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Read the attached PDF article entitled, “How Blockchain Technology Can Benefit Marketing: Six Pending Areas Research Areas”.

The six pending research areas mentioned in the article are:

1) Fosters disintermediation

2) Aids in combatting click fraud,

3) Reinforces trust and transparency,

4) Enables enhanced privacy protection,

4) empowers security, and

6) Enables creative loyalty programs.

After reading the article in full, select one of the mentioned six areas of research and write an article reflection minimum 8-9 maximum page paper identifying the following;

1) Describe and provide the overall research area mentioned in the article in a synopsis

2) What did the article state in how Blockchain can benefit that marketing area overall?

3) What further research did the article recommend?

4) What do you think can be the approach to further research the topic? What approach would you recommend to take and what type of research method would make sense?

5) What is an example of a company that you believe would benefit from this type of research and why?

6) Outside of Blockchain, what other piece of marketing technology can help this area?

7) What do you recommend is the best way to approach for a company to implement this area of research into their company?

Paper must be 12Pt. Font, Times New Roman, Double Spaced, with title page and reference page. Minimum of 3 references, to include the article required. The title page and references page do NOT count towards the minimum.

REVIEW
published: 19 February 2020

doi: 10.3389/fbloc.2020.00003

Frontiers in Blockchain | www.frontiersin.org 1 February 2020 | Volume 3 | Article 3

Edited by:

Victoria L. Lemieux,

University of British Columbia, Canada

Reviewed by:

Beth Kewell,

Business School, University of Exeter,

United Kingdom

Remo Pareschi,

University of Molise, Italy

*Correspondence:

Horst Treiblmaier

horst.treiblmaier@modul.ac.at

†These authors have contributed

equally to this work

Specialty section:

This article was submitted to

Non-Financial Blockchain,

a section of the journal

Frontiers in Blockchain

Received: 26 September 2019

Accepted: 20 January 2020

Published: 19 February 2020

Citation:

Rejeb A, Keogh JG and Treiblmaier H

(2020) How Blockchain Technology

Can Benefit Marketing: Six Pending

Research Areas.

Front. Blockchain 3:3.

doi: 10.3389/fbloc.2020.00003

How Blockchain Technology Can
Benefit Marketing: Six Pending
Research Areas
Abderahman Rejeb1†, John G. Keogh2† and Horst Treiblmaier3*†

1 Doctoral School of Regional Sciences and Business Administration, Széchenyi István University, Győr, Hungary, 2 Henley

Business School, University of Reading Greenlands, Henley-on-Thames, United Kingdom, 3 Department of International

Management, Modul University Vienna, Vienna, Austria

The proliferation of sophisticated e-commerce platforms coupled with mobile

applications has ignited growth in business-to-consumer (B2C) commerce, reshaped

organizational structures, and revamped value creation processes. Simultaneously,

new technologies have altered the dynamics of brand marketing, enabling a

broader reach and more personalized targeting aimed at increasing brand trust

and enhancing customer loyalty. Today, the Internet allows marketers to penetrate

deeper into their existing markets, create new online marketplaces and to generate

new demand. This dynamic market engagement uses new technologies to target

consumers more effectively. In this conceptual paper, we discuss how blockchain

technology can potentially impact a firm’s marketing activities. More specifically, we

illustrate how blockchain technology acts as incremental innovation, empowering the

consumer-centric paradigm. Moreover, blockchain technology fosters disintermediation,

aids in combatting click fraud, reinforces trust and transparency, enables enhanced

privacy protection, empowers security, and enables creative loyalty programs. We

present six propositions that will guide future blockchain-related research in the area

of marketing.

Keywords: blockchain, marketing, brand, customer-centric paradigm, trust, loyalty, e-commerce

INTRODUCTION

Customer-centric marketing is crucial for firms who want to survive in fiercely contested B2C
environments (Sheth et al., 2000). Marketing helps companies to understand and explain the
value a consumer perceives and derives from a product or service (Larivière et al., 2013). The
communication methods a firm selects might differ from one industry to another. However, the
fundamental objectives and challenges related to consumer engagement remain the same. The
proliferation of new technologies often has a democratizing effect for companies and consumers
alike, transcending the reach and size of the firm and making new technologies more affordable
to smaller firms. Despite uncertain financial returns, small firms are now investing in fee-based
technologies and platforms that they perceive as essential for sustaining a competitive position in
their markets (Rishel and Burns, 1997). Given this trend, the emergence of “Mar-tech” as a mix of
marketing automation and technology solutions has positively impacted the way firms reach and
engage with their customers (Cvitanović, 2018). Not only do they reshape the modus operandi for
a firm’s outreach, but they alter and raise customers’ expectations, thus changing the dynamics of
customer-brand relationships (Treiblmaier and Strebinger, 2008).

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In the new economy, brands are no longer focusing solely
on running one campaign after the other. Instead, they are
capitalizing on new forms of consumer engagement and dialogue
to extend their market coverage and enforce a more synergistic
and attuned marketing communication strategy (Santomier,
2008). Firms today are building a portfolio of technologies and
exploiting various media channels and publicity methods to
position their brands, as well as sell their products, services,
and ideas (McAllister and Turow, 2002). Digital marketing is
leveraging new channels across social media that provide firms
with new, innovative, cost-effective and influential capabilities to
engage with customers (Melewar et al., 2017). In turn, customers
are becoming an integral part of the evolving engagement
dialogue and are strengthening their influence on the marketing
process (Berman and McClellan, 2002).

