While some big names like Starbucks and Nike were quick to adopt blockchain technology to promote and work with their brands, it seems that it will still take a bit of work and time until we see the broader enterprise space embrace the tech.
“I haven’t seen any killer use case yet,” Gary Liu, co-founder and CEO of user data solution provider Terminal 3, said during a fireside chat at Korea Blockchain Week. “I think we’re really, really early in enterprise adoption.”
“If the definition of ‘killer’ is a billion users, then I totally agree,” added Yue Hong Zhang, managing director and partner of Boston Consulting Group, where he oversees web3 and digital assets. “I don’t think enterprise blockchain has seen a ChatGPT moment. Everyone talked about AI for so many years, but it became really popular with ChatGPT.”
“ChatGPT is a great example,” Liu said. “AI went through four, five or six phases before that moment. . . . It’s a great example of the patience necessary before [an event of that scale happens] in the blockchain consumer enterprise world.”
But how can blockchain businesses show traditional corporations and brands that they should invest in the technology? According to Liu, you have to convince them that corporate advantages come before consumer scale. “Marketing and targeting becomes significantly faster,” he said.
An example of this is Cathay Pacific Group, which has been using blockchain technology since 2018 for mileage marketing campaigns. The airline giant also launched a blockchain rewards program for its customers in 2021.
The airline is targeting and using customer information through blockchain technology to run marketing campaigns, Liu said. This means the settlement of mileage points is significantly faster and less manual than other marketing campaigns, which leads to cost savings, he added.