Putting Consumers in Control of Their Data: The Potential for Blockchain-Based Data Marketplaces
Abstract
Consumer data are an important driver of firms’ marketing decision-making. While some of the data comes from the firm’s own customers, firms often require data from third-party providers on consumer activities outside the firm. Current data markets are dominated by large-scale intermediaries that use the data to maximize their own profits. Meanwhile, firms depend on them to get access to the data, and consumers who produce the data are rarely compensated and have limited control as to how the data are used. In light of the impending shift away from third-party tracking cookies, we present a novel approach to establishing a blockchain-based data marketplace where buyers and sellers directly trade data at market value, eliminating the need for data brokers and providing consumers full control over the use of their data. We discuss the shortcomings of current data markets and the opportunities afforded by blockchain-based data marketplaces. To lead the research efforts for this profound transformation, we present a proof-of-concept blockchain data marketplace platform app that we developed for the research community to further investigate data marketplaces. We provide guidelines for experimentation on this platform and describe preliminary results. We further identify research questions stimulated by such marketplaces that need to be answered to prepare for this paradigm shift.
About the speaker
Renana Peres is the KMART professor of Marketing, Head of the Marketing Department in the Hebrew University Business School.
Her areas of research address the interplay between brands, consumer social interactions, and firm decisions. She studies the determinants of brand perception, how word of mouth and social interactions are generated on brands, and how social interactions eventually translate into sales. She uses methodologies such as image processing, content analysis, machine learning, blockchain programming, agent-based models, and diffusion models.
Prof. Peres has served as a Visiting Assistant Professor of Marketing at University of Pennsylvania’s Wharton School, and NYU’s Stern School of Business. She has published her works in journals in three research domains: Exact Sciences, Social Sciences, and Humanities.
She is a Senior Editor of the International Journal of Research in Marketing.
Prof. Peres earned her PhD in Marketing from Tel Aviv University’s Recanati Graduate School of Business Administration. She holds an MSc and BSc in Physics from the Hebrew University of Jerusalem, and an MBA from Tel Aviv University. She teaches the courses Marketing Management; and Modeling Social Phenomena Using Exact Sciences Tools. Her published books are Innovation Diffusion and New Product Growth. Prof. Peres is the founding CEO of PerSay, Ltd., an Israeli high-tech firm focusing on development and implementation of voice recognition algorithms. She serves as a board member of Haatid Provident Fund and is a member of Haatid’s Committee for Alternative Investing.
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Language: English
This is a free seminar. Registration is mandatory.