The growth of the Internet, along with emerging technologies,
has made a substantial impact on the traditional marketing
mix (i.e., product, price, place, and promotion). For example,
advanced technologies often termed as big data analytics have
allowed firms to aggregate large and complex data sets and
use sophisticated analytics to gain additional consumer insights
(Stone and Woodcock, 2014). Likewise, retailers and online
businesses are increasingly investing in social media as part
of their marketing communications practices and attempts to
outperform their competitors (Vend, 2018). In this regard,
DeMers (2016) forecasted that the trend toward cyber shopping
is likely to intensify with an increased future consumer
propensity to engage in online shopping experiences. As a
consequence, more people in the United States prefer to do their
shopping online than to purchase from brick and mortar stores
(Marketo, 2017). Modern technologies put consumers at the
forefront of security, privacy, trust, and transparency challenges.
Prabhaker (2000) argues that each time individuals engage in an
online transaction, they leave behind a digital trail of detailed
information about their identity, their buying preferences,
spending habits, credit card details, and other personally
identifiable information (PII) (i.e., data that can be used to
identify a particular person). From a privacy perspective, this
situation has worsened over the years as data collection practices
have become more versatile and ubiquitous. Online businesses
regularly fail to meet regulatory requirements, and privacy leaks
are frequent and have a lasting impact on consumers’ trust
(Ingram et al., 2018; Martin, 2018; Bodoni, 2019). As a result,
consumer awareness heightens, their suspicions raise, and they
are more prudent about online transactions as their PII can
be used or sold for monetary gain without their permission
(Norman et al., 2016). Avoiding online purchases is not a
solution since brick and mortar retailers also encourage the use
of loyalty cards and maintain a centralized database which may
be vulnerable to hacking or misuse. Moreover, many developing
countries do not have privacy regulations in place to protect
consumers PII. Therefore, brands must keep abreast of the
latest privacy regulations, understand consumer expectations,
and keep up-to-date with technology innovation and best
practices. Advocates for enhanced consumer privacy suggest that
systems should be built with a “privacy-by-design” framework
(Cavoukian, 2011).

The recent hype around blockchain technology has led to
promising use cases in areas such as finance, supply chain
management, healthcare, tourism, real estate, and the marketing
field is no exception. Initially launched for underpinning
the cryptocurrency Bitcoin, the primary feature of blockchain
technology is peer-to-peer communication, eliminating the
need for centralized third parties to control the flow of
transactions (Yli-Huumo et al., 2016). Treiblmaier (2018,
p. 547) defines blockchain as a “digital, decentralized and
distributed ledger in which transactions are logged and added
in chronological order with the goal of creating permanent
and tamperproof records.” A specific blockchain configuration
is usually a combination of multiple technologies, tools and
methods that address a particular problem or business use
case (Rejeb et al., 2018). Thus, marketing managers need
to understand the possibilities of blockchain technology as a
protocol of communication that marks the transition from
the Internet of information to the Internet of value and
trust (Twesige, 2015; Zamani and Giaglis, 2018).

In this paper, we discuss the possibilities of blockchain
technology from a marketing perspective. Despite the growing
literature on the potentials of blockchain applications, more
rigorous academic research is needed to illustrate how this
emerging technology can potentially provide a foundational layer
for enhanced transparency and trust in marketing activities. The
structure of this paper is as follows: In Features of Blockchain
Technology, we briefly review the concept of blockchain
technology and some of its key features. In Disrupting Marketing
with Blockchain Technology, we discuss various areas in which
the technology can impact marketing activities and benefit
brands and consumers alike. In the final part, we summarize
the paper and highlight future research directions. In this paper,
we refer to personally identifiable information as PII and the
terms “consumers” and “customers” may be used interchangeably
unless otherwise specified.

FEATURES OF BLOCKCHAIN
TECHNOLOGY

Following the 2007–08 global financial crisis, a marked fall
in public trust in the conventional banking system prevailed
(Ehrmann et al., 2010). Technology enthusiasts and software
developers envisioned and created an alternative financial system
that falls outside the sphere of influence of conventional trusted
third parties. The pseudonymous Satoshi Nakamoto proposed
the digital currency Bitcoin as a peer-to-peer electronic cash
system (Nakamoto, 2008). This new technology relies on a
protocol of cryptographic rules and techniques for processing
transactions (Papadopoulos, 2015). These include the use of
hashing, time-stamping, consensus mechanisms (a collection of
rules that allow network nodes to reach mutual agreement), and
asymmetric encryption using public and private keys. Not only
has the proposed cryptocurrency model ingeniously solved the
double-spending problem (Treiblmaier, 2019a), but it sets out
a new paradigm for performing transactions and exchanging
value in an online environment (Clohessy et al., 2019). More

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precisely, any transaction triggered on the blockchain follows a
set of predefined rules that are based on security, verifiability and
peer consensus to ensure the validity of transactions (Münsing
et al., 2017). All transactions are time-stamped, captured in
datasets called blocks, and sequentially chained (i.e., each block
header contains the hash of the previous block header) to form
the ledger (see Figure 1). Tampering with a public transaction
record is technically tricky and viewed as infeasible because it
requires substantial computing power to attempt to alter the
cryptographic hash of previous blocks on the chain (Hackius and
Petersen, 2017).

