The potential of blockchain technologies for digital marketing – A critical assessment
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Oct 6, 2023
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Abstract
Blockchain is an emerging technology that is already finding applications in various sectors of economy, governance and trade, due to its attractive features of transparency and auditability. Digital marketing and advertising, i.e., the promotion of goods and services via digital media is currently a multibillion-dollar market with an increasing growth rate and crucial to the global economy. The potential of blockchain technologies for digital marketing applications has been recognized the last few years by both researchers and practitioners in this sector but, at the same time, large scale commercial applications have yet to be developed. This review, after briefly addressing the major challenges of the digital marketing ecosystem and the fundamental components of blockchain technologies, critically reviews academic works published the last 5 years in this field and highlights the current status, research topics and frameworks suggested. Moreover, the review addresses the main barriers to implementation of blockchain to large scale adoption in the digital marketing and advertising sector
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How to Cite
Vafeias, M., & Sartzetakis, N. (2023). The potential of blockchain technologies for digital marketing – A critical assessment. Enrichment : Journal of Management, 13(4), 2335-2348. https://doi.org/10.35335/enrichment.v13i4.1525
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Sadeghpour, S., & Vlajic, N. (2021). Click Fraud in Digital Advertising: A Comprehensive Survey. Computers, 10(12), 164. https://www.mdpi.com/2073-431X/10/12/164
Sihi, D. (2020). Impacts of Blockchain Technology in Marketing. In F. J. Martínez-López & S. D'Alessandro, Advances in Digital Marketing and eCommerce Cham.
Truby, J. (2018). Decarbonizing Bitcoin: Law and policy choices for reducing the energy consumption of Blockchain technologies and digital currencies. Energy Research & Social Science, 44, 399-410. https://doi.org/https://doi.org/10.1016/j.erss.2018.06.009
Wasiq, M., Bashar, A., Akmal, S., Rabbani, M. R., Saifi, M. A., Nawaz, N., & Nasef, Y. T. (2023). Adoption and Applications of Blockchain Technology in Marketing: A Retrospective Overview and Bibliometric Analysis. Sustainability, 15(4), 3279. https://www.mdpi.com/2071-1050/15/4/3279
Zheng, X. R., & Lu, Y. (2021). Blockchain technology – recent research and future trend. Enterprise Information Systems.
Zheng, Z., Xie, S., Dai, H.-N., Chen, W., Chen, X., Weng, J., & Imran, M. (2020). An overview on smart contracts: Challenges, advances and platforms. Future Generation Computer Systems, 105, 475-491.
Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017, 25-30 June 2017). An Overview of Blockchain Technology: Architecture, Consensus, and Future Trends. 2017 IEEE International Congress on Big Data (BigData Congress),
Abirou, M., & Abghour, N. (2022). A Review of Blockchain and the Benefits for Digital Marketing-Related Applications of Blockchain Integration. In F. Saeed, T. Al-Hadhrami, E. Mohammed, & M. Al-Sarem, Advances on Smart and Soft Computing Singapore.
Adshead, S., Chan, Y. S., Lavender, T., Wilkinson, L., & Schoentgen, A. (2020). Mapping online advertising issues, and the industry and regulatory initiatives aimed at addressing them. https://www.gov.uk/government/publications/mapping-online-advertising-issues-and-the-industry-and-regulatory-initiatives-aimed-at-addressing-them
Bezovski, Z., Jovanov, T., & Temjanovski, R. (2021). The impact and the potential disruption of the blockchain technology on marketing. Journal of Economics, 6(1), 13-23.
Brinson, N. H., Eastin, M. S., & Cicchirillo, V. J. (2018). Reactance to Personalization: Understanding the Drivers Behind the Growth of Ad Blocking. Journal of Interactive Advertising, 18(2), 136-147. https://doi.org/10.1080/15252019.2018.1491350
Cavazos, R. (2020). The Economic Cost of Invalid Clicks in Paid Search and Paid Social Campaigns. U. o. Baltimore. https://cdn2.hubspot.net/hubfs/5228455/UniBaltimore%20PPC%20Fraud-1.pdf
Colangelo, G., & Maggiolino, M. (2018). Data accumulation and the privacy–antitrust interface: insights from the Facebook case. International Data Privacy Law, 8(3), 224-239. https://doi.org/10.1093/idpl/ipy018
Cramer-Flood, E. (2023). Worldwide Digital Ad Spending 2023. eMarketer. Retrieved 22 May from https://www.insiderintelligence.com/content/worldwide-digital-ad-spending-2023
Davies, S. (2020). Time for trust, The trillion-dollar reasons to rethink blockchain. PwC. https://www.pwc.com/gx/en/industries/technology/publications/blockchain-report-transform-business-economy.html
Dörnyei, K. R. (2021). Marketing Professionals’ Views on Online Advertising Fraud. Journal of Current Issues & Research in Advertising, 42(2), 156-174. https://doi.org/10.1080/10641734.2020.1737276
Dylan, Y., Peter, M., Nik, R., & Karen, S. (2018). Blockchain Technology Overview. In: NIST Interagency/Internal Report (NISTIR), National Institute of Standards and Technology, Gaithersburg, MD.
Garg, S., Gupta, S., & Gupta, B. (2022). Impacts of Blockchain on Digital Marketing. In A. K. Nagar, D. S. Jat, G. Marín-Raventós, & D. K. Mishra, Intelligent Sustainable Systems Singapore.
