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The Impact Of Blockchain In Consumer Marketing Among Various Industries

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  • Mladen Pancic

    (Josip Juraj Strossmayer University of Osijek, Croatia)

Abstract

A significant trend in the business-to-consumer trade has been the rise of cutting-edge e-commerce platforms supporting mobile devices. The advent of e-commerce ushered in a period of profound change in the value-generating process, which ushered in brand-new organizational structures for many businesses. This study investigates the key factors influencing the adoption and integration of blockchain technology across different industries. Through a comprehensive literature review, the study highlights the various applications of blockchain technology in different sectors, such as finance, supply chain, energy, and marketing. A survey was conducted to gather data on companies' current use of blockchain, plans, perceived benefits, and challenges faced during implementation. The 150 answers were stripped of stop words, punctuation, and adverbs in order to conduct the text mining study. The findings suggest that factors such as awareness, strategic approach, collaboration, addressing barriers to adoption, and careful evaluation of blockchain solutions play critical roles in successful blockchain adoption. Based on these findings, the study offers several recommendations for companies to integrate blockchain technology into their operations effectively. Furthermore, the study identifies limitations and proposes future research directions to enhance our understanding of blockchain adoption across various industries.

Suggested Citation

  • Mladen Pancic, 2023. "The Impact Of Blockchain In Consumer Marketing Among Various Industries," Business Logistics in Modern Management, Josip Juraj Strossmayer University of Osijek, Faculty of Economics, Croatia, vol. 23, pages 431-449.
    • Handle: RePEc:osi:bulimm:v:23:y:2023:p:431-449
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    References listed on IDEAS

    as
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    2. Albayati, Hayder & Kim, Suk Kyoung & Rho, Jae Jeung, 2020. "Accepting financial transactions using blockchain technology and cryptocurrency: A customer perspective approach," Technology in Society, Elsevier, vol. 62(C).
    3. Ismagilova, Elvira & Hughes, Laurie & Dwivedi, Yogesh K. & Raman, K. Ravi, 2019. "Smart cities: Advances in research—An information systems perspective," International Journal of Information Management, Elsevier, vol. 47(C), pages 88-100.
    4. Ali, Robleh & Barrdear, John & Clews, Roger & Southgate, James, 2014. "Innovations in payment technologies and the emergence of digital currencies," Bank of England Quarterly Bulletin, Bank of England, vol. 54(3), pages 262-275.
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