Over the years, ESOMAR has been a strong supporter of young professionals and their ideas. To encourage industry involvement and sharing, the Young ESOMAR Society (or YES!) was launched and with it, the YES Award . At the 2019 Asia Pacific conference in Macau, Tsahn Cheng from Kantar took home the winning title and has written about her idea in more detail to share with the world…we hope you enjoy!
In a world where technology advances by the second, we’re being presented with many new ways of thinking, approaching and delivering outcomes. Blockchain technology has been in discussion for some time now with a focus on crypto-currency. But what if we applied this theory to the Market Research Industry?
What is Blockchain Technology?
In a recent Quickpoll we asked 1000 respondents in Taiwan if they knew what Blockchain Technology is. 40% admitted that they didn’t know. However, out of those who believed they did, half were incorrect. Realistically, this means that 70% of those we asked were unaware of what Blockchain technology truly is.
Let me start by explaining… Like the name indicates, a blockchain is a chain of blocks that contain specific information. It is used as a tool to keep track of unique, historical data. Every block contains three elements:
- The data being stored
- A set of random letters defining the current block, called a ‘hash’
- The hash value from the previous block
If the data within a block is modified, the hash changes.
As an example, the first block in our blockchain contains the data stating: Mary is a woman + a random, unique hash assigned to this block, in this case X183U. The second block containing the data stating John is a man + random hash 199PM + previous block hash X183U, and the third block containing data stating Joe is Brazilian + random hash 42OOB + previous block hash 199PM.
Imagine Mary, John and Joe are in a row holding hands. Their grip connects them and makes it harder for anyone or anything to break their grasp.
Data Security
Data Security is where Market Research can start to see the benefits from this technology. Once data is written into a block, it’s connected to the complete chain. Therefore, when thinking of our example above, if Joe tried to change his nationality to Japanese, then the second block’s (John’s) block hash would change. This change would signal that the data was tampered with, making it possible to identify the altered data easily.
Once altered information is identified, further measures can be taken to isolate an event to prevent corrupt activity. This blockchain feature could become a critical ingredient for providing researchers and analysts the ability to further authenticate data sources. After all, we don’t want Joe to be able to take the same survey twice as two different nationalities, right?
Blockchains are hosted by a peer to peer network, where all people maintaining the system keep a copy of the historical ledger. In the case of most centralized systems, data is typically stored, updated, and managed through one location rather than spread out across many, making it easy for hackers to target. Since the blockchain is a distributed ledger technology, if the hacker had to attack the system it would have to hack all the nodes in the system, making it almost impossible.
Data is researchers’ most important asset, and its protection, along with the privacy of respondents is something we to be held in the highest regard. Utilizing the blockchain would take data security to the next level.
Automation and Efficiency
The second blockchain feature most applicable to researchers is its ability to host smart contracts. Smart contracts are simple programs that are stored on the blockchain that can be used to automatically execute commands based on certain conditions.
These are very similar to paper contracts, the only difference is that they are completely digital and built on the blockchain. Anyone that has