IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v15y2023i4p3279-d1064771.html
   My bibliography  Save this article

Adoption and Applications of Blockchain Technology in Marketing: A Retrospective Overview and Bibliometric Analysis

Author

Listed:
  • Mohammad Wasiq

    (College of Administration and Financial Sciences, Saudi Electronic University, Riyadh 11673, Saudi Arabia)

  • Abu Bashar

    (School of Management, IMS Unison University, Dehradun 248009, India)

  • Syed Akmal

    (College of Administration and Financial Sciences, Saudi Electronic University, Riyadh 11673, Saudi Arabia)

  • Mustafa Raza Rabbani

    (Department of Accounting and Finance, British University of Bahrain, Manama 527, Bahrain)

  • Mohd Afzal Saifi

    (Centre for Distance and Online Education, Jamia Millia Islamia, New Delhi 110025, India)

  • Nishad Nawaz

    (Department of Business Management, Kingdom University, Riffa 40434, Bahrain)

  • Youssef Tarek Nasef

    (Department of Management and Marketing, University of Bahrain, Manama 32038, Bahrain)

Abstract

Blockchain technology has disrupted the traditional approaches of marketing and introduced altogether contemporary marketing frameworks using its unique capabilities of decentralization, security and transparency. In recent times, this technology has attracted both academicians and practitioners to study the underlying processes and opportunities of the application of blockchain technology in marketing. Although there is an increasing deliberation in researching the use of blockchain in marketing, there exists an intermittent gap in holistic overview of the current trends and future boundaries. This article is an attempt to present a comprehensive current state and prospects of expansion in the research of the application of blockchain technology in marketing using state of the art bibliometric review analysis. The bibliometric analysis using 161 articles from Scopus database revealed the influential aspects of research such as prolific authors, influential documents, countries, affiliations, sources and keywords. Moreover, emerging research streams about the application of blockchain is identified and enumerated using network synthesis and visualization of co-citation, and keywords co-occurrence networks. These findings pave the ways for future research expansion. The results shows that the research on applications of blockchain technology has been maturing over time. However, the research streams reveal that blockchain based marketing framework is still in its infancy stage.

