How Blockchain Is Rewriting the Rules of Marketing in the Sharing Economy

How Blockchain Is Rewriting the Rules of Marketing in the Sharing Economy

The sharing economy has reshaped how people consume, from renting homes on Airbnb to hailing rides on Uber. But most of today’s sharing platforms are still controlled by big tech firms. Blockchain is now opening the door to a new phase; where marketing, trust, and value creation are distributed across communities rather than concentrated in corporations. Our research highlights four ways blockchain is changing marketing in the sharing economy: new advertising strategies, stronger customer–brand relationships, redesigned decentralized ecosystems, and a clearer view of adoption barriers.

1. Advertising for the Blockchain Era

Traditional advertising relies heavily on intermediaries. Blockchain introduces new methods that reduce dependence on gatekeepers and give consumers more control. For example, projects can distribute cryptocurrency tokens directly to users through airdrops, turning marketing into community engagement. Influencers also play a bigger role, shaping perceptions in real time through video content. On top of that, blockchain supports privacy-first advertising, which helps rebuild trust in an industry where consumer skepticism runs high.

2. Building Transparent Customer Relationships

Brands have long relied on loyalty programs to keep customers engaged, but many of these programs are clunky and restrictive. With blockchain, loyalty points can be stored as tokens that are transferable, tradable, and easy to use across multiple platforms. This opens the door to more customer-centric programs. Smart contracts and NFTs also give consumers new ways to connect with brands; whether by owning a piece of digital art tied to a product or gaining special access to services. These innovations allow consumers to feel more like partners than passive buyers.

3. Designing Decentralized Ecosystems

Decentralization sounds ideal, but putting it into practice is complex. Research into virtual worlds like Decentraland shows that even decentralized governance can slip back into centralization if a small group dominates decision-making. Cybersecurity is another challenge: as more financial transactions happen on-chain, protecting users without compromising decentralization becomes critical. Companies entering this space need to think carefully about governance and security, not just marketing opportunities.

4. Overcoming Adoption Barriers

Blockchain promises a lot, but adoption is far from automatic. In retail, managers often resist due to fears about data ownership and regulation. Consumers may hesitate to pay with cryptocurrency because of complexity or habit. Yet, when blockchain solves specific pain points (e.g., making food supply chains more transparent) adoption is faster. For leaders, the key is to connect blockchain to clear business value and customer needs rather than treating it as a buzzword.

A Story in Action: Farm-to-Table Trust

Consider a restaurant that promises local, sustainable ingredients. In the past, customers had to take the restaurant’s word for it. Today, some businesses are using blockchain to trace every tomato and steak back to its source. Diners can scan a QR code to see the farm where their meal originated and the journey it took to reach the table. This not only builds trust but also strengthens the brand’s value in a crowded food industry.

What Managers Should Do

For leaders exploring blockchain in the sharing economy, here are three actions to consider:

1. Experiment with direct-to-consumer strategies: Use tokens or NFTs to reward loyal customers in ways that are transparent and transferable.

2. Design with governance in mind: If you build a decentralized ecosystem, ensure that decision-making is genuinely distributed and not captured by a few players.

3. Link blockchain to real customer needs: Focus on clear, practical use cases such as privacy protection, transparent sourcing, or easier loyalty programs.

   
   

The Bottom Line

Blockchain is not just another technology trend. It is an institutional shift that redefines trust, value, and marketing in the sharing economy. Businesses that approach it (i.e., blockchain/crypto/Web3) strategically by balancing innovation with governance and customer relevance, will be best placed to capture the opportunities of this new era.

Original Source: Tan, Teck Ming, Jari Salo, Thomas G. Brashear Alejandro, Garry Wei-Han Tan, Keng-Boon Ooi, and Yogesh K. Dwivedi. "Guest editorial: A blockchain-based approach to marketing in the sharing economy." Journal of Business Research 177 (2024): 114639. (Article Link)