Blockchain Market Research
“Satoshi Nakamoto” created the blockchain in 2008. The name is a pseudonym for an individual or group of people – the real creator(s) of this ingenious invention is unknown. The blockchain is a type of database that records an ongoing list of tamper-proof records. Blockchain technology has become the mainstay of a new kind of Internet. The blockchain lets users distribute digital information. Once this is in motion, others can’t copy it. Satoshi originally intended this technology for Bitcoin. The tech community is now finding other potential uses for it.
Banks and other financial institutions such as insurers have already embraced blockchain technology. Credit card companies and banks charge trillions of dollars for intermediary services. These services include fraud checking and clearing payments. Moving to blockchain systems can automate much of this, bringing down costs.
Blockchain technology allows the development of operational and business processes for private enterprises. This development was not possible before. The financial ecosystem will undergo a revolution. It will become far more competitive. It will call for different business models to build value in new ways.
Another blockchain opportunity is its ability to make smart contracts possible. These contracts are blocks of code. They allow specific digital processes to occur only when one or both parties meet certain conditions. Developers who introduce supply chain management to smart contracts model will profit. They can add manufacturing and other sectors to this model. The blockchain will also help to reform those industries.
Blockchains are having trouble supporting large numbers of users on the network. The major blockchain networks, Ethereum and Bitcoin, have faced reduced transaction speeds. They have also levied higher fees per transaction. Both cases were due to the considerable increase in the number of users. Developers must address scalability concerns for widespread adoption to take place.
The blockchain will also face regulatory challenges. The blockchain reduces oversight, making it difficult for central banks to check it. Decentralized systems are not very resilient to industry upheavals. Unless developers give careful thought to its design, crises will impact participants. Blockchain applications should work within existing regulatory structures and not outside of them.
A third challenge is that the “establishment” has an interest in blockchain failing. The financial industry has shown apparent interest in adopting blockchain technology. Still, it’s evident that industry players want the entire blockchain to disappear. Financial institutions have a lot of lobbying power. Industry players can decide that the blockchain is not in their interest. If that happens, they can either kill it or reduce its effectiveness and availability.
How Market Research Can Help
Blockchain technology is still in its infancy. Existing technology can process up to ten thousand times more transactions per second. Blockchain adoption also requires many people using it to be effective. The returns, to both consumers and businesses, will be huge. However, setting up the appropriate frameworks to support blockchain technology will take time.
The primary challenge with market research is the quality of data received. The industry has always relied on the interviewer to get the type of respondent needed. This type of system has been set up for failure. Researchers never got to know the respondents. They were never able to check their eligibility.
Blockchain can make data-driven marketing more transparent. It analyzes and authenticates every consumer’s journey through verified ad delivery. In this way, the advertiser can confirm that a real person saw the ad. Blockchain marketing reduces ad fraud from computer bots. It affirms that real consumers and followers are engaging with their ads. Marketers will be able to control asset delivery by monitoring their ad placements. Blockchain also ensures proper ad engagement tracking. This tracking will lead to more precise digital attribution.
Soon, a common question among marketers will be, “What’s your blockchain strategy?” The blockchain will cause a significant shift in business and marketing, similar to that wrought by the Internet in the 1990s.
About SIS FinTech Market Research & Strategy Consulting
SIS provides trailblazing FinTech Research and Strategy solutions for tomorrow’s FinTech leaders. We conduct Strategy Research, Insights, Data, Consulting and Go To Market Strategy. We advance our clients’ innovation in Artificial Intelligence, Blockchain, Mobile Applications, Cloud Computing, Big Data and Analytics. We deliver Business Model Innovation, Digital Transformation, Market Opportunity and Competitive Strategy.