Blockchain-enabled advances (BEAs): Implications for consumers and brands

Abstract

Blockchain-enabled advances (BEAs) are state-of-the-art innovations based on blockchain technology. Recent years have witnessed the proliferation of the four BEAs: smart contracts, cryptocurrencies, play-to-earn games, and non-fungible tokens. These BEAs have implications for the marketing field as they affect consumers and brands. We propose a novel theoretical framework that articulates how the principles that underpin BEAs can impact consumers and then explains how brands can use BEAs to innovate their products and services. The core principles of blockchain technology, as well as enhanced digital connectivity, imply that consumers can become more in control of their data and privacy rights, responsible for their choices, and digitally connected. To cater to consumers, brands can use BEAs to roll out technology-focused service innovations, customer-focused service innovations, and product innovations. Based on this perspective, we then advance ten future research questions. This article aims to advance the nascent field of blockchain in marketing.