DOI: https://doi.org/10.32515/2663-1636.2024.11(44).156-165
Blockchain Technology as an Element of Digital Marketing in Web3
About the Authors
Olena Moroz, Associate professor, PhD in Economics (Candidate of economic sciences), Associate Professor of Business Administration, Marketing and Tourism Department, Kremenchuk Mykhailo Ostrohradskyi National University, Kremenchuk, Ukraine, ORCID: https://orcid.org/0000-0003-4383-1544, e-mail: alenamrz@gmail.com
Kateryna Liashenko, student, Kremenchuk Mykhailo Ostrohradskyi National University, Kremenchuk, Ukraine, ORCID: https://orcid.org/0009-0007-5766-6742, e-mail: lkate9961@gmail.com
Maxim Kovalenko, - student, Vadym Hetman Kyiv National Economic University, Kyiv, Ukraine, ORCID: https://orcid.org/0000-0001-6497-8217, e-mail: Kilenktor.maks@gmail.com
Abstract
The article discusses the use of blockchain technology in the field of digital marketing, which has become possible in the context of Web 3 development. The study analyzes both the advantages and potential risks associated with the integration of blockchain into the marketing activities of companies, especially in the context of the new generation of the Internet - Web 3. It was found that the growing popularity of Web 3.0 and blockchain opens up new opportunities for marketing. These technologies can help brands build consumer trust, optimize advertising costs, increase the overall effectiveness of marketing campaigns, and create new opportunities for consumer interaction.
The study showed that blockchain has a number of advantages for marketing, such as transparency of transactions, data protection, fraud prevention, absence of intermediaries, increased content monetization, smart contracts for automated companies, and decentralized marketplaces. However, disadvantages such as complexity of integration, low transaction and scaling speed, high implementation cost, and the need for a significant amount of energy have been identified. The article focuses on the blockchain's potential to combat counterfeiting and increase the transparency of advertising campaigns. The prospects for creating unique loyalty programs through tokenization and the use of NFTs, which allows companies to form deeper and more personal connections with customers, are also highlighted. The results are substantiated by practical cases of well-known brands that demonstrate the practical application of these technologies and emphasize their importance for modern digital marketing.
The article emphasizes the potential role of blockchain in the transformation of the marketing industry, pointing out the need for marketers to adapt to the new reality to achieve a competitive advantage. Understanding and implementing these innovative technologies can help increase the effectiveness of marketing strategies and create a more attractive environment for consumers.
Keywords
blockchain, digital marketing, Web 3, security
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References
1. Moroz, O., Zbyranyk, O., & Haikova, T. (2022). Creative advertising as a tool of digital marketing technologies. Visnyk KrNU imeni Mykhaila Ostrohradskoho, 6 (137), 93–98. [in Ukrainian]. DOI: 10.32782/1995-0519.2023.1.13
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7. Forbes. (2024, March 30). Cybersecurity Stats: Facts And Figures You Should Know. Retrieved from https://www.forbes.com/advisor/education/it-and-tech/cybersecurity-statistics/
8. Garg, S., Gupta, S., & Gupta, B. (2022). Impacts of Blockchain on Digital Marketing. In Intelligent Sustainable Systems: Selected Papers of WorldS4 2021 (Vol. 1, pp. 209–217). Singapore: Springer.
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10. Influencer Marketing Hub. (2024, March 30). Everything You Need to Know About Blockchain Marketing. Retrieved from https://influencermarketinghub.com/blockchain-marketing/
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12. Järvekülg, M., Ibrus, I., & Rohn, U. (2023). Shifting from Web2 to Web3: The Adaptive Creator Experiences on Blockchain-Based Video-Sharing and Streaming Platforms. Convergence, 9(13548565231214184).
13. Khan, H., & Kushwah, K. K. (2021). Blockchain and the Future of Digital Marketing. In Blockchain Technology and Applications for Digital Marketing (pp. 250–275). IGI Global.
14. Loyyal. (2024, March 30). Retrieved from https://loyyal.com/
15. Rabby, F., Chimhundu, R., & Hassan, R. (2022). Blockchain Technology Transforms Digital Marketing by Growing Consumer Trust. Transform. Through Blockchain Technol., 265–289.
16. RTFKT. (2024, March 30). Retrieved from https://rtfkt.com/
17. SmartMedia Technologies. (2024, March 30). Retrieved from https://www.smartmediatech.io/
18. Zipdo. (2024, March 30). Essential Blockchain In Marketing Statistics In 2024. Retrieved from https://zipdo.co/statistics.
Citations
1. Мороз О., Збираник О., Гайкова Т. Креативна реклама як інструмент цифрових маркетингових технологій. Вісник КрНУ імені Михайла Остроградського. Кременчук: КрНУ, 2022. Вип. 6 (137). С. 93–98. DOI: 10.32782/1995-0519.2023.1.13
2. Adidas Metaverse. Available at: https://www.adidas.com/metaverse (Дата зверненння: 01.03 2024).
3. BitClave. Available at: https://ua.linkedin.com/company/bitclave (Дата зверненння: 30.03.2024).
4. Brave. Available at: https://brave.com/ (Дата зверненння: 30.03.2024).
5. Covalent. How Nike won with NFTs. Available at: https://www.covalenthq.com/blog/how-nike-won-with-nfts/ (Дата зверненння: 28.03.2024).