Geradin, D., Katsifis, D., & Karanikioti, T. (2021). Google as a de facto privacy regulator: analysing the Privacy Sandbox from an antitrust perspective. European Competition Journal, 17(3), 617-681. https://doi.org/10.1080/17441056.2021.1930450
Gordon, B. R., Jerath, K., Katona, Z., Narayanan, S., Shin, J., & Wilbur, K. C. (2020). Inefficiencies in Digital Advertising Markets. Journal of Marketing, 85(1), 7-25. https://doi.org/10.1177/0022242920913236
Gorkhali, A., Li, L., & Shrestha, A. (2020). Blockchain: a literature review. Journal of Management Analytics, 7(No. 3), 321-343.
ITU. (2021). Individuals using the Internet (% of population). International Telecommunication Union. Retrieved 22 May from https://data.worldbank.org/indicator/IT.NET.USER.ZS
Jain, D., Dash, M. K., Kumar, A., & Luthra, S. (2021). How is Blockchain used in marketing: A review and research agenda. International Journal of Information Management Data Insights, 1(2), 100044. https://doi.org/https://doi.org/10.1016/j.jjimei.2021.100044
Lashkari, B., & Musilek, P. (2021). A Comprehensive Review of Blockchain Consensus Mechanisms. IEEE Access ( Volume: 9), 43620 - 43652.
Mik, E. (2017). Smart contracts: terminology, technical limitations and real world complexity. Law, Innovation and Technology, 9(2), 296-300.
Miroglio, B., Zeber, D., Kaye, J., & Weiss, R. (2018). The Effect of Ad Blocking on User Engagement with the Web Proceedings of the 2018 World Wide Web Conference, Lyon, France. https://doi.org/10.1145/3178876.3186162
Monrat, A. A., Schelén, O., & Andersson, K. (2019). A Survey of Blockchain From the Perspectives of Applications, Challenges, and Opportunities. IEEE Access, 7, 117134-117151. https://doi.org/10.1109/ACCESS.2019.2936094
Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Decentralized business review, 21260.
Oliva, G. A., Hassan, A. E., & Jiang, Z. M. (2020). An exploratory study of smart contracts in the Ethereum blockchain platform. Empirical Software Engineering, 25, 1864–1904
Pärssinen, M., Kotila, M., Rumin, R. C., Phansalkar, A., & Manner, J. (2018). Is Blockchain Ready to Revolutionize Online Advertising? IEEE Access, 6, 54884-54899. https://doi.org/10.1109/ACCESS.2018.2872694
Peres, R., Schreier, M., Schweidel, D. A., & Sorescu, A. (2023). Blockchain meets marketing: Opportunities, threats, and avenues for future research. International Journal of Research in Marketing, 40(1), 1-11. https://doi.org/https://doi.org/10.1016/j.ijresmar.2022.08.001
Rabby, F., Chimhundu, R., & Hassan, R. (2022a). Blockchain-Enabled Trust Management for Digital Marketing in the Industry 4.0 Era. In Y. Maleh, L. a. Tawalbeh, S. Motahhir, & A. S. Hafid (Eds.), Advances in Blockchain Technology for Cyber Physical Systems (pp. 303-321). Springer International Publishing. https://doi.org/10.1007/978-3-030-93646-4_14
Rabby, F., Chimhundu, R., & Hassan, R. (2022b). Blockchain Technology Transforms Digital Marketing by Growing Consumer Trust. In S. M. Idrees & M. Nowostawski (Eds.), Transformations Through Blockchain Technology : The New Digital Revolution (pp. 265-289). Springer International Publishing. https://doi.org/10.1007/978-3-030-93344-9_12
Rejeb, A., Keogh, J. G., & Treiblmaier, H. (2020). How Blockchain Technology Can Benefit Marketing: Six Pending Research Areas [Review]. Frontiers in Blockchain, 3. https://doi.org/10.3389/fbloc.2020.00003
Respati, R. E., & Irwansyah, I. (2020, 6-7 November 2019). Ad-Blocking Threats on Online Advertising Proceedings of 3rd International Conference on Strategic and Global Studies, ICSGS 2019, Sari Pacific, Jakarta, Indonesia.
Sadeghpour, S., & Vlajic, N. (2021). Click Fraud in Digital Advertising: A Comprehensive Survey. Computers, 10(12), 164. https://www.mdpi.com/2073-431X/10/12/164
Sihi, D. (2020). Impacts of Blockchain Technology in Marketing. In F. J. Martínez-López & S. D'Alessandro, Advances in Digital Marketing and eCommerce Cham.
Truby, J. (2018). Decarbonizing Bitcoin: Law and policy choices for reducing the energy consumption of Blockchain technologies and digital currencies. Energy Research & Social Science, 44, 399-410. https://doi.org/https://doi.org/10.1016/j.erss.2018.06.009
Wasiq, M., Bashar, A., Akmal, S., Rabbani, M. R., Saifi, M. A., Nawaz, N., & Nasef, Y. T. (2023). Adoption and Applications of Blockchain Technology in Marketing: A Retrospective Overview and Bibliometric Analysis. Sustainability, 15(4), 3279. https://www.mdpi.com/2071-1050/15/4/3279
Zheng, X. R., & Lu, Y. (2021). Blockchain technology – recent research and future trend. Enterprise Information Systems.
Zheng, Z., Xie, S., Dai, H.-N., Chen, W., Chen, X., Weng, J., & Imran, M. (2020). An overview on smart contracts: Challenges, advances and platforms. Future Generation Computer Systems, 105, 475-491.
Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017, 25-30 June 2017). An Overview of Blockchain Technology: Architecture, Consensus, and Future Trends. 2017 IEEE International Congress on Big Data (BigData Congress),