Blockchain Technology

Blockchain Technology Changing the Phase of Market Research

Tech

The biggest cryptocurrency crash was witnessed by the world in 2018, and that is when executives across industries took notice of the potential uses of the technology behind the functioning of digital cryptocurrency exchange. The basic underlying concept of blockchain is maintaining a digital verified ledger containing time-stamped transaction records. 

Slowly and gradually, people realized that the underlying technology in digital exchange of cryptocurrencies can come to perfect use in their respective industries. Especially, blockchain would be best suited to digital data management and secure storage.

Besides, we will be witnessing a big demand of blockchain professionals in the market research domain in future, keeping in mind the degree of disruption blockchain has already infused in the sector.

How Market Insights Industry First Got Attracted to Blockchain?

As the blockchain technology broke into new industries it had never been considered for, insights industry further explored its utilization in their work domain. Market research industry happens to find the technology even more purposeful with each day passing by. However, the initial progress made by the said industry was cautious and slow towards the application of blockchain.

But, as the prominence of blockchain rose amongst new and diverse industries, the stakeholders in the market insights domain got more inclined to the said technology. The community of stakeholders talked about comprise clients, market research firms, and survey respondents.

The Mammoth Size Global Blockchain Industry Will Grow Into by 2027

Blockchain technology forecasted global market size between 2017 and 2027 (in billion US D)

Source: Statista

As per Statista, global blockchain technology market size will rise to a whopping $163 billion by 2027.

What Challenges the Market Research Industry Came Across in the Past Years?

The major challenges were to gain the trust of respondents and maintaining the repository of data insights in a safe and secure environment on the web. When the survey respondents trust you as a market research firm, they give you the accurate information, or else, you either receive inaccurate, or at best, partially-correct details on market happenings and the related trends.

If, by any chance, you get incorrect data from the respondents, you fail to service your clients in an effective manner. As we all are aware of, that half-baked data leads to incomplete analytics that contributes little to making informed business decisions.

Gaining trust of market insight-providers is extremely important. And, how do you gain trust? By assuring the data-owner that he will keep having the exclusive rights to the data provided. To provide for this exclusivity of rights on the market information, you need to have a blockchain framework in place that clearly defines the rights of personnel towards the data entered on the blocks.

How Blockchain Addresses the Pain Points of the Market Research Sector?

Blockchain Fundamentals Themselves Aid to the Data Security

Blockchain, being a digital ledger, stores each piece of information in a block that is linked to other blocks in the form of a chain of digital records. The data stored in the blocks of the said technology framework could be any kind of data, i.e. personal. sensitive, behavioral, monetary transactions, or any other kind.

The blocks under the technology framework, are generally found available in the public domain, but can only be accessed by those authorized. Authorization is facilitated via forming a combination of private and public keys issued by node administrators. The owner of a specific block on the digital-record-keeping chain holds the private key for access to the designated block.

Only when the private key is provided to someone already having the public key to the chain, he will be able to access the details of the private block on the public blockchain. This way the stored data remains both secure and transparent.

Parting Words

The future belongs to blockchain technology when it comes to safe and secure collection of data related to valuable market insights. With increasing number of cyber-attacks and the related information thefts, blockchain seems to be a revolutionary technology to disrupt the said industry while keeping it afloat in the global markets.

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