The entry of new technologies has upgraded the dynamics of various marketing strategies and enables it to tap a wider range of uncovered markets. In the present scenario, technology helps businesses to deeply penetrate the existing market and fetch more precise consumer information. It has much emphasis on increasing service quality, efficient management systems, and customer loyalty. In the 21st century, blockchain technology has the potential to upgrade business models across various industries. In this chapter, much emphasis has been given to how blockchain technology can potentially impact a firm's marketing strategies and present some of the applications of blockchain in the marketing domain. Applications of blockchain in marketing and its comprehensive discourse on integrating the applications of IoT system with this technology have also been covered in this chapter. It can be concluded that blockchain technology has a huge impact on a firm's marketing strategies. It will not only provide the features to consumers but assist many businesses to frame their strategies.
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The intensification of e-commerce platforms has ignited the growth of B2C commerce (business-to-consumer). The introduction of value creation processes has reshaped the organizational structures of such companies. Along with this, the entry of new technologies has upgraded the dynamics of various marketing strategies and enables it to tap a wider range of uncovered markets. Internet of Things (IoT) illustrates the latest technology that permits the clients to be coordinate with each other effectively and thus produce updated digitized services. This system provides various advantages to users and service providers. Along with this, the existing centralized mechanism introduces various issues that includes-security, transparency, data integrity one-point failure, and privacy. Such challenges are the obstacles in the upcoming developments in the area of IoT applications. Moving forward with the implementation of IoT into distributed ledger technologies (DLT) may be the correct option to settle such issues.
Here, Blockchain Technology is the most popular and common form of DLT. Based on it, blockchain applications provide a comprehensive range of innovative solutions to many business problems like security, efficiency, disintermediation, providing the immutability of data files, etc. The introduction of Blockchain Technology has engrossed the attentiveness of academicians, researchers, practitioners, and policy-makers all over the world. Due to the inherent characteristics of this technology, it will work in the future period effectively. It disrupts the way that business organizations deal irrespective of private and public sector (Pilkington (2016); Nowinski and Kozma (2017)). Most people believe that blockchain and bitcoin are the same things, but it’s not the reality. In 2008, Satoshi Nakamoto has introduced the first decentralized currency, which is popularly known as Cryptocurrency (Nakamoto,2008). BCT is an innovative technology that exhibits a tremendous growth scenario within a short interval of time (Biais et al. 2019). It has enabled the creation of a new digital currency, i.e., the cryptocurrency which has shown an exponential rise in the recent past. This currency is in more demand as this currency has been the key subject matter for academicians, researchers, practitioners, and policy-makers for considerations in various topics, such as privacy (Reid and Harrigan, 2013), safety and security (Bauer and Hein, 2012), financial regulation (Peters and Panayi, 2016), and many more fields. Numerous research studies identified the potential of the underlying technology (Blockchain Technology) used in these cryptocurrencies for various industries (Crosby et al., 2016) that showcased the disruptive role of this new technology and its various applications in business model (Casino et al., 2019). Every domain is putting much emphasis on this particular technology and tries to implement it into their respective system.