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Blockchain-enabled advances (BEAs): Implications for consumers and brands

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  • Hakkarainen, Tuuli
  • Colicev, Anatoli

Abstract

Blockchain-enabled advances (BEAs) are state-of-the-art innovations based on blockchain technology. Recent years have witnessed the proliferation of the four BEAs: smart contracts, cryptocurrencies, play-to-earn games, and non-fungible tokens. These BEAs have implications for the marketing field as they affect consumers and brands. We propose a novel theoretical framework that articulates how the principles that underpin BEAs can impact consumers and then explains how brands can use BEAs to innovate their products and services. The core principles of blockchain technology, as well as enhanced digital connectivity, imply that consumers can become more in control of their data and privacy rights, responsible for their choices, and digitally connected. To cater to consumers, brands can use BEAs to roll out technology-focused service innovations, customer-focused service innovations, and product innovations. Based on this perspective, we then advance ten future research questions. This article aims to advance the nascent field of blockchain in marketing.

Suggested Citation

  • Hakkarainen, Tuuli & Colicev, Anatoli, 2023. "Blockchain-enabled advances (BEAs): Implications for consumers and brands," Journal of Business Research, Elsevier, vol. 160(C).
    • Handle: RePEc:eee:jbrese:v:160:y:2023:i:c:s0148296323001212
    DOI: 10.1016/j.jbusres.2023.113763
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    1. Ayesha Kalhoro & Asif Ali Wagan & Abdullah Ayub Khan & Jim-Min Lin & Chin Soon Ku & Lip Yee Por & Jing Yang, 2023. "Rewarding Developers by Storing Applications on Non-Fungible Tokens," Mathematics, MDPI, vol. 11(11), pages 1-12, May.
    2. Tan, Teck Ming & Salo, Jari & Brashear Alejandro, Thomas G. & Wei-Han Tan, Garry & Ooi, Keng-Boon & Dwivedi, Yogesh K., 2024. "Guest editorial: A blockchain-based approach to marketing in the sharing economy," Journal of Business Research, Elsevier, vol. 177(C).
    3. Jan Schwiderowski & Asger Balle Pedersen & Jonas Kasper Jensen & Roman Beck, 2023. "Value creation and capture in decentralized finance markets: Non-fungible tokens as a class of digital assets," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-16, December.

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