6. Finance online. 51 Critical Blockchain Statistics: 2024 Data Analysis & Market Share. URL: https://financesonline.com/blockchain-statistics/ (дата звернення: 30.03.2024).
7. Forbes. Cybersecurity Stats: Facts and Figures You Should Know. URL: https://www.forbes.com/advisor/education/it-and-tech/cybersecurity-statistics/ (Дата зверненння: 30.03.2024).
8. Garg, Sachin; Gupta, Sachin; Gupta, Bhoomi. Impacts of Blockchain on Digital Marketing. In: Intelligent Sustainable Systems: Selected Papers of WorldS4 2021. Vol. 1. Springer Singapore, 2022, pp. 209-217.
9. IBM. Available at: https://www.ibm.com/us-en (Дата зверненння: 30.03.2024).
10. Influencer Marketing Hub. Everything You Need to Know About Blockchain Marketing. URL: https://influencermarketinghub.com/blockchain-marketing/ (Дата звернення: 30.03.2024).
11. J. Brauer, B. Linnala Eriksson, Blockchain’s influence on digital marketing: An exploratory study examining Blockchain in relation to big data and digital marketing, in DIVA, 2020. URL: http://www.diva-portal.org/smash/record.jsf?pid=diva2%3A1446822 (Дата звернення: 30.03.2024).
12. Järvekülg M, Ibrus I, Rohn U. Shifting from Web2 to Web3: The adaptive creator experiences on blockchain-based video-sharing and streaming platforms. Convergence. 2023 Nov 9:13548565231214184.
13. Khan, Hameed; Kushwah, Kamal Kumar. Blockchain and the Future of Digital Marketing. In: Blockchain Technology and Applications for Digital Marketing. IGI Global, 2021, pp. 250-275.
14. Loyyal. Available at: https://loyyal.com/ (Дата зверненння: 30.03.2024).
15. Rabby, F.; Chimhundu, R.; Hassan, R. Blockchain Technology Transforms Digital Marketing by Growing Consumer Trust. Transform. Through Blockchain Technol. 2022, 265–289.
16. RTFKT. Available at: https://rtfkt.com/ (Дата зверненння: 30.03.2024).
17. SmartMedia Techologies. Available at: https://www.smartmediatech.io/ (Дата зверненння: 30.03.2024).
18. Zipdo. Essential Blockchain In Marketing Statistics In 2024. URL: https://zipdo.co/statistics/blockchain-in-marketing/ (Дата зверненння: 30.03.2024).
Copyright (c) 2024 Olena Moroz, Kateryna Liashenko, Maxim Kovalenko
Blockchain Technology as an Element of Digital Marketing in Web3
About the Authors
Olena Moroz, Associate professor, PhD in Economics (Candidate of economic sciences), Associate Professor of Business Administration, Marketing and Tourism Department, Kremenchuk Mykhailo Ostrohradskyi National University, Kremenchuk, Ukraine, ORCID: https://orcid.org/0000-0003-4383-1544, e-mail: alenamrz@gmail.com
Kateryna Liashenko, student, Kremenchuk Mykhailo Ostrohradskyi National University, Kremenchuk, Ukraine, ORCID: https://orcid.org/0009-0007-5766-6742, e-mail: lkate9961@gmail.com
Maxim Kovalenko, - student, Vadym Hetman Kyiv National Economic University, Kyiv, Ukraine, ORCID: https://orcid.org/0000-0001-6497-8217, e-mail: Kilenktor.maks@gmail.com
Abstract
Keywords
Full Text:
PDFReferences
1. Moroz, O., Zbyranyk, O., & Haikova, T. (2022). Creative advertising as a tool of digital marketing technologies. Visnyk KrNU imeni Mykhaila Ostrohradskoho, 6 (137), 93–98. [in Ukrainian]. DOI: 10.32782/1995-0519.2023.1.13
2. Adidas Metaverse. (2024, March 1). Retrieved from https://www.adidas.com/metaverse
3. BitClave. (2024, March 30). Retrieved from https://ua.linkedin.com/company/bitclave
4. Brave. (2024, March 30). Retrieved from https://brave.com/
5. Covalent. (2024, March 28). How Nike won with NFTs. Retrieved from https://www.covalenthq.com/blog/how-nike-won-with-nfts/
6. Finance Online. (2024, March 30). 51 Critical Blockchain Statistics: 2024 Data Analysis & Market Share. Retrieved from https://financesonline.com/blockchain-statistics/
7. Forbes. (2024, March 30). Cybersecurity Stats: Facts And Figures You Should Know. Retrieved from https://www.forbes.com/advisor/education/it-and-tech/cybersecurity-statistics/
8. Garg, S., Gupta, S., & Gupta, B. (2022). Impacts of Blockchain on Digital Marketing. In Intelligent Sustainable Systems: Selected Papers of WorldS4 2021 (Vol. 1, pp. 209–217). Singapore: Springer.