Beyond the cryptocurrency jargon, a blockchain is not only
a combination of technologies but also the integration of
multiple technologies (Lu, 2019). Most scholars and practitioners
commonly understand blockchain as one method within the
distributed ledger technology family (Fosso Wamba et al., 2020).
Moreover, the ledger is a virtual book or a unique collection of
all transactions carried out by the blockchain’s exchange parties.
The technology can be viewed as a new way of authenticating
assets used in a transaction and can be applied to many business
activities and functions (Ertemel, 2018; Rejeb et al., 2019).
In the following sections, we will elaborate on how the core
characteristics of blockchain technology enable functions and
applications that can fundamentally change marketing strategies.

DISRUPTING MARKETING WITH
BLOCKCHAIN TECHNOLOGY

Rigorous academic studies on blockchain applications in support
of marketing activities are scarce. Despite this, in the practitioner-
based literature, the benefits of blockchain are viewed as
indisputable (Ghose, 2018). In this paper, we lay the foundation
for future academic studies by identifying several important
research areas, as shown in Figure 2. First and foremost,
blockchain technology is based on peer-to-peer communication
which alters market structures by fostering disintermediation,
namely the removal of intermediaries who process and filter
data streams and add cost. By creating immutable and shared
data records, blockchain technology can also help to improve
data quality and facilitate data access. From a consumer-
centric perspective, blockchain technology has the potential to
substantially transform consumer relationships by enhancing

FIGURE 1 | Blockchain structure.

data and information transparency and improving privacy and
security. It also allows for innovative forms of consumer loyalty
programs which might help to create additional value. All these
features will be discussed in more detail in the sections below.

Fostering Disintermediation
The advent of the Internet has enabled disintermediation and
drastically changed the way companies distribute their products
and services (Buhalis and Licata, 2002). New technologies have
displaced traditional trading mechanisms, reduced the reliance
on traditional intermediaries, and introduced new forms of
electronic intermediaries (Cort, 1999). Simultaneously, the
Internet has led to the emergence of new online intermediaries
which offer a new range of products and services (McCole,
2004). The process of realigning the value-adding role through
information and shifting the control in the value chain to
different players is called re-intermediation (Pineda and
Paraskevas, 2004). Examples of services offered by new e-
commerce intermediaries are information brokering, online
search capabilities, advertising, communication, and trust
provision. Moreover, the prevalence of social media has
emphasized the growing need for businesses to reach out to
customers through social networks and messaging platforms
such as Facebook, Twitter, and YouTube. Instead of generating
revenues through customers’ payments for content and
services, these platforms rely on income through data and
targeted advertisements. They have also developed a virtuous
cycle in which further interaction with consumers results
in the accumulation of knowledge and better integration
of content (Nieves and Diaz-Meneses, 2016). While these
electronic intermediaries support businesses and consumers
by personalizing their brands and products, they also gain the
power to lock them into their proprietary platforms.

On the one hand, businesses exhibit a heavy reliance
and dependency on intermediaries to recognize their

FIGURE 2 | Impact of blockchain on marketing.

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potential customers’ needs and wants. On the other hand,
businesses seek to attract consumers’ attention but often rely
on communication channels served by many information
intermediaries as they provide a wealth of information about
the demand for goods and services (e.g., the quantity and
type of those goods and services, prices as well as existing
trade requirements; Tönnissen and Teuteberg, 2019). It may
occur that these intermediaries do not allow brands to make
their own dissemination decisions and therefore impede their
innovativeness and their ability to generate new prospects and
target offerings (Hübner and Elmhorst, 2008). Moreover, if
the channels are not efficiently managed, the spin-off will lead
to misunderstandings, loss of customers and foment ill will
(Boyer and Hult, 2005). On the other hand, consumers may
dislike the monetization of their data by e-intermediaries. This
intermediated approach often precludes consumers from reaping
the benefits of directly engaging with brands, such as co-creation,
more customer-centered support, as well as increased and
dynamic personalization.

To address the aforementioned concerns, blockchain
technologies can be a propitious tool enabling brands and
consumers to bypass intermediation and to forge stronger
relationships. The technology allows brands to expand their
advertising campaigns, improve their customer targeting
capabilities, and enhance service responsiveness. Its interactive
and ubiquitous features allow marketers to efficiently
communicate their commercial content and reduce costs
by bypassing intermediaries (Sarkar et al., 1995). For example,
retailers routinely pay credit card companies +3% payment
processing, and many online platforms charge listing fees or sales
commissions (Harvey et al., 2018). With blockchain technology,
brands can limit or remove costs and eliminate non-value adding
activities at the intermediation layer. Brands can then incentivize
their customers to disclose and share information through loyalty
rewards (i.e., points, cryptocurrency rewards, micropayments,
and cash-back incentives). Therefore, blockchain technology can
potentially strengthen the direct relationship between brands
and consumers. Blockchain technology unfolds a new model for
enhanced consumer engagement and collaboration. Consumers
can interact and engage directly with the brand or firm while
responding to their marketing campaigns with an authentic and
verified product or service reviews (Deighton and Kornfeld,
2008). We, therefore, suggest our first research proposition:

RP1: Blockchain technology creates new market structures by
fostering disintermediation.

