Consumerism and Blockchain Technology

Abstract

Consumerism is an ancient concept that is capturing much attention in recent literature. The consumerism movement was developed in response to power imbalances between companies and the consumer in an increasingly marketized world. It is focused on promoting consumers' rights, market transparency, and consumer freedom of choice. Consumerism aims for market equalization, meaning well-balanced markets, in which market inequalities are reduced, providing a better functioning market environment for both companies and consumers. Being initially designed to revolutionize transactions in the financial system, blockchain is a disruptive technology with potential applications in many different areas. Blockchain is a public, immutable, and permanent ledger, which works as database in a decentralized network, using cryptographic codes. Framed by consumerism literature, this chapter explores the potential applications of blockchain technology, by focusing on key consumerism claims, including marketing ethics, the security of e-commerce transactions, and supply chain traceability and transparency.