By: Jasal Shah
The most significant fallout of cryptocurrency crash of 2018 was that decision makers across industries sat up to take notice of the blockchain technology. As the fundamental concepts of blockchain — keeping a verified ledger account of all transactions — gained popularity, more and more people realized that blockchain could be used in many different ways to work with data.
As blockchain technology is gaining wider acceptance, insights industry has also embraced the technology wholeheartedly. The initial progress was slow and cautious, as it ought to be, but as markets mature, all stakeholders of insights industry— market research companies, their clients, survey respondents— are more open to using blockchain technology.
Challenges faced by market research industry
Before we delve into how blockchain is disrupting the insights industry, we need to focus on why it was allowed to do so. Blockchain has the potential to tackle pain points of the industry successfully. The challenges faced by market research industry are two-pronged — gaining trust of the respondents and keeping the collected datasecure.
When respondents don’t trust market research companies, they tend to give information that is inaccurate or, at best, half correct. This proves problematic for both the market research company and their clients. The companies have half-baked data that results in incomplete analytics, which cannot be effectively used to take decisions by the businesses.
So how does blockchain help in addressing these pain points?
Fundamentals of blockchain
Blockchain is a digital ledger where each transaction is stored as a block linked to other blocks to form a chain of transactions. Do not be confused by the use of term “ledger.” Remember that the data contained in these blocks may be personal details, online behavior of a customer, monetary transactions, or any other piece of information that needs to be stored.
These blocks are in the public…