International Journal of Nonlinear Analysis and Applications

Using the structural equation modeling method in building customer trust in the blockchain-based marketing ecosystem

Document Type : Research Paper

Authors

1 Department of Business Management, Shahr-e-Qods Branch,Islamic Azad University, Tehran, Iran

2 Department of Business Management, Eslamshahr Branch, Islamic Azad University, Tehran, Iran

Abstract

In less than a decade, innovative blockchain technology can become one of the valuable pillars of business marketing with its gradual presence and the emergence and as well as with giving a clear vision of its presence in the future so that based on its characteristics, it will be able to provide the fields of development and strengthening of confidence in customers. Considering that one of the goals of marketing is to gain customer confidence and blockchain technology based on its capabilities is a technology that tries to develop transparency and confidence in both parties of an exchange, the purpose of this study is to investigate the role of confidence-building components in blockchain technology on the development of customer confidence programs in marketing ecosystems. In this field, the focus of the research is specifically on the insurance industry and customer confidence building in this industry based on blockchain technology. In terms of purpose, the present study is classified as an applied study, and in terms of research type; it is classified as descriptive survey research. The data required for the research was collected based on the opinions of 228 managers and experts in the field of information technology in the insurance industry and a closed-ended questionnaire tool. The collected data were analyzed using the structural equation modeling method and SPSS AMOS 18 software to check the significance of the relationships considered in the research. The results of data analysis showed that, in general, confidence derived from mechanisms and confidence-building capabilities of blockchain technology has a significant and positive relationship with the outcomes of customer confidence in both financial and non-financial dimensions. Also, among the various dimensions of customer confidence, three variables including confidence caused by transparency, confidence caused by privacy, and confidence caused by user supervision have significant relationships with both financial and non-financial outcomes, which confirms the importance of three dimensions of protecting privacy, transparency and ability to monitor interactions and communications for users to gain confidence in the insurance industry business.

Keywords

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International Journal of Nonlinear Analysis and Applications
Volume 15, Issue 5
May 2024
Pages 337-352
  • Receive Date: 24 February 2023
  • Revise Date: 12 April 2023
  • Accept Date: 20 May 2023