Blockchain Technology and Consumers
摘要
This chapter explores how blockchain technology is reshaping consumer behavior and redefining business-consumer relationships. By leveraging blockchain’s core attributes—transparency, decentralization, and immutability—this chapter discusses how these features empower consumers through secure data ownership, enhanced trust, and the promotion of ethical practices. Drawing on Vrontis and Thrassou’s business-consumer dynamics model, the chapter examines the interplay between consumer empowerment and corporate responsibility, facilitated by blockchain technology. The discussion centers on three key areas: the foundational principles and evolution of blockchain, its consumer-centric applications, and the challenges and opportunities for strategic integration. Real-world examples include blockchain-enabled supply chain transparency, which allows consumers to verify product origins and ethical compliance, as well as decentralized systems that give individuals greater control over their data. Additionally, the chapter highlights innovations such as blockchain-based loyalty programs, streamlined payment systems, and personalized services that deepen consumer engagement and brand loyalty. While blockchain holds significant promise, its widespread adoption faces challenges, including scalability, usability, implementation, and regulatory hurdles. The chapter concludes with actionable strategies for businesses to harness blockchain in ways that align with emerging consumer values, particularly sustainability and ethical consumption. By bridging academic insights with practical applications, this chapter provides a comprehensive overview of how blockchain can transform consumer experiences and contribute to a more equitable marketplace.