Combating Click Fraud
The emergence of the Internet as a marketing channel and
an advertising platform has enabled brands to promote their
products and services online and to establish and maintain
relationships with their clients (Geiger and Martin, 1999). The
Internet is also an efficient communication tool that allows firms
to interact directly with consumers and keep them informed
about their latest products, services and firm developments.
Although the importance of having an online presence is
undisputed, the reputation of the marketing and advertising
industry has been plagued by a never-ending series of frauds,

scandals, and deceptive campaigns (Hongwei and Peiji, 2011).
As online sponsored search dominates the business model for
a majority of search engines (Jain et al., 2010), click fraud
considerably tarnishes the credibility of the online advertising
landscape. This phenomenon is a result of the automated nature
of online advertising and the increasing sophistication of target
marketing. Click fraud is an intentional act in which a natural
person or organization tries to obtain illegitimate interests or
drain a competitor’s advertising budget using automated scripts,
computer programs or employing natural persons to mimic
legitimate web users to click on online advertising (Hongwei
and Peiji, 2011). Click fraud has been identified as a severe
threat to online advertising, with additional costs for advertisers
amounting to $44 billion by 2022 (Juniper Research, 2017). Of
prime importance is the economic incentive of fraud perpetrator
and publishers who have been accused of committing click fraud
to increase their revenues (Haddadi, 2010).

Although some search engines try to compensate advertisers
for click fraud, reports have shown that they have attempted to
understate its magnitude (Click Quality Team, 2006). To combat
click fraud, numerous solutions were suggested, such as selling
a particular percentage of all impressions to advertisers or the
application of pay-per-click advertising models (Goodman, 2005;
Mungamuru et al., 2008). However, these preventive measures
are not sufficient (Kshetri and Voas, 2019). The pervasiveness of
click fraud is due to a lack of intermediaries who track online
advertising and provide third party measurement approaches
capable of increasing trust and reducing some of the concerns.
That is to say, advertisers must engage with independent
click fraud monitoring companies to resolve the ambiguity
surrounding the divergence in the reported click fraud rates. Even
though an external audit service might be beneficial, it can also
be unaffordable for small and medium-sized companies. Besides,
it is highly likely that search engines refuse to compensate
an advertiser based on click fraud metrics generated by an
independent audit firm, especially in cases reporting significant
click fraud numbers. Also, the lack of transparency in search
engine efforts to fight click fraud has created the impression that
they have not done enough to track or prevent click fraud (Dinev
et al., 2008). The advertisers are still unable to gain full, trusted
knowledge and control over the state of their online ads.

The consequences of click fraud for marketing and advertising
are severe since it jeopardizes advertising’s effectiveness of
targeting potential customers involved in content, service, or
product-related information search (Schultz and Olbrich, 2007).
Search engine marketing tactics may diminish trust and the
reputation of network media. The impact of click fraud manifests
itself in increasing advertising costs. Moreover, unsuccessful
advertising campaigns are caused by the reliance on unreliable,
inadequate, and untrusted analytical data. For example, Pearce
et al. (2014) estimate that advertising losses caused by a botnet’s
fraudulent activities will amount to USD $100,000 per day (a
botnet is a term derived from “robot” and “network” to mean
a collection of internet-enabled devices running code or “bots”
usually with a malicious intent). The losses span from financial
to brand reputational damage and can be significant in the
case of peer-to-peer botnets, which use an overlay network

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for exchanging and controlling data, making their detection
challenging (Alauthaman et al., 2018). Therefore, brands need to
embrace resilient defense mechanisms as the online environment
is rife with high traffic botnets.

Blockchain technology can mitigate certain risks associated
with the potentially devastating impact of click fraud by creating a
more trustworthy digital marketing environment for consumers
and brands alike. A blockchain-based platform can motivate
stakeholders in the advertising industry to operate in an open
and collaborative environment where each party acts with
honesty and integrity (Chartier-Rueg and Zweifel, 2017). For
example, information asymmetry (i.e., when one party has more
or more accurate information than the other party) is one
of the motivations for click fraud which can be addressed
in a blockchain ecosystem. More precisely, supervision and
control over the publishers can be reinforced by leveraging
the comprehensive analysis of qualifications, credibility and
historical information, and by creating a collaborative modus
operandi (Hongwei and Peiji, 2011). Much of this is owing to the
immutable, transparent, and auditable nature of transactions that
the technology enables. For instance, it is possible to ensure end-
to-end transparency over online advertising-related activities
such as the authentication of clicks. The “adChain” platform
serves as a transformative protocol within the advertising
technology industry which allows ad space users to benefit
from campaign auditing and near-real-time impression tracking
(Goldin et al., 2017). The platform draws on the strength of
blockchains immutability to curb the attempts of pay-per-click
providers to benefit from fraudulent ad clicks and traffic. Another
novel advertising platform called “Ubex” harnesses blockchain
technology along with other critical emerging technologies such
as Artificial Intelligent and neural networks to achieve more
precise media marketing data for advertisers, publishers and
target consumers (Ubex, 2019). In this model, blockchain assists
in eliminating irrelevant ads and better managing data clicks,
impressions, and revenues for each web site linked to the system,
thus helping advertisers to optimize their budgets.

