Transforming Transactional Marketing of Retailers Using Blockchain Approach

Abstract

The commercial businesses like retailers of supermarkets have incorporated emerging technologies like targeted marketing, diversity marketing, transactional marketing, and various other strategies to generate greater business profit. Our proposed system aims to enhance the targeted marketing strategies by offering a reward based system using blockchain technology to maintain a blockchain of customers who can avail an offer proposed by the retailer. This system would be common to all the outlets of the retailer and a certain number of Value-coins (the cryptocurrency of the reward based system) would be issued to the customers on the purchase of every stipulated amount. Since the blockchain is a peer-to-peer digital cash system maintaining an immutable list of transaction records it can check the authenticity of each of the digital possessions (e.g. Value-Coins as in the case of this paper) using the distributed timestamp server technology. Thus, it makes it easier to realize the transactional marketing benefits using the blockchain approach.

Keywords: Transactional Marketing, Value-Coins, Hash, UTXO, SHA-256