The Role of Blockchain Technology in the Transformation of Digital Marketing

With the advent of the Internet and the accelerated development of information and communication technologies (Cloud Computing, Big Data, etc.), marketing has changed forever. However, it will soon be going soon it will be going through another revolution, largely due to the potential of Blockchain technology. In order for the exchange (transaction) to be carried out to the satisfaction of both entities, there must be trust between them. Unless the entities trust each other, they usually find a solution by hiring a third entity, called an intermediary. At its core, Blockchain enables transactions between two parties without the need for third party verification. If a transaction means any business transaction of transferring ownership of goods or money (securities) from one entity to another, then Blockchain is an alternative way of exchanging and recording transactions by which it is carried out to the satisfaction of both entities, without intermediaries and without the need to trust each other. One of the more significant aspects of applying Blockchain technology is that it gives consumers back control of their personal information, eliminating the possibility for companies to take data from customers without offering them compensation. The aim of this paper is to highlight the potential of Blockchain technology, which puts customers in an even more favorable position, but also enables merchants to access non-intermediary customers such as Google, Facebook, etc. Another aspect of the application of Blockchain technology will be discussed in the paper, which concerns the possibility that customers have all relevant and true (i.e, non-changeable information due to the security provided by Blockchain technology) information about the origin of the products they purchase.