Measure Protocol, a blockchain marketplace shared results of the first industry-wide blockchain pilot program for market research. This development was on 17 June.
Measure Protocol began by conveying the rationale behind the blockchain pilot program. This was in a bid to educate on the applicability of blockchain in market research, demystify the technical workflow, inform on the versatility of blockchain while understanding user attitude on the blockchain. Another point of the highlight is that the pilot program was put to practical use for a number of market research pioneers.
Justine Yorke, Global Consumer Insights Operations Leader at Nielsen quoted –
“Blockchain holds immense potential as the new age technology that could transform the data measurement and overall research industry ecosystem. We are delighted that the trial with Measure Protocol allowed us to see the potential of how blockchain technology can be utilized in survey research. We at Nielsen see a lot of potential in harnessing this cutting-edge technology for deploying in our survey research solutions.”
Measure Protocol’s pilot program consisted of eight pilot partners. These partners were – Nielsen, MMR, Kadence International, Incite Marketing Planning, Delvinia, Kantar Profiles, Hall & Partners and Future Thinking. Measure Protocol clarified that through an iOS app, a select number of diverse consumers also participated. The marketplace platform further added that the program went on for four weeks and achieved a 92% completion rate.
Measure Protocol went on to throw some light on the revelations of the pilot program. While informing on the practical aspects of blockchain, the program also discussed transparency and consumer trust that blockchain had to offer. A key takeaway was that the program proved that a centralized database was not necessary for data collection. Measure Protocol also shared insightful statistics collected from the program.
Similarly, in March, the UK’s Financial Conduct Authority (FCA) conducted a study that identifies the country’s consumer attitudes towards crypto assets. The study submitted two pieces of research that do an assessment of the citizen’s view of cryptocurrencies. The study was insightful in understanding if people had perceived cryptocurrencies wrongly.
Jon Puleston, vice president of innovation, Kantar Profiles Division expressed that the pilot program provided valuable information about the role of blockchain in market research. Jon emphasized that the results gave a clear view that people value their data and privacy. Jon also noted the need to give industries unprecedented levels of transparency. He opined that such a dual combination was important to tackle fraud and ensure data quality in the industry.