Apart from promoting transparency, the prevention of click
fraud allows advertisers to more effectively assess consumers’
habits online. As such, the traceability features provided by the
technology (Alvarenga et al., 2018) guarantee genuine customer
visits. Practically, this can be achieved by assigning customers
to authenticated and verified profiles on the blockchain. This
removes the possibility of using device emulation software
to fake installs from the advertising model and will result
in higher accuracy in targeting and personalization due to
real-time ads traceability. This approach enables marketers to
obtain reliable data, generate more enhanced analytics, and
thus to craft compelling marketing campaigns. By way of
illustration, Lucidity’s blockchain pilot with the Japanese car
manufacturer Toyota resulted in a 21% increase in campaign
performance (Lucidity, 2018). A blockchain-based platform
marks the transition from the probabilistic measurement of
clicks and impressions to a deterministic data model. Likewise,
Pinmo integrates blockchain infrastructure into its overall media
advertising strategy aimed at better ad campaign tracking and
more precise analytics (Pinmo, 2019). These examples are

illustrative of the blockchain’s potential to prevent click fraud and
to promote enhanced trust and transparency in the marketing
and advertising industry. We therefore propose:

RP2: Blockchain technology helps to combat click fraud.

Reinforcing Trust and Transparency
The academic literature has recognized that trust is vitally
important in B2C e-commerce (Lee and Turban, 2001). Despite
this strong assertion, consumer confidence and trust in brands
have been severely eroded (Quelch, 2009). According to the
2018 Edelman Trust Barometer, brands witnessed a significant
decline in consumer trust in 2017 (Jones, 2018). To a large
extent, the level of trust is determined by the quality of the
technological infrastructure (Koenig-Lewis et al., 2010). Today,
the Internet enables transactions in the absence of face-to-
face contact. For this reason, a brand’s success is contingent
on the level of trust and transparency that it can generate
(Strebinger and Treiblmaier, 2004; Tapscott and Tapscott, 2016).
To empower trust and transparency in digital marketing,
blockchain technology can allow brands and consumers to
operate in a more secure and transparent ecosystem. Building
on features such as the consistency of information, transparency,
and immutability, blockchain technology helps to establish trust
in the system itself (i.e., “trust by design”). The trust protocol
of blockchain guarantees consumers (e.g., potential buyers)
and the firm’s existing customers that brands and marketers
are behaving with integrity and honesty (Chapron, 2017). In
this context, blockchain-enabled trust is both an antecedent
and an outcome of consumer-centric transparency, especially
when consumers share their PII. Blockchain can help to avoid
malicious marketing of counterfeit products that infringe upon
the intellectual property (IP) rights of the original manufacturer
and violate copyright laws. This is owing to the ability of
the technology to facilitate end-to-end product traceability
(Galvez et al., 2018) and strict monitoring rules. Furthermore,
blockchain-enabled transparency breeds trust because consumers
have greater visibility and verifiability over the compliance
obligations of brand claims. This can include the verification
of credence claims such as organic, halal, and other third
party certifications, the firm’s business practices, and even their
involvement in corporate social responsibility activities (e.g., fair
trade, ethics, and sustainability measures; Treiblmaier, 2019a).
Ensuring this high level of transparency, marketers will be able to
signal several positive traits, emphasizing their altruistic motive
to look out for the best interest of consumers (DeCarlo, 2005).
The example of NYIAX (New York Interactive Advertising
Exchange) demonstrates the role of blockchain technology to
promote a transparent marketplace where a matching engine
ensures a fair exchange of future premium advertising inventory
as guaranteed contracts (Epstein, 2017). We thus propose:

RP3: Blockchain technology can help to reinforce consumers’
trust in brands.

Enhancing Privacy Protection
Privacy is a complex issue that potentially amplifies individuals’
anxiety about using an online technology service (Compeau and
Higgins, 1995). Research has repeatedly shown that customers

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worry about their transaction anonymity and confidentiality
(Ratnasingham, 1998). These concerns are caused by the
increased risk of improperly obtaining, misusing, and divulging
their PII. Privacy issues have increased since website cookies
capture personal information and store them in information
systems (McParland and Connolly, 2007). Moreover, vast
improvements in data collection technologies coupled with new
data mining techniques enable brands to more easily identify,
track, collect and process consumer information. This creates
new problems of intrusiveness in the privacy of online shoppers.
To counteract these threats, consumers express a strong desire
to control their personal information. This is confirmed by
a survey which found that 87% of respondents (n = 2,136)
decided to protect their privacy by requesting that companies
remove their PII from their databases (Harris Poll, 2004).
Additionally, consumers sometimes chose to purposely supply
false information on a web site, in order to block online-ad
targeting techniques or to disable cookies (Culnan and Milne,
2001).

While the need for heightened online privacy protection is
rising, blockchain technology can alleviate many issues impeding
consumers from shopping online. For example, consumers can
entrust their PII on a blockchain platform since transactions are
not bound to real identities once they are routed to a random
set of points in the network (Jesus et al., 2018). Online privacy
of consumers can be adequately engineered to control the access
of network members to the information contained in the blocks.
Transactions can be entirely private, but at the same time, they
are verified by a consensus of participants in the shared network.
Moreover, the blockchain platform can be an effective privacy-
enhancing or privacy-by-design technology as it appeals to the
technological savviness of online consumers by allowing them to
encrypt their credentials resiliently (e.g., users’ IDs, passwords,
electronic IDs cards). Consequently, consumers can gain more
control over their PII in digital marketing because their PII
cannot easily be commoditized (Kosba et al., 2016). Consumers
can rely on the blockchain’s transactional history to generate
more robust analytics and precise forecasting regarding their
expectations, tastes, and brand perceptions. Additionally, there
are new opportunities for consumers to securely and effectively
trade their PII with brands (Travizano et al., 2018), which leads
to our proposition:

RP4: Blockchain technology can enhance privacy protection.

