Firms apply various technological applications to achieve their businesses objectives. Developing marketing framework (MF) has been a challenge for firms in all types of products and services. This is because firms are not sure of which MF can best suit their business practices and attain environmental sustainability. Another important reason is that there are some marketing models (MM) which are confused with the MF that leads to misinterpretation of applications. This research chapter is qualitative in nature and has two parts. The first part presents the definitions of MM and MF and presents a comparative analysis between them. The second part presents the application of blockchain for developing successful marketing framework for environmental sustainability. Results are presented by using observation methods. Analysis and are based on the firm's experience in the use of blockchain in building MF for environmental sustainability.
TopIntroduction
Blockchain is essentially a digital chain of blocks that keeps a public ledger of transactions. It’s a decentralized technology, meaning that no single person or entity owns or runs it. Because of this, there’s no middle man and the technology is much more secure (Rathore 2019). However, blockchain holds a number of cryptocurrencies, or digital money and because no one is managing the blockchain instead, it’s a public ledger kept on a network the amount of crypto one has should always be correct, and can always be trusted (Saini and Tarkar 2022).
While blockchain technology is the perfect place for creating and housing cryptocurrencies like Bitcoin and Ethereum, there are more applications than that including when it comes to marketing (Saini and Tarkar 2022).
The term “blockchain marketing,” it’s likely referring to the ability to use blockchain technology within a digital marketing strategy (Hermann 2022). While blockchain is currently used almost exclusively for buying, selling, and trading cryptocurrency (Hermann 2022).
Blockchain in marketing can create a more secure relationship between brands and their customers, allowing them to design more targeted advertisements without needing to share so much data with so many companies (Rathore 2019).