Suggested Citation

  • Mohammad Wasiq & Abu Bashar & Syed Akmal & Mustafa Raza Rabbani & Mohd Afzal Saifi & Nishad Nawaz & Youssef Tarek Nasef, 2023. "Adoption and Applications of Blockchain Technology in Marketing: A Retrospective Overview and Bibliometric Analysis," Sustainability, MDPI, vol. 15(4), pages 1-20, February.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:4:p:3279-:d:1064771
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/15/4/3279/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/15/4/3279/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Sajjad Rahmanzadeh & Mir Saman Pishvaee & Mohammad Reza Rasouli, 2020. "Integrated innovative product design and supply chain tactical planning within a blockchain platform," International Journal of Production Research, Taylor & Francis Journals, vol. 58(7), pages 2242-2262, April.
    2. Honglu Wang & Min Zhang & Hao Ying & Xiande Zhao, 2021. "The impact of blockchain technology on consumer behavior: a multimethod study," Journal of Management Analytics, Taylor & Francis Journals, vol. 8(3), pages 371-390, July.
    3. M. Kabir Hassan & Mustafa Raza Rabbani & Mamunur Rashid (ed.), 2022. "FinTech in Islamic Financial Institutions," Springer Books, Springer, number 978-3-031-14941-2, September.
    4. Yuen, Kum Fai & Bin Saidi, Muhammad Syukri & Bai, Xiwen & Wang, Xueqin, 2021. "Cruise transport service usage post COVID-19: The health belief model application," Transport Policy, Elsevier, vol. 111(C), pages 185-196.
    5. Mustafa Raza Rabbani & Abu Bashar & Iqbal Thonse Hawaldar & Muneer Shaik & Mohammed Selim, 2022. "What Do We Know about Crowdfunding and P2P Lending Research? A Bibliometric Review and Meta-Analysis," JRFM, MDPI, vol. 15(10), pages 1-23, October.
    6. Khan, Ashraf & Goodell, John W. & Hassan, M. Kabir & Paltrinieri, Andrea, 2022. "A bibliometric review of finance bibliometric papers," Finance Research Letters, Elsevier, vol. 47(PA).
    7. Milica Jevremović & Nada Staletić & Gheorghe Orzan & Milena P. Ilić & Zorica Jelić & Cristina Teodora Bălăceanu & Oana Valeria Paraschiv, 2022. "Predicting User Behaviour Based on the Level of Interactivity Implemented in Blockchain Technologies in Websites and Used Devices," Sustainability, MDPI, vol. 14(4), pages 1-20, February.
    8. Malni Kumarathunga & Rodrigo N. Calheiros & Athula Ginige, 2022. "Smart Agricultural Futures Market: Blockchain Technology as a Trust Enabler between Smallholder Farmers and Buyers," Sustainability, MDPI, vol. 14(5), pages 1-20, March.
    9. Garg, Poonam & Gupta, Bhumika & Chauhan, Ajay Kumar & Sivarajah, Uthayasankar & Gupta, Shivam & Modgil, Sachin, 2021. "Measuring the perceived benefits of implementing blockchain technology in the banking sector," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    10. Kumar, V. & Ramachandran, Divya & Kumar, Binay, 2021. "Influence of new-age technologies on marketing: A research agenda," Journal of Business Research, Elsevier, vol. 125(C), pages 864-877.
    11. Patel, Ritesh & Goodell, John W. & Oriani, Marco Ercole & Paltrinieri, Andrea & Yarovaya, Larisa, 2022. "A bibliometric review of financial market integration literature," International Review of Financial Analysis, Elsevier, vol. 80(C).
    12. Mark R. Gleim & Jennifer L. Stevens, 2021. "Blockchain: a game changer for marketers?," Marketing Letters, Springer, vol. 32(1), pages 123-128, March.
    13. Inês Faria, 2019. "Trust, reputation and ambiguous freedoms: financial institutions and subversive libertarians navigating blockchain, markets, and regulation," Journal of Cultural Economy, Taylor & Francis Journals, vol. 12(2), pages 119-132, March.
    14. Yu.V. Przhedetskiy & N.V. Przhedetskaya & K.V. Borzenko & V.A. Bondarenko, 2019. "Blockchain Technologies in Healthcare Institutions: Focus on Security and Effective Cooperation with the Government," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 2), pages 92-99.
    15. Ioannis Antoniadis & Konstantinos Spinthiropoulos & Stamatis Kontsas, 2020. "Blockchain Applications in Tourism and Tourism Marketing: A Short Review," Springer Proceedings in Business and Economics, in: Androniki Kavoura & Efstathios Kefallonitis & Prokopios Theodoridis (ed.), Strategic Innovative Marketing and Tourism, pages 375-384, Springer.
    16. Yu Gong & Yun Zhang & Mohammed Alharithi, 2022. "Supply Chain Finance and Blockchain in Operations Management: A Literature Review," Sustainability, MDPI, vol. 14(20), pages 1-21, October.
    17. Arim Park & Huan Li, 2021. "The Effect of Blockchain Technology on Supply Chain Sustainability Performances," Sustainability, MDPI, vol. 13(4), pages 1-18, February.
    18. Ravneet Kaur & Rajesh Singh & Anita Gehlot & Neeraj Priyadarshi & Bhekisipho Twala, 2022. "Marketing Strategies 4.0: Recent Trends and Technologies in Marketing," Sustainability, MDPI, vol. 14(24), pages 1-17, December.
    19. Shuchih Ernest Chang & Erik Chiaway Chang & Yijou Chen, 2022. "Blockchain Meets Sharing Economy: A Case of Smart Contract Enabled Ridesharing Service," Sustainability, MDPI, vol. 14(21), pages 1-23, October.
    20. Roberto Leonardo Rana & Nino Adamashvili & Caterina Tricase, 2022. "The Impact of Blockchain Technology Adoption on Tourism Industry: A Systematic Literature Review," Sustainability, MDPI, vol. 14(12), pages 1-17, June.
    21. Krafft, Manfred & Sajtos, Laszlo & Haenlein, Michael, 2020. "Challenges and Opportunities for Marketing Scholars in Times of the Fourth Industrial Revolution," Journal of Interactive Marketing, Elsevier, vol. 51(C), pages 1-8.
    22. Dorin C. Coita & Olimpia Ban, 2020. "Revolutionizing Marketing in Tourism Industry Through Blockchain Technology," Springer Proceedings in Business and Economics, in: Androniki Kavoura & Efstathios Kefallonitis & Prokopios Theodoridis (ed.), Strategic Innovative Marketing and Tourism, pages 789-797, Springer.