Empowering Digital Marketing Security
Kalakota and Whinston (1997, p. 853) define a security threat
as a “circumstance, condition, or event with the potential to
cause economic hardship to data or network resources in the
form of destruction, disclosure, modification of data, denial of
service and/or fraud, waste and abuse”. Information security
can be viewed as the heart of information systems, both at the
technological and organizational levels (Dubois et al., 2010).
This implies that ensuring a high level of preventative measures
and transaction security is a crucial differentiator for many
businesses. In the digital world, the delivery of products and
services with well-communicated and adequate security is a
crucial success factor for brand trust. Similarly, information

security is turning into a must-have feature as brands become
the stewards of consumers’ PII (Madhavaram et al., 2005). This
development is referred to by Greenlow (2018) as “Marketing
security” which is the real-time control and management of
consumers’ PII to prevent data leakages and abuses.

Previous research has shown that information security
concerns are a significant barrier to online marketing (Sathye,
1999; Udo, 2001). This is because online shopping and e-
commerce are based on individuals’ credentials and sensitive
information such as home address and credit card details
(collectively PII), much of which consumers are very reluctant
to provide. The reason for this negative perception is the
multitude of potential online threats, which involves data loss
or theft, identity theft, credit card information theft, content
manipulation, unauthorized account access, database attacks,
patent and copyright violations (Chehrehpak et al., 2014).
In the online marketing context, Internet banking still faces
security threats through data transaction and transmission
attacks or unauthorized uses of bank cards enabled through false
authentication (Yousafzai et al., 2003). Moreover, the application
of behavioral targeting (Beales, 2010) requires the need for
cookies that are susceptible to cloning or misappropriation
by a malicious party. A cookies-based approach and weblog
records for tracking shoppers online activities might compromise
consumers’ privacy (Lee et al., 2019). The many security threats
are now so prevalent that by 2021 the costs of cybercrimes are
expected to reach $6 trillion annually (Empius marketing, 2019).

Prior to incorporating information security into the
marketing narrative, brands have to establish a robust
technological infrastructure that addresses existing security
loopholes and enhances consumers’ confidence in the digital
marketing environment. In this respect, the emergence of
blockchain technology can benefit both brands and consumers,
ensuring an unprecedented level of security. The power of
blockchain security is based on its distributed and decentralized
storage of data (Yanik and Kiliç, 2018). Besides, the usage of
several security mechanisms such as asymmetric encryption,
digital signatures and access control (i.e., assigning reading
and writing permissions) can secure the appropriate storage,
transmission, and retrieval of large amounts of consumer
information. The technology aligns well with the factors listed by
Ma et al. (2008) for implementing a resilient information security
management system: integration of information, information
availability, information reliability, and accountability. Not only
does the technology entail a new way of decentralizing and
self-organizing the business ecosystem of brands, it can help to
synchronize and integrate marketing-related information across
the members of the network. This includes pricing policies,
product listings, advertisements, outputs of market research and
analysis, discounts and promotional benefits, and marketing
plans. Decentralization can help to ensure that every party is
economically better off and more secure (Epstein, 2017). For
instance, consumers will have a single version of the truth and
precise insights about a brand’s values and traits. They would also
maintain more control over their PII. Besides, the decentralized
approach of blockchain technology allows brands to remove a
single point of failure, thus achieving a high level of resistance

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against Denial of Services (DoS) attacks (Helebrandt et al.,
2018) and ensuring network availability. In case of errors and
misappropriation, information ubiquity and availability enabled
by blockchain technology increases accountability and provides
more accurate monitoring and evaluation (Omran et al., 2017).
This means that the technology can provide consumers and
brands with some redress and counteract measures in worst-case
scenarios. For example, promoting marketing convenience and
new secure models of advertisements, Keybase.io is a blockchain
platform which has been developed to check the integrity of
social media users’ signature chains and to identify malicious
rollbacks (Keybase.io., 2019). We propose:

RP5: Blockchain technology can empower digital
marketing security.

Enabling Creative Loyalty Programs
In an increasingly competitive market environment, brands
strive to ensure consumers remain loyal to their products
and services. To enhance consumer retention, brands have
been systematically collecting and storing their customer data,
primarily through loyalty programs (Cvitanović, 2018). These
tools serve to increase brand loyalty, reduce price sensitivity,
encourage word of mouth, and enlarge their customer base
(Uncles et al., 2003). Moreover, customer loyalty programs may
significantly benefit brands as they can generate higher sales
and profits. Increasingly, marketers have implemented loyalty
programs in a wide variety of industries (Blattberg and Deighton,
1996). They continuously seek to understand which tactics are
ideal for reaching consumers and which reward schemes serve
them effectively.

Technological advancement has facilitated the collection of
consumers’ data (e.g., purchasing patterns, transactional history,
preferences) and the tailoring of effective loyalty programs. For
example, the use of database management software has paved the
way for a new era in loyalty marketing by allowing sophisticated
and personalized tracking of customers (Buss, 2002). The same
is true for mobile marketing, which develops a customer-centric
paradigm where loyalty programs are instantly communicated
to prospective members. Similarly, the Internet has been a
conducive environment for the growth of customer loyalty
programs (Ha, 2007). The emergence of these technologies
has intensified consumers’ interest and access to information
regarding loyalty rewards information, although gaining loyal
customers is still a challenge for brands (Shaw and Lin, 2006).
Furthermore, discussions in Internet forums have long revealed
that participating members are often frustrated with some loyalty
programs (Stauss et al., 2005; Lee and Jung, 2017).

