IDEAS home Printed from https://ideas.repec.org/a/eee/jbrese/v160y2023ics0148296323001212.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0148296323001212
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jbusres.2023.113763?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Joel A. C. Baum & Tony Calabrese & Brian S. Silverman, 2000. "Don't go it alone: alliance network composition and startups' performance in Canadian biotechnology," Strategic Management Journal, Wiley Blackwell, vol. 21(3), pages 267-294, March.
    2. Rainer Böhme & Nicolas Christin & Benjamin Edelman & Tyler Moore, 2015. "Bitcoin: Economics, Technology, and Governance," Journal of Economic Perspectives, American Economic Association, vol. 29(2), pages 213-238, Spring.
    3. Mark R. Gleim & Jennifer L. Stevens, 2021. "Blockchain: a game changer for marketers?," Marketing Letters, Springer, vol. 32(1), pages 123-128, March.
    4. Jiri Chod & Nikolaos Trichakis & Gerry Tsoukalas & Henry Aspegren & Mark Weber, 2020. "On the Financing Benefits of Supply Chain Transparency and Blockchain Adoption," Management Science, INFORMS, vol. 66(10), pages 4378-4396, October.
    5. Pazaitis, Alex & De Filippi, Primavera & Kostakis, Vasilis, 2017. "Blockchain and value systems in the sharing economy: The illustrative case of Backfeed," Technological Forecasting and Social Change, Elsevier, vol. 125(C), pages 105-115.
    6. Gligor, David M. & Pillai, Kishore Gopalakrishna & Golgeci, Ismail, 2021. "Theorizing the dark side of business-to-business relationships in the era of AI, big data, and blockchain," Journal of Business Research, Elsevier, vol. 133(C), pages 79-88.
    7. Edeling, Alexander & Srinivasan, Shuba & Hanssens, Dominique M., 2021. "The marketing–finance interface: A new integrative review of metrics, methods, and findings and an agenda for future research," International Journal of Research in Marketing, Elsevier, vol. 38(4), pages 857-876.
    8. Reto Hofstetter & Emanuel Bellis & Leif Brandes & Melanie Clegg & Cait Lamberton & David Reibstein & Felicia Rohlfsen & Bernd Schmitt & John Z. Zhang, 2022. "Crypto-marketing: how non-fungible tokens (NFTs) challenge traditional marketing," Marketing Letters, Springer, vol. 33(4), pages 705-711, December.
    9. de Villiers, Charl & Kuruppu, Sanjaya & Dissanayake, Dinithi, 2021. "A (new) role for business – Promoting the United Nations’ Sustainable Development Goals through the internet-of-things and blockchain technology," Journal of Business Research, Elsevier, vol. 131(C), pages 598-609.
    10. Alina Sorescu & Nooshin L. Warren & Larisa Ertekin, 2017. "Event study methodology in the marketing literature: an overview," Journal of the Academy of Marketing Science, Springer, vol. 45(2), pages 186-207, March.
    11. Alex Pazaitis & Primavera De Filippi & Vasilis Kostakis, 2017. "Blockchain and Value Systems in the Sharing Economy: The Illustrative Case of Backfeed," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 73, TUT Ragnar Nurkse Department of Innovation and Governance.
    12. Bleier, Alexander & Goldfarb, Avi & Tucker, Catherine, 2020. "Consumer privacy and the future of data-based innovation and marketing," International Journal of Research in Marketing, Elsevier, vol. 37(3), pages 466-480.
    13. Camilo Mora & Randi L. Rollins & Katie Taladay & Michael B. Kantar & Mason K. Chock & Mio Shimada & Erik C. Franklin, 2018. "Bitcoin emissions alone could push global warming above 2°C," Nature Climate Change, Nature, vol. 8(11), pages 931-933, November.
    14. Morkunas, Vida J. & Paschen, Jeannette & Boon, Edward, 2019. "How blockchain technologies impact your business model," Business Horizons, Elsevier, vol. 62(3), pages 295-306.
    15. Dehghani, Milad & William Kennedy, Ryan & Mashatan, Atefeh & Rese, Alexandra & Karavidas, Dionysios, 2022. "High interest, low adoption. A mixed-method investigation into the factors influencing organisational adoption of blockchain technology," Journal of Business Research, Elsevier, vol. 149(C), pages 393-411.
    16. Dwivedi, Yogesh K. & Balakrishnan, Janarthanan & Das, Ronnie & Dutot, Vincent, 2023. "Resistance to innovation: A dynamic capability model based enquiry into retailers’ resistance to blockchain adaptation," Journal of Business Research, Elsevier, vol. 157(C).
    17. Wakelin, Katharine, 2001. "Productivity growth and R&D expenditure in UK manufacturing firms," Research Policy, Elsevier, vol. 30(7), pages 1079-1090, August.
    18. Kevin Lane Keller & Donald R. Lehmann, 2006. "Brands and Branding: Research Findings and Future Priorities," Marketing Science, INFORMS, vol. 25(6), pages 740-759, 11-12.
