How can Blockchain Uplift the Future of Market Research

How can Blockchain Uplift the Future of Market Research?

Since technology is advancing every second, it is usual for us to come across new techniques and methodologies to deliver outcomes. The progress in technology is giving birth to new, reformed ways of thinking along with our approach to deal with work.

In this article, we will discuss a new technology that has filled everyone with astonishment. Any guesses?

If you are thinking about Blockchain Technology, your guess is right. The word blockchain is buzzing all around the tech town for quite an obvious reason that it is one of the most promising technologies that have been invented over a few decades. Though it initially developed its identity as a supporting technology for Bitcoin, there is a whole new side to it that the world has now realized., can it be applied to the market research industry? Let us find out.

Blockchain has played a huge role in the success of the famous cryptocurrency, Bitcoin. But, first things first, do you understand what Blockchain Technology is?

I am asking you this question because in a recent quick poll conducted in Taiwan, almost a thousand people were asked whether they knew what Blockchain Technology was and you won’t believe that 40% of them had no clue. And, the ones who claimed to know about Blockchain, half of them were wrong. So practically speaking, 70% of the respondents ignorant about this technology.

So, for those who don’t know, Blockchain is nothing but a chain of blocks containing particular information. This creation is useful for keeping a track of historical data. Each block consists of 3 elements.

  • The data that is stored
  • A group of random letters which define every block known as ‘hash’
  • The previous block’s hash value

3 Ways in which the Blockchain Industry can revamp the Market Research Space

  • Data Security

The topmost advantage that the market research sphere will get from Blockchain is the tight security of data. As mentioned before, when data is infused in one block, it is attached to the whole chain. If someone tried to meddle with the data in one block, then the hash of other blocks will also change, thereby indicating data tampering.

Hence, there is a wide opening for blockchain professionals to enter the market research industry since they are experts in preventing data tampering.

  • Automation and Efficiency

The second benefit that researchers can extract from this mesmerizing technology is the power of hosting smart contracts. They are programs which are preserved on the blockchain. A smart contract can be used to mechanically implement commands that are based on particular conditions.

If you go for paper contracts, you will realize that it takes days to create, approve, sign and enforce them. Smart contracts are like paper contracts except they are digital and created on the Blockchain. In a nutshell, it automates the whole process, making it faster and fool-proof.

  • Adding Value

If you are part of the market research zone, it will be convenient for the suppliers to create a clear, consistent as well as infallible profile of you that shall be trusted by all. The data connected to your name will be in a secure, protected place. Moreover, the blockchain will provide a great understanding as to how you can upgrade the research process.

All in all, blockchain can prove to be a useful tool for market researchers and data analysts.

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