Even though loyalty programs shift from an aggregate level
to an individual level (Kumar et al., 2013), they are still
very limited in terms of program components. Instead of
diversifying reward program features to appeal to new potential
members, many firms are adopting loyalty programs aimed
at retaining their existing member base (Omar et al., 2011).
Customers appreciate being involved in attractive and flexible
loyalty programs. However, some brands tend to lock in their
customers and exert monopoly power on them (Varian, 1999).
The situation is exacerbated if loyalty points are unused or

unredeemed. For instance, a report by Bond Brand Loyalty
indicated that more than 25% of the participants in loyalty
programs never redeem their reward points (Bond Brand
Loyalty, 2016). The low redemption rates result from stringent,
time-based procedures to redeem rewards. This strategy might
invoke a state of significant frustration among loyal members,
especially when a potential reward expires (Colman, 2015).
The lack of integration of loyalty programs between brands
is also a common problem as many loyalty programs are
still fragmented and unable to generate information about
members attitudes toward the programs themselves (Allaway
et al., 2006). For the reasons mentioned above, several scholars
in marketing have started questioning the effectiveness of
loyalty programs in customer retention (Magatef and Tomalieh,
2015).

Blockchain technology has the potential to reform how
loyalty programs are designed, tracked, and communicated
to consumers. In a blockchain-based marketing ecosystem,
loyalty programs are fully integrated. All participating parties in
such programs such as loyalty programs operators, marketers,
consumers, information system managers, call centers, sales
offices, and other organizations will be efficiently integrated
and interlinked. Instead of being fragmented, loyalty program
partners could work synergistically to improve the members’
experience and to attract different consumer segments. For
example, blockchain technology can help to address the
problem of incompatibility in many loyalty programs systems
(Meyer-Waarden and Benavent, 2001), resulting in increased
channel harmony and consistent experience among brands.
Different partners of loyalty programs can exploit the interactive
features of the technology to leverage operations like the
joint development and design of loyalty programs, the inter-
convertibility of reward points, and exchange transactions. More
precisely, blockchain technology can create a more secure, and
interoperable environment that is unattainable with centralized
loyalty databases (Zhang et al., 2017). The technology appeals
for both B2B and B2C loyalty programs as auditability of
critical transactions and data is necessary to curb fraudulent
activities and support customer advocacy (Lacey and Morgan,
2008).

Through real-time access to the blockchain platform,
marketers can gain visibility over members’ profiles, points,
purchase patterns, payment history, and promotion responses,
which will help them to craft more attractive, valuable, and
customized loyalty programs. For example, American Express
has integrated the Hyperledger blockchain to provide reward
points to members based on individual products, instead of
the spending behavior at a particular merchant (Coleman,
2018). Besides, the decentralized nature of blockchain technology
also allows members to track their loyalty and reward points,
freeing them and marketers from the physical possession of
coupons (Chatterjee and McGinnis, 2010). Additionally, the
technology can help to create more value for members by
enabling them to trade and exchange their loyalty points.
We propose:

RP6: Blockchain technology can enable creative
loyalty programs.

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CONCLUSION AND LIMITATIONS

Rapid technological progress and the growth of e-business
and e-commerce have significantly shaped the process of
value creation. Many businesses exhibit a heavy reliance on
technologies to offer seamless products and services to their
existing customers. Emerging technologies can assist in better
designing new products and services, improving data quality,
and making the production process more responsive and
economical (Cavalieri et al., 2013). New technologies have also
significantly reshaped the marketing discipline, and they have
brought new marketing terms and tactics (Bordonaba-Juste
et al., 2012). Today, brands are increasingly using technology
to leverage their global reach by penetrating new marketplaces
and creating consumer demand. In this process, the Internet
has enabled marketers to reach consumers with enhanced
electronic communications and interactive media (Peltier et al.,
2010). Meanwhile, consumers have become more knowledgeable
about available offers and can make informed decisions in a
convenient manner (Spann and Tellis, 2006). Businesses have
benefited from data mining techniques and big data to draw
conclusions regarding consumers’ needs and wants. Analyzing
large data sets help businesses to gain actionable insights through
predictive analytics (Johnston, 2014). Blockchain technology is
one technological advancement that can help brands to gain a
better understanding and target their customers, but at the same
time allow customers to regain control over their PII.

In this paper, we discussed several blockchain possibilities in
the marketing landscape and presented six research propositions.
The current online marketing world is rife with intermediaries
(or so-called e-mediaries) who fail to configure active alliance
networks (Dale, 2003) and lock both brands and consumers into
platforms with limited capabilities. In doing so, they hamper
the creativity of brands and deprive consumers of potential
benefits of direct engagement. In this context, blockchain
technology promises disintermediated markets where consumers
can transact directly without passing through intermediary
layers. Instead of operating in an opaque environment where
information asymmetry prevails and dominates the relationship
between brands and consumers, blockchain technology can
create a new topology of enhanced transaction trust and
information transparency, resulting in more trusted campaigns
and customer-centricity (Shah et al., 2006). Moreover, the
high level of technological sophistication and the intrinsic
features of blockchain have demonstrated viability for protecting
consumers’ privacy and enhancing security in digital marketing.
Not only that, the technology can assist in combating the
widespread phenomenon of click fraud, thus creating a
healthier marketing space for consumers, brands, and other
participants involved in the value creation and delivery process.
From a company’s perspective, establishing loyalty is often
challenging, since consumers always consider switching costs and
economic benefits in their purchases (Reinartz, 2006). Blockchain
technology can bring a renewed approach of crafting, integrating,
and promoting marketing loyalty programs. Blockchain-based
reward programs allow members to gain benefits from their
brand loyalty, resulting in a more sustainable brand attachment.

