markets. In the present scenario, technology helps businesses to deeply penetrate the existing market and fetch more precise consumer information. It has much emphasis on increasing service quality, efficient management systems, and customer loyalty. In the 21st century, blockchain technology has the potential to upgrade business models across various industries. In this chapter, much emphasis has been given to how blockchain technology can potentially impact a firm's marketing strategies and present some of the applications of blockchain in the marketing domain. Applications of blockchain in marketing and its comprehensive discourse on integrating the applications of IoT system with this technology have also been covered in this chapter. It can be concluded that blockchain technology has a huge impact on a firm's marketing strategies. It will not only provide the features to consumers but assist many businesses to frame their strategies.
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