Crypto-currency and blockchain have received a lot of attention in the media lately. Bitcoin rose in 2017 and its value has been falling steadily in 2018.
What is blockchain?
How will blockchain impact market research?
As distributed ledger technology gains popularity, blockchain will disrupt market research. Block-chain based research companies are beginning to emerge and 2018 may be the year that the solution gains momentum.
Customers will have more control over their personal data, which could help build trust with brands. Blockchain is set to to have a wide impact across businesses, there will be records of information that market researchers can analyse to gain insight on customer behaviour. With advancements in AI technology and the reduced costs of data storage, market researchers will be able to store and analyse more data to improve their understanding of the customer.
Blockchain adds more heat to the argument that market researchers need to add more value through critical insight. Blockchain will provide information on the respondents such as demographics and behavioural information, which is accurate. Blockchain can authenticate the information we are provided and reduce the fake data given. Blockchain is also a threat to market research as researchers are the 'middlemen' between clients and customers. Clients will be able to see for themselves transparent information on their product's move.
How can you see blockchain influencing market research?