University of Oulu

Tan, T.M., Saraniemi, S. Trust in blockchain-enabled exchanges: Future directions in blockchain marketing. J. of the Acad. Mark. Sci. 51, 914–939 (2023).

Trust in blockchain-enabled exchanges : future directions in blockchain marketing

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Author: Tan, Teck Ming1; Saraniemi, Saila1
Organizations: 1Department of Marketing, Management and International Business, Oulu Business School, University of Oulu, Pentti Kaiteran katu 1, 90014, Oulu, Finland
Format: article
Version: published version
Access: open
Online Access: PDF Full Text (PDF, 1 MB)
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Language: English
Published: Springer Nature, 2023
Publish Date: 2022-08-23


Prior research typically positions blockchain technology as enabling a trustless exchange environment without specifically investigating how blockchain technology provides trust and what makes the data in a blockchain “tamperproof” and “immutable.” This article serves to address these research gaps by conducting semi-structured interviews with 18 informants who have had at least three years of project experience with blockchain-enabled exchanges. Our findings uncover three unique aspects of blockchain that enable trust in exchange vs. a traditional exchange: (1) trust in exchange actors: mathematics and cryptography vs. human guardians within institutions, (2) trust in exchange actions: information transparency enabling tamperproof and immutable data vs. information asymmetry, and (3) trust in exchange assets: digital vs. manual escrows for verifying ownership of valuable goods. This research is vital for marketing scholars and practitioners who seek to understand the rise of threats to trust regarding online advertising, customer trust, privacy, and digital rights.

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Series: Journal of the Academy of Marketing Science
ISSN: 0092-0703
ISSN-E: 1552-7824
ISSN-L: 0092-0703
Volume: 51
Issue: 4
Pages: 914 - 939
DOI: 10.1007/s11747-022-00889-0
Type of Publication: A1 Journal article – refereed
Field of Science: 512 Business and management
Funding: Open Access funding provided by University of Oulu including Oulu University Hospital. The first author gratefully acknowledges the financial support from the Liikesivistysrahasto Foundation for Economic Education (research grant ID: 12-6861 and 18-10683).
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