Abstract

Author:
Abiodun Akinoso, Stephen Osawaru Eloghosa, Ejuma Martha Adaga, Adekunle Abiola Abdul, Andrew Ifesinachi Daraojimba, Abimbola Oluwatoyin Adegbite

Doi: 10.26480/mbmj.01.2024.27.37

This is an open access article distributed under the Creative Commons Attribution License CC BY 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

This paper presents a comprehensive review of the role of block chain technology in marketing, focusing on its potential to enhance transparency and build consumer trust. The primary objective is to explore how block chain, as an emerging technology, can revolutionize marketing practices by offering unparalleled transparency and security, thereby fostering trust among consumers. The methodology involves a systematic analysis of existing literature and case studies that demonstrate the application of block chain in various marketing scenarios. Key findings suggest that block chain technology can significantly impact marketing strategies by providing transparent, tamper-proof systems for tracking product origins, supply chain management, and authenticating product quality. This transparency addresses consumer concerns about product authenticity and corporate responsibility, leading to increased consumer trust. Furthermore, blockchain’s decentralized nature offers a new paradigm for consumer data management, ensuring data security and privacy, which is crucial in the digital marketing era. The paper also discusses the challenges and limitations of integrating blockchain into marketing practices, including technological complexity, scalability issues, and regulatory uncertainties. Despite these challenges, the potential benefits of blockchain in enhancing transparency and trust in marketing are substantial. In conclusion, blockchain technology holds great promise for transforming marketing practices by enhancing transparency and trust. Its application can lead to more ethical, consumer-centric marketing strategies, ultimately benefiting both businesses and consumers. The paper suggests that further research and development are essential for realizing the full potential of blockchain in marketing.