BLOCKCHAIN AND THE TRANSFORMATION OF INEQUITABLE MARKETS

This research presents an initial theoretical framework for how underprivileged consumers – who make up most of the marketplace globally – may benefit from blockchain: a seminal paradigm shift that portends to radically transform marketing. Underprivileged consumers are disadvantaged relative to the overall marketplace and consequently, these consumers hold less favorable attitudes and trust perceptions in traditional financial institutions. The core value propositions of blockchain (trust, security, privacy, and disintermediation) may provide the best opportunities to date for the prosperity of underprivileged consumers. Given the lack of extant scholarship on the topic, the current work utilizes the indigenous theory development inductive realist methodology (Hunt 2020) to develop an initial theoretical framework and foundational premises regarding blockchain and underprivileged consumers. An empirical study will be conducted by administering open-ended survey questionnaires to immigrants from El Salvador residing in the United States. A textual analytics methodology will be used to analyze their responses from this disadvantaged population and identify themes from participant responses to support the foundational premises. The current work provides one of the earliest frameworks for administering blockchain as a foundation of prosperity for underprivileged consumers. The work answers a call to action for better marketing for a better world (Moorman 2021) and is a formative step toward solutions for underprivileged consumers.