9. IBM. (2024, March 30). Retrieved from https://www.ibm.com/us-en
10. Influencer Marketing Hub. (2024, March 30). Everything You Need to Know About Blockchain Marketing. Retrieved from https://influencermarketinghub.com/blockchain-marketing/
11. Brauer, J., & Linnala Eriksson, B. (2020). Blockchain’s Influence on Digital Marketing: An Exploratory Study Examining Blockchain in Relation to Big Data and Digital Marketing. DIVA. Retrieved from http://www.diva-portal.org/smash/record.jsf?pid=diva2%3A1446822
12. Järvekülg, M., Ibrus, I., & Rohn, U. (2023). Shifting from Web2 to Web3: The Adaptive Creator Experiences on Blockchain-Based Video-Sharing and Streaming Platforms. Convergence, 9(13548565231214184).
13. Khan, H., & Kushwah, K. K. (2021). Blockchain and the Future of Digital Marketing. In Blockchain Technology and Applications for Digital Marketing (pp. 250–275). IGI Global.
14. Loyyal. (2024, March 30). Retrieved from https://loyyal.com/
15. Rabby, F., Chimhundu, R., & Hassan, R. (2022). Blockchain Technology Transforms Digital Marketing by Growing Consumer Trust. Transform. Through Blockchain Technol., 265–289.
16. RTFKT. (2024, March 30). Retrieved from https://rtfkt.com/
17. SmartMedia Technologies. (2024, March 30). Retrieved from https://www.smartmediatech.io/
18. Zipdo. (2024, March 30). Essential Blockchain In Marketing Statistics In 2024. Retrieved from https://zipdo.co/statistics.
Citations
1. Мороз О., Збираник О., Гайкова Т. Креативна реклама як інструмент цифрових маркетингових технологій. Вісник КрНУ імені Михайла Остроградського. Кременчук: КрНУ, 2022. Вип. 6 (137). С. 93–98. DOI: 10.32782/1995-0519.2023.1.13
2. Adidas Metaverse. Available at: https://www.adidas.com/metaverse (Дата зверненння: 01.03 2024).
3. BitClave. Available at: https://ua.linkedin.com/company/bitclave (Дата зверненння: 30.03.2024).
4. Brave. Available at: https://brave.com/ (Дата зверненння: 30.03.2024).
5. Covalent. How Nike won with NFTs. Available at: https://www.covalenthq.com/blog/how-nike-won-with-nfts/ (Дата зверненння: 28.03.2024).
6. Finance online. 51 Critical Blockchain Statistics: 2024 Data Analysis & Market Share. URL: https://financesonline.com/blockchain-statistics/ (дата звернення: 30.03.2024).
7. Forbes. Cybersecurity Stats: Facts and Figures You Should Know. URL: https://www.forbes.com/advisor/education/it-and-tech/cybersecurity-statistics/ (Дата зверненння: 30.03.2024).
8. Garg, Sachin; Gupta, Sachin; Gupta, Bhoomi. Impacts of Blockchain on Digital Marketing. In: Intelligent Sustainable Systems: Selected Papers of WorldS4 2021. Vol. 1. Springer Singapore, 2022, pp. 209-217.
9. IBM. Available at: https://www.ibm.com/us-en (Дата зверненння: 30.03.2024).
10. Influencer Marketing Hub. Everything You Need to Know About Blockchain Marketing. URL: https://influencermarketinghub.com/blockchain-marketing/ (Дата звернення: 30.03.2024).
11. J. Brauer, B. Linnala Eriksson, Blockchain’s influence on digital marketing: An exploratory study examining Blockchain in relation to big data and digital marketing, in DIVA, 2020. URL: http://www.diva-portal.org/smash/record.jsf?pid=diva2%3A1446822 (Дата звернення: 30.03.2024).
12. Järvekülg M, Ibrus I, Rohn U. Shifting from Web2 to Web3: The adaptive creator experiences on blockchain-based video-sharing and streaming platforms. Convergence. 2023 Nov 9:13548565231214184.
13. Khan, Hameed; Kushwah, Kamal Kumar. Blockchain and the Future of Digital Marketing. In: Blockchain Technology and Applications for Digital Marketing. IGI Global, 2021, pp. 250-275.
14. Loyyal. Available at: https://loyyal.com/ (Дата зверненння: 30.03.2024).
15. Rabby, F.; Chimhundu, R.; Hassan, R. Blockchain Technology Transforms Digital Marketing by Growing Consumer Trust. Transform. Through Blockchain Technol. 2022, 265–289.
16. RTFKT. Available at: https://rtfkt.com/ (Дата зверненння: 30.03.2024).
17. SmartMedia Techologies. Available at: https://www.smartmediatech.io/ (Дата зверненння: 30.03.2024).
18. Zipdo. Essential Blockchain In Marketing Statistics In 2024. URL: https://zipdo.co/statistics/blockchain-in-marketing/ (Дата зверненння: 30.03.2024).