Concerns over the protection of personal data is a conversation that’s not going to fade anytime soon. Our CMO Paul Neto writes about some ways that market researchers can start to establish trust with consumers and approach data collection more ethically. His latest article for the Greenbook blog, called “Based in Blockchain - Building an Ecosystem of Trust,” dives into how blockchain can deliver a “win-win” for all parties involved - including researchers and respondents.
The editor’s note for the piece sums up the content of the article and the importance of the topic well. “There is no doubt that there is a great opportunity for marketers in the insights derived from integrating a variety of passively-collected and survey information from individuals. At the same time, there is no reason to expect people to happily turn this information over to marketers unless they are fairly compensated for it, and can expect the information to be kept private and secure. Blockchain is a crucial technology that can deliver a win-win for all parties in the exchange. Paul Neto writes passionately here about the trust that blockchain can provide.”
Paul writes about how a blockchain-powered environment can start to address many of the concerns surrounding privacy, citing some numbers from our latest pilot project as supporting evidence. He believes that there are some key environmental factors, some of which are intrinsic to blockchain, that encourage data sharing. These include:
- Providing a positive and predictable user experience that is transparent, making users more likely to connect, build trust and share information.
- Building an environment that goes above and beyond to protect privacy, giving users more control and then clearly communicating this priority to users.
- Data is valuable and people are beginning to realize this. Participation rates will rise when respondents are fairly compensated.
Paul goes into detail on each of these points in the complete article, closing out with: “A blockchain-powered environment intrinsically encourages the ticking of all of the above boxes. While consumers don’t care about blockchain per se, nor should they, they are very responsive to the benefits of transparency and accountability. If these can be communicated well to consumers, and demonstrated within a positive experience, they are willing to participate or (at minimum) are better educated surrounding the opportunity or tradeoff.”