    19. Alex Pazaitis & Primavera de Filippi & Vasilis Kostakis, 2017. "Blockchain and value systems in the sharing economy: The illustrative case of Backfeed," Post-Print hal-01676881, HAL.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Goldberg, Mitchell & Schär, Fabian, 2023. "Metaverse governance: An empirical analysis of voting within Decentralized Autonomous Organizations," Journal of Business Research, Elsevier, vol. 160(C).
    2. Tandon, Anushree & Kaur, Puneet & Mäntymäki, Matti & Dhir, Amandeep, 2021. "Blockchain applications in management: A bibliometric analysis and literature review," Technological Forecasting and Social Change, Elsevier, vol. 166(C).
    3. Lee, Jei Young, 2019. "A decentralized token economy: How blockchain and cryptocurrency can revolutionize business," Business Horizons, Elsevier, vol. 62(6), pages 773-784.
    4. Latan, Hengky & Lopes de Sousa Jabbour, Ana Beatriz & Sarkis, Joseph & Chiappetta Jabbour, Charbel Jose & Ali, Murad, 2024. "The nexus of supply chain performance and blockchain technology in the digitalization era: Insights from a fast-growing economy," Journal of Business Research, Elsevier, vol. 172(C).
    5. Lennart Ante, 2020. "A place next to Satoshi: foundations of blockchain and cryptocurrency research in business and economics," Scientometrics, Springer;Akadémiai Kiadó, vol. 124(2), pages 1305-1333, August.
    6. Hughes, Alex & Park, Andrew & Kietzmann, Jan & Archer-Brown, Chris, 2019. "Beyond Bitcoin: What blockchain and distributed ledger technologies mean for firms," Business Horizons, Elsevier, vol. 62(3), pages 273-281.
    7. Giuliano Sansone & Flavio Santalucia & Davide Viglialoro & Paolo Landoni, 2023. "Blockchain for social good and stakeholder engagement: Evidence from a case study," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2182-2193, September.
    8. Min Xu & Xingtong Chen & Gang Kou, 2019. "A systematic review of blockchain," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 5(1), pages 1-14, December.
    9. Garg, Poonam & Gupta, Bhumika & Chauhan, Ajay Kumar & Sivarajah, Uthayasankar & Gupta, Shivam & Modgil, Sachin, 2021. "Measuring the perceived benefits of implementing blockchain technology in the banking sector," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    10. García-Monleón, Fernando & Danvila-del-Valle, Ignacio & Lara, Francisco J., 2021. "Intrinsic value in crypto currencies," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
    11. Pólvora, Alexandre & Nascimento, Susana & Lourenço, Joana S. & Scapolo, Fabiana, 2020. "Blockchain for industrial transformations: A forward-looking approach with multi-stakeholder engagement for policy advice," Technological Forecasting and Social Change, Elsevier, vol. 157(C).
    12. Leng, Jiewu & Ruan, Guolei & Jiang, Pingyu & Xu, Kailin & Liu, Qiang & Zhou, Xueliang & Liu, Chao, 2020. "Blockchain-empowered sustainable manufacturing and product lifecycle management in industry 4.0: A survey," Renewable and Sustainable Energy Reviews, Elsevier, vol. 132(C).
    13. Plinio Limata, 2020. "Blockchain and Institutions (I): trust and (de)centralization," CERBE Working Papers wpC35, CERBE Center for Relationship Banking and Economics.
    14. Emmanuelle Reuter, 2022. "Hybrid business models in the sharing economy: The role of business model design for managing the environmental paradox," Business Strategy and the Environment, Wiley Blackwell, vol. 31(2), pages 603-618, February.
    15. Islam, A.K.M. Najmul & Mäntymäki, Matti & Turunen, Marja, 2019. "Why do blockchains split? An actor-network perspective on Bitcoin splits," Technological Forecasting and Social Change, Elsevier, vol. 148(C).
    16. Kajikawa, Yuya & Mejia, Cristian & Wu, Mengjia & Zhang, Yi, 2022. "Academic landscape of Technological Forecasting and Social Change through citation network and topic analyses," Technological Forecasting and Social Change, Elsevier, vol. 182(C).
    17. Nallapaneni Manoj Kumar & Shauhrat S. Chopra, 2022. "Leveraging Blockchain and Smart Contract Technologies to Overcome Circular Economy Implementation Challenges," Sustainability, MDPI, vol. 14(15), pages 1-18, August.
    18. Jaković Božidar & Ćurlin Tamara & Miloloža Ivan, 2021. "Enterprise Digital Divide: Website e-Commerce Functionalities among European Union Enterprises," Business Systems Research, Sciendo, vol. 12(1), pages 197-215, May.
    19. Friedman, Nicola & Ormiston, Jarrod, 2022. "Blockchain as a sustainability-oriented innovation?: Opportunities for and resistance to Blockchain technology as a driver of sustainability in global food supply chains," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
    20. Fernandes, Bruno & Chimenti, Paula & Nogueira, Roberto, 2020. "A taxonomy of initiatives at work in the sharing economy," Australasian marketing journal, Elsevier, vol. 28(3), pages 81-86.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jbrese:v:160:y:2023:i:c:s0148296323001212. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jbusres .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.