The impact of blockchain on market research

Before we get into the impact of blockchain on market research, let’s first understand what blockchain and market research are:

Well, a blockchain is a decentralized, distributed, and open digital ledger that is utilized to log transactions across numerous computers in a way that prevents the record from being changed retrospectively without changing all succeeding blocks and obtaining network consent. And market research is an organized way to discover as much as a brand could possibly want to know about the target markets and consumers, beginning with understanding what consumers want and need. It is a fundamental element of corporate strategy and a key contributor to maintaining competitiveness.

According to Reuters research, the application of blockchain technology outside of cryptocurrencies is anticipated to increase by over 60%. Applications could be used for everything from internet shopping to identity management. The marketing sector can gain a lot from this technology, which could change how market research is conducted. Marketers will soon be better equipped to profit from their leads as a result of the quality of the information offered by this technology.

We need to concentrate on the reasons why blockchain was permitted to disrupt the insights business before we go into how it is doing so. Basically, blockchain has the ability to successfully address industrial issues. Gaining the respondents’ trust and maintaining the security of the data obtained are the two main issues the market research sector faces. Respondents who don’t trust market research firms are more likely to provide erroneous or, at best, partially accurate information. This presents challenges for both the market research firm and its customers. Because of their poor analytics and incomplete data, corporations are unable to make decisions that will benefit their operations. That is when blockchain comes into the picture and helps researchers with correct information and makes research easy for them.

Market research is impacted by blockchain as:

1. The respondents provide thorough and accurate information because they have faith in the company conducting the poll.
2. Time can be saved by sharing data that respondents have stored in blocks rather than having to repeat their responses.
3. Market research organizations can employ big data technologies to offer their clients sophisticated analyses because they have access to complete and reliable data.

So, why hasn’t blockchain already taken over the corporate sector if it’s so great? The technology is still in its early stages. For instance, current systems can process up to 80,000 transactions per second, whereas they can currently only process a maximum of eight. Additionally, for blockchain adoption to be successful, a large number of users must be actively using it. It will take time to set up the necessary foundations to make such a unique technology possible, but the benefits for both enterprises and consumers will be enormous. Overall, blockchain in market research is the future of market research, and we at IBI Global Research Solution know that. That is why you should choose us to conduct market research for your brand/company, as we believe in constant innovation.