As use of blockchain continues to spread among multiple industries, going well beyond cryptocurrency, it warrants examining the promise of this technology - and consumer behavior - a little bit more closely. We are well-positioned in the market research space to gain a deep understanding of how blockchain can meet consumer demands. In our latest article for Research Live, CMO Paul Neto discusses how “the market research industry is in a particularly strong position when it comes to understanding its [blockchain’s] promise, as well as taking advantage of greater transparency and efficiency.”
After giving a short background of more well-known applications of blockchain - such as Facebook’s Libra and Wal-Mart’s food supply chain requirements - he dives into how researchers can start to uncover its benefits. He writes: “Blockchain is particularly efficient at disintermediating middlemen, making this a prime industry to have a positive impact and bring the brand closer to the consumer.” He goes on to cover how how blockchain simplifies the process of relaying information, while also being transparent. This is a great benefit for consumers, as blockchain continues to become more mainstream. Paul says, “Consumers don’t necessarily care about blockchain, nor do they understand it, but they do understand privacy, data ownership, transparency and better compensation for their data.”
Beyond the market research industry, Paul touches on the possibility of expansion into other areas such as digital advertising, AI and for brands looking to build transparency and accountability into their core values. Blockchain can assist these three spaces by building integrity, decreasing fraud, increasing transparency, and overall helping keep their supply chains clean. He specifically says, “It’s clear that consumers are waking up to the value of their data and the increasing need for privacy. This new level of awareness will drive demand for new solutions, such as blockchain, to address these concerns head-on.”
To conclude his article Paul simply writes, “Blockchain lends itself well to research and can also solve prevailing consumer data concerns in related industries.” A deep understanding of the consumer through market research and the future success of blockchain go hand-in-hand.
You can read the complete article at: https://www.research-live.com/article/opinion/beyond-cryptocurrency-blockchain-boosts-quality-in-market-research/id/5058472