This research has some limitations. It was our goal to present
future blockchain applications in marketing in a concise way
and to derive several research propositions. Consequently,
we were not able to elaborate on the many intricacies and
subtleties of blockchain technologies which we see as an excellent
opportunity for future research. We also recommend that future
research discusses the architecture as well as the operational
environment in some detail to foster the understanding
of how blockchain can help to create organizational value.
Furthermore, it was our goal to highlight the potentials of
blockchain in marketing, but we also need to mention potential
challenges that might emerge from the (inter-)organizational
integration of blockchain technology. Blockchains are not silver
bullets or a panacea for all contemporary marketing issues
but rather exhibit several shortcomings and potential negative
consequences (Treiblmaier, 2019b). Compared to conventional
databases, blockchain technology has several downsides.
Storing information and transactions on the blockchain is
still complicated and expensive (Baldimtsi et al., 2017). The
cost of blockchain security and redundancy may far outweigh
the values derived from its applications for marketing. As
such, the redundant nature of blockchain offers increased
costs since the processing of transactions on the blockchain
takes longer than single-source transactions (Smith, 2017).
Moreover, the adoption of blockchain is hampered by the
lack of a suitable governance structure, the cost of blockchain
maintenance and the high energy consumption where a
proof-of-work consensus protocol on a public blockchain
is used. According to Truby (2018), the initial application
of blockchain, namely Bitcoin, has been designed with no
consideration of the potential impacts on the environment.
Aside from the insufficient built-in consumer protections and
the high price volatility, the leveraging of Bitcoin in companies’
marketing activities can cause undue environmental damage
through high rates of electricity consumption and emissions
(Truby, 2018), which might prevent organizations from
adopting blockchain.

From an architectural perspective, it is noteworthy that
different types of blockchains exist that can be applied to
marketing activities such as private, consortium or public
blockchains. Private blockchains can establish different levels of
permission for the parties involved in the network. They aim
at providing a better degree of privacy, handle large amounts
of data, optimize existing and future recordkeeping, smoothen
the audit process and compliance reporting and provide
decision-makers with the unified data they need (Poberezhna,
2018). Brands wishing to retain their traditional business
and governance models may, therefore, consider the adoption
of private blockchains. However, according to Prasad and
Rohokale (2019), consortium blockchains are the most suitable
solutions for interdisciplinary, cross-industry applications in
areas such as financial services, media, and telecommunication.
Consortium models give brands the opportunity to reap the
benefits of a distributed network while restricting access and
consensus to particular users. In addition, these platforms are
able to significantly support the co-creative interactions and
collaborative marketing relationships between a brand and its

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stakeholders. Public blockchains are especially useful for brands
that seek to capitalize on transparency in order to deliver
consumer value. For example, creating product packaging with
blockchain-based information transparency can enhance green
marketing efforts (Kouhizadeh and Sarkis, 2018) as consumers
will likely purchase products that they are sufficiently well
informed about. Overall, the choice of blockchain type is a critical
decision that should respond to the requirements of different
marketing applications.

From the technological innovation perspective, we consider
the adoption of blockchain to represent an incremental
innovation that can lead to substantial changes in marketing.
The cumulative gains from this technology can significantly
reshape existing marketing practices and improve established
business processes. However, as stated by Christensen (2013),
new technologies could have sustaining or disruptive effects
on organizations depending on the firm’s resources, processes,
and values. Therefore, new technologies, if not strategically
approached and adequately embedded in the organizational
structure, can erode the competitive position of brands in
general and shrink their marketing edge in particular. Future
research needs to explore and analyze the barriers to blockchain
adoption in marketing. The six propositions we suggest provide
starting points for further research and more refinement is
needed to identify enablers and barriers as well as antecedents

and consequences of blockchain application in marketing. A
further note relates to PII retention and the immutability of
blockchain technology. Some regulators are exploring consumer-
based policies where the consumers’ right to be “digitally
forgotten” is central. In this latter scenario, researchers could
explore privacy in the context of “mutable” blockchains to meet
evolving regulatory requirements.

AUTHOR CONTRIBUTIONS

All authors listed have made a substantial, direct and intellectual
contribution to the work, and approved it for publication.

FUNDING

The publication of this work was supported by EFOP- 3.6.1-
16-2016-00017 (Internationalization, initiatives to establish a
new source of researchers and graduates and development
of knowledge and technological transfer as instruments of
intelligent specializations at Széchenyi István University).

ACKNOWLEDGMENTS

AR is grateful to Dr. Katalin Czakó and Mrs. Tihana Vasic for
their valuable support.

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How Blockchain Technology Can Benefit Marketing: Six Pending Research Areas

Introduction
Features of Blockchain Technology
Disrupting Marketing With Blockchain Technology
Fostering Disintermediation
Combating Click Fraud
Reinforcing Trust and Transparency
Enhancing Privacy Protection
Empowering Digital Marketing Security
Enabling Creative Loyalty Programs
Conclusion and Limitations
Author Contributions
Funding
Acknowledgments
References

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