Bitcoin was created in 2009 by an unknown technologist who intended to build a global currency that worked via a decentralized, transparent and secure system known as blockchain. Originally, Bitcoin was popular among an underground cohort of libertarian technologists and cybercriminals. But today it has gone mainstream.
With the rise of Bitcoin came the rise of the technology that makes Bitcoin, and other cryptocurrencies like Stablecoin, possible, blockchain is revolutionizing a variety of industries, from insurance to internet and everything in between. As a result, consumers are beginning to embrace blockchain based technology, and their expectations are changing as a result.
This article will review a few key tenets associated with blockchain technologies in order to prepare chief marketing officers, and other marketing leaders tasked with anticipating consumer trends. What follows is an overview of a few key trends that marketers must watch out for in the coming years.
According to data compiled by Super Money, Americans owe over $100 billion in personal loans. In most cases, this money is owed to large lending institutions but thanks to blockchain technology that is changing slowly.
Through the power of blockchain technology, those interested in eliminating credit card debt (or other types of debt) can now turn to other individuals for money. Since blockchain is a secure and transparent ledger system, it is easy for both the lender and the lendee to know how much is owed and when it is owed. The lendee can also see the status of any collateral provided to ensure the loan would be paid back.
But loans are just one area that is being disrupted by blockchain technology. The tech has the power to alter industries where data has historically been provided and maintained by a few conglomerates. Instead, consumers now have the ability to decentralize this data and keep it just as secure (if not more so) through the power of blockchain.
As such, consumers may begin shying away from institutions that attempt to monopolize data. Businesses that offer great transparency using blockchain technology may begin making headway among younger consumers who are more knowledgeable about blockchain technology.
Consumers are becoming increasingly conscious about what they buy. Just take a look at your local vegetable, dairy, or meat aisle, and you’ll notice that brands are already reacting to consumers who are demanding responsibly sourced products. From antibiotic-free chicken to cage-free eggs to organic potatoes, some brands are already holding themselves more accountable, so consumers don’t have to.
Walmart is taking accountability to a whole new level with the help of IBM, according to a report cited in Forbes. Together, the two goliath companies teamed up to use blockchain technology to provide consumers with more visibility into the supply chains behind items sold at Walmart stores.
In so doing, Walmart is appealing to consumers who are interested in patronizing brands that hold themselves accountable.
Of course, this is just one example of how businesses are already catering to consumer’s interest in greater transparency into the business practices of brands they support. Moving forward, blockchain technology will provide brands with the tools necessary to securely provide consumers with increased visibility into how products are made and distributed.
As large brands like Walmart invest in hold themselves to account, consumers will begin expecting other organizations to do the same. This is thanks to a confluence of factors, one of them being blockchain technology, which now gives brands new tools to provide consumers with unprecedented visibility.
Just a decade ago, if you wanted to transfer money to someone on the other side of the planet, you could wire the money or send an electronic check. It would usually take a few days for the money to be transferred, and the person sending the money would need to pay a processing fee. Once transferred, the value of the money will be converted to the local currency.
Cryptocurrencies are designed to be boardless, as such transferring money across the globe is easy and instant. Cryptocurrency technology is driving a movement toward globalism that prizes the free flow of information through blockchain technology.
As a result, it’s likely that consumer expectations are changing and will likely continue to change. According to a poll cited in the Washington Post, roughly 65 percent of Americans believe that globalization is mostly positive.
As blockchain technology continues to bring people together through secure, decentralized and transparent technology, it’s likely that consumer trends will continue to shift in favor of globalism.
Marketers must take time to pay attention to shifting consumer attitudes. Doing so can make it easier for professionals effectively. Blockchain technology like cryptocurrency is already impacting how consumers behave and think. As the technologies continue to go mainstream, it’s likely that attitudes will continue to change in favor of decentralization, accountability, and globalism.
What other blockchain-lead trends should marketers pay attention to? Let us know by leaving a comment below.