While some big names like Starbucks and Nike have been quick to embrace blockchain technology to promote and work with their brands, it looks like it will still take some work and time until the wider business space embraces the technology.
“I haven’t seen any breakthrough use cases yet,” said Gary Liu, co-founder and CEO of user data solutions provider Terminal 3, during a fireside chat at Korea Blockchain Week. “I think we’re really very early in enterprise adoption.”
“If the definition of ‘killer’ is a billion users, then I’m all for it,” added Yue Hong Zhang, managing director and partner at Boston Consulting Group, where he oversees Web3 and digital assets. . “I don’t think enterprise blockchain has had a ChatGPT moment. Everyone has been talking about AI for many years, but it has become very popular thanks to ChatGPT.
“ChatGPT is a great example,” Liu said. “AI went through four, five or six phases before this moment […] It’s a great example of the patience needed before [an event of that scale happens] in the mainstream blockchain business world.
But how can blockchain companies show traditional businesses and brands that they should invest in technology? According to Liu, they must be convinced that the benefits of the company come before the consumer scale. “Marketing and targeting is getting much faster,” he said.
One example is Cathay Pacific Group, which has been using blockchain technology since 2018 for its mileage marketing campaigns. The airline giant also launched a blockchain rewards program for its customers in 2021.
The airline targets and uses customer information via blockchain technology to conduct marketing campaigns, Liu said. This means that mileage points settlement is significantly faster and less manual than other marketing campaigns, resulting in cost savings, he added.