The compartmentalization of the data shared through the blockchain network, or structured into blocks, such that each block contains a transaction or bundle of transactions to ensure the protection of data termed as the digital approach. This feature ensures that there is no single point of failure, and a single user cannot change the record of transactions.
Published in Chapter:
Blockchain for Transformation in Digital Marketing
Parminder Varma (Chitkara Business School, Chitkara University, India), Shivinder Nijjer (Chitkara Business School, Chitkara University, India), Bhalinder Kaur (BBSBEC, India), and
SANDHIR SHARMA (Chitkara Business School, Chitkara University, India)
Copyright: © 2022
|Pages: 25
DOI: 10.4018/978-1-7998-7545-1.ch012
Abstract
Today, an increasing number of firms are embracing blockchain as part of their efforts to achieve operational efficiency and improve performance, thereby acting as a catalyst to bring about digital transformation. Gartner listed blockchain as the most promising technology in digital marketing in the year 2019. Blockchain is driving digital transformation by forcing organizations to rethink how they operate, in terms of identifying ineffectiveness of traditional approaches to doing business, to address their business needs, promote innovation, and through establishment of standard frameworks. Blockchain shows massive disruption potential in the area of customer relationship management and enhancing consumer experience, besides improving trust, security, and privacy. Therefore, this chapter focuses on providing an enlightenment on how blockchain can specifically address the areas of transformation in digital marketing, prominent frameworks in use, and listing the benefits and challenges of implementing this technology.