From Data Security to Consumer Trust: Blockchain's Impact on Marketing
Lusekelo Kibona · International Journal of Recent Engineering Science · 2024
As consumers become increasingly aware of how their personal data is collected, stored, and used by companies, trust in digital platforms has become a critical factor in brand loyalty and consumer decision-making. Blockchain technology, with its promise of enhanced security, transparency, and decentralization, offers a potential solution to these challenges. This study explored the impact of blockchain technology on marketing, focusing on key indicators, including awareness and understanding, data privacy concerns, data security enhancements, consumer trust, and adoption challenges. Utilizing a sample size of 134 respondents, the research found that while there was a general awareness of blockchain's potential, varying levels of familiarity and understanding persisted. Respondents expressed significant concerns about data privacy and perceived current regulations as inadequate. The study highlighted blockchain's potential to enhance data security and build consumer trust through improved transparency and accountability. However, challenges such as technical limitations, regulatory obstacles, and adoption barriers were also identified. The findings suggest a need for clearer regulations, improved technical infrastructure, and targeted educational efforts to facilitate blockchain integration in marketing. The study concludes that while blockchain offers transformative potential, addressing these challenges is critical for its successful adoption and impact on the marketing industry. KeywordsBlockchain, Data privacy, Data security, Consumer trust, Digital marketing, Transparency, Accountability, Technical challenges, Adoption barriers, Targeted advertising.