A Primer for Blockchain

PurposeThe paper explores how consumer behavior for purchasing impulse products changed in the complex and disruptive (emergency) situation of the COVID-19 pandemic when the customer is shopping in-home and not visiting the offline stores in an emerging economy context. This paper further explores how digital transformations like the use of blockchain technology can aid offline/omnichannel retailers in reviving sales via permission marketing for impulse products.Design/methodology/approachThe authors followed a qualitative research design and conducted 24 personal interviews with millennials and 15 interviews with offline/omnichannel retailers from an emerging economy. The data collected were analyzed using the thematic analysis procedure.FindingsThe authors discuss their findings under three themes – customers' conscious impulse buying during the pandemic, customers' unconscious impulse buying during the pandemic, and a viable solution for retailers in response to the pandemic.Practical implicationsThe authors suggest that marketers primarily from an offline/omnichannel store should adapt to permission marketing and use technologies like blockchain for the digital transformation of their marketing strategies. Doing so can help offline retailers minimize future damages in the retail sector during emergency situations.Originality/valueThis paper is one of the first that explores how impulse – pure, suggestion, planned and reminder – purchases got affected during the COVID-19 pandemic disruptions in an emerging economy. This paper is also one of the first to explore the role of permission marketing and digital transformation by the use of blockchain in helping offline retailers in forming swift trust and practice trust-based marketing.

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“…, 2018; Rejeb et al. , 2020; Trautman and Molesky, 2019). BCT has been used to persuade consumers and gain trust.…”

Section: Literature Reviewmentioning

confidence: 99%

“…It has worked flawlessly in financial and nonfinancial applications (Chaudhuri et al. , 2021; Trautman and Molesky, 2019; Wamba et al. , 2020).…”

Section: Literature Reviewmentioning

confidence: 99%

Impulse purchases during emergency situations: exploring permission marketing and the role of blockchain

Nigam

Behl

Pereira

et al. 2022

IMDS

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“…Mining operations of the conventional PoW based blockchain systems require expensive hardware and a very high degree of energy consumption (Flipo & Berne, 2017;Trautman & Molesky, 2019). Energy efficient solutions, which will replace or minimize the usage of the conventional PoW based blockchain systems, are being experimented.…”

Section: Energy Consumptionmentioning

confidence: 99%

Data Storage in the Decentralized World: Blockchain and Derivatives

Karaarslan¹,

Konacaklı²

2020

Who Runs the World: Data

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We have entered an era where the importance of decentralized solutions has become more obvious. Blockchain technology and its derivatives are distributed ledger technologies that keep the registry of data between peers of a network. This ledger is secured within a successive over looping cryptographic chain. The accomplishment of the Bitcoin cryptocurrency proved that blockchain technology and its derivatives could be used to eliminate intermediaries and provide security for cyberspace. However, there are some challenges in the implementation of blockchain technology. This chapter first explains the concept of blockchain technology and the data that we can store therein. The main advantage of blockchain is the security services that it provides. This section continues by describing these services.. The challenges of blockchain; blockchain anomalies, energy consumption, speed, scalability, interoperability, privacy and cryptology in the age of quantum computing are described. Selected solutions for these challenges are given. Remarkable derivatives of blockchain, which use different solutions (directed acyclic graph, distributed hash table, gossip consensus protocol) to solve some of these challenges are described. Then the data storage in blockchain and evolving data solutions are explained. The comparison of decentralized solutions with the lcentralized database systems is given. A multi-platform interoperable scalable architecture (MPISA) is proposed. In the conclusion we include the evolution assumptions of data storage in a decentralized world.

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“…Both non-profit and for-profit entities must provide for a legal governance structure before funding (Trautman, 2013;Trautman & Ford, 2018). The rapid rate of technological change brings novel challenges to early-stage enterprises as they seek funding (Trautman, 2016a;Trautman, 2016d;Trautman & Harrell, 2017;Trautman, 2018a and b;Trautman & Ormerod, 2018;Trautman & Molesky, 2019;Trautman & Ormerod, 2019). Social media has become a driving force behind the exploding growth of crowdfunding, requiring the attention of management and the board (Trautman & 2019DOI: 10.32617/403-5d4c0e0041267 Page 3 2014; Trautman 2016 b and c; Trautman, 2017).…”

Section: Crowdfunding and Entrepreneurshipmentioning

confidence: 99%