    23. Luigi Corvo & Lavinia Pastore & Arianna Manti & Daniel Iannaci, 2021. "Mapping Social Impact Assessment Models: A Literature Overview for a Future Research Agenda," Sustainability, MDPI, vol. 13(9), pages 1-16, April.
    24. Pasquale Giungato & Roberto Rana & Angela Tarabella & Caterina Tricase, 2017. "Current Trends in Sustainability of Bitcoins and Related Blockchain Technology," Sustainability, MDPI, vol. 9(12), pages 1-11, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Umar Nawaz Kayani & Misbah Sadiq & Mustafa Raza Rabbani & Ahmet Faruk Aysan & Farrukh Nawaz Kayani, 2023. "Examining the Relationship between Economic Growth, Financial Development, and Carbon Emissions: A Review of the Literature and Scientometric Analysis," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 489-499, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Li, Yan & Feng, Tian-tian & Liu, Li-li & Zhang, Meng-xi, 2023. "How do the electricity market and carbon market interact and achieve integrated development?--A bibliometric-based review," Energy, Elsevier, vol. 265(C).
    2. Muhammad Hamza Naseem & Jiaqi Yang & Tongxia Zhang & Waseem Alam, 2023. "Utilizing Fuzzy AHP in the Evaluation of Barriers to Blockchain Implementation in Reverse Logistics," Sustainability, MDPI, vol. 15(10), pages 1-17, May.
    3. Vincenzo Varriale & Antonello Cammarano & Francesca Michelino & Mauro Caputo, 2020. "The Unknown Potential of Blockchain for Sustainable Supply Chains," Sustainability, MDPI, vol. 12(22), pages 1-16, November.
    4. Ahmad A. A. Khanfar & Mohammad Iranmanesh & Morteza Ghobakhloo & Madugoda Gunaratnege Senali & Masood Fathi, 2021. "Applications of Blockchain Technology in Sustainable Manufacturing and Supply Chain Management: A Systematic Review," Sustainability, MDPI, vol. 13(14), pages 1-20, July.
    5. Chiaramonte, Laura & Dreassi, Alberto & Piserà, Stefano & Khan, Ashraf, 2023. "Mergers and acquisitions in the financial industry: A bibliometric review and future research directions," Research in International Business and Finance, Elsevier, vol. 64(C).
    6. Treiblmaier, Horst & Petrozhitskaya, Elena, 2023. "Is it time for marketing to reappraise B2C relationship management? The emergence of a new loyalty paradigm through blockchain technology," Journal of Business Research, Elsevier, vol. 159(C).
    7. Goodell, John W. & Kumar, Satish & Lahmar, Oumaima & Pandey, Nitesh, 2023. "A bibliometric analysis of cultural finance," International Review of Financial Analysis, Elsevier, vol. 85(C).
    8. Ren, Yi-Shuai & Ma, Chao-Qun & Chen, Xun-Qi & Lei, Yu-Tian & Wang, Yi-Ran, 2023. "Sustainable finance and blockchain: A systematic review and research agenda," Research in International Business and Finance, Elsevier, vol. 64(C).
    9. Pandey, Dharen Kumar & Hunjra, Ahmed Imran & Hassan, M. Kabir & Rai, Varun Kumar, 2023. "Venture capital financing during crises: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 64(C).
    10. Goodell, John W. & Oriani, Marco Ercole & Paltrinieri, Andrea & Patel, Ritesh, 2023. "The importance of ABS 2 journals in finance scholarship: Evidence from a bibliometric case study," Finance Research Letters, Elsevier, vol. 55(PA).
    11. Ed-Dafali, Slimane & Patel, Ritesh & Iqbal, Najaf, 2023. "A bibliometric review of dividend policy literature," Research in International Business and Finance, Elsevier, vol. 65(C).
    12. Yuen, Kum Fai & Chua, Jie Ying & Li, Xue & Wang, Xueqin, 2023. "The determinants of users’ intention to adopt telehealth: Health belief, perceived value and self-determination perspectives," Journal of Retailing and Consumer Services, Elsevier, vol. 73(C).
    13. Giuseppe Varavallo & Giuseppe Caragnano & Fabrizio Bertone & Luca Vernetti-Prot & Olivier Terzo, 2022. "Traceability Platform Based on Green Blockchain: An Application Case Study in Dairy Supply Chain," Sustainability, MDPI, vol. 14(6), pages 1-14, March.
    14. Büttgen, Marion & al.,, 2021. "Blockchain in Service Management and Service Research - Developing a Research Agenda and Managerial Implications," SMR - Journal of Service Management Research, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 5(2), pages 71-102.
    15. Vincent Carrières & Andrée-Anne Lemieux & Manuele Margni & Robert Pellerin & Sylvain Cariou, 2022. "Measuring the Value of Blockchain Traceability in Supporting LCA for Textile Products," Sustainability, MDPI, vol. 14(4), pages 1-15, February.
    16. Umara Noreen & Attayah Shafique & Zaheer Ahmed & Muhammad Ashfaq, 2023. "Banking 4.0: Artificial Intelligence (AI) in Banking Industry & Consumer’s Perspective," Sustainability, MDPI, vol. 15(4), pages 1-16, February.
    17. Mahmoona Khalil & Kausar Fiaz Khawaja & Muddassar Sarfraz, 2022. "The adoption of blockchain technology in the financial sector during the era of fourth industrial revolution: a moderated mediated model," Quality & Quantity: International Journal of Methodology, Springer, vol. 56(4), pages 2435-2452, August.
    18. Sangsung Park & Sunghae Jun, 2020. "Sustainable Technology Analysis of Blockchain Using Generalized Additive Modeling," Sustainability, MDPI, vol. 12(24), pages 1-15, December.
    19. Marić, Josip & Opazo-Basáez, Marco & Vlačić, Božidar & Dabić, Marina, 2023. "Innovation management of three-dimensional printing (3DP) technology: Disclosing insights from existing literature and determining future research streams," Technological Forecasting and Social Change, Elsevier, vol. 193(C).
    20. Li, Meichan & Wang, Rui, 2023. "Chatbots in e-commerce: The effect of chatbot language style on customers’ continuance usage intention and attitude toward brand," Journal of Retailing and Consumer Services, Elsevier, vol. 71(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:15:y:2023:i:4:p:3279-:d:1064771. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.