The use of blockchain technology in marketing: advantages and barriers

Blockchain technology becomes more and more important and offers great benefits to marketing. Blockchain technology fosters transparency, protects consumer data, increases trust, enables traceability of data, reduces transaction and investment costs, and provides personal products/services. However, there have been only a few implementations of blockchain technology in the field of marketing so far, because it is still not clear whether it will be the “next big thing” for companies' marketing departments or not. The objective of this study is to examine the potential advantages and barriers facing the implementation of blockchain technology in marketing. In this conceptual paper, it is asserted that blockchain technology can provide advantages to companies in their marketing activities, but also reveal the barriers during its adaptation. In this respect, this paper is expected to guide future research on the implementation of blockchain technology in marketing.