A recent report published by news agency ‘Reuters’, the blockchain technology outside cryptocurrency is expected to rise by over 60%. From identity management to online shopping, there are various potential applications. Now experts believe that market research industry can also tremendously benefit from this technology and by 2025 Blockchain will dominate the Top Market Research Company. Thanks to the higher quality information provided by this emerging technology, marketers may also be able to better capitalize on leads.
What is Blockchain actually?
Blockchain is a continuously growing list of records. Often this is termed as blockchain. These are linked and secured using cryptography. Every block contains a cryptographic hash of the previous block, a timestamp, and transaction data. In 1991, the first work on a cryptographically secured chain of blocks was described by Stuart Haber and W. Scott Stornetta.
Importance of Blockchain in Market Research
[Read more: Now Lead Generation Will Be Easier Through B2b Market Research]
- Improved data authenticity
About 58% of companies actively generate value from data, according to a recent survey conducted by the business magazine ‘Forbes’. Almost 65% of all the respondents in this survey said that analytics and data are crucial to their day-to-day operations. The whole thing works only if the data is authentic and accurate in the first place. No real value could be generated otherwise. All the pieces of data that go in are not only accurate but also virtually 100% tamper-resistant with blockchain. The entire chain will be affected if anyone is somehow able to alter anything. In such cases, all the relevant parties on the network will be alerted as well.
- Better access to related data
Blockchain will help market researchers to provide more meaning to specific pieces of data if they come with more related data as well. This is nearly the same way search engines use structured data to make better sense of websites. linking together blockchain technology can enable this data, therefore individuals and organizations no longer have to reach out to several different sources to compile and analyze the data.
- using smart contracts Block chain can by pass ad platforms
once specific conditions are met, a smart contract is simply a blockchain-powered collection of rules that automatically get enforced. Typically, this is used for financial transactions like insurance claims processing and online commerce. This also has a huge potential to revolutionize the way the world does marketing. This allows marketers to buy data directly from customers, instead of accessing this data through an ad platform, such as Google or Facebook. They automatically compensate them based on the quality and amount that they provide. This not only gives consumers power over what they share with marketers, but also provides them with an actual incentive to do so. This ensures that every penny marketers spend to get quality leads, get justified. By giving power over their data access to the consumers themselves, personal privacy is respected.
Market Quotient uses blockchain forensics to gather deep insights into the ebbs and flows of capital in cryptocurrency markets. Identifying the address, geographic location, and origin of funds on a blockchain, the forensics can flag public addresses to create a notification when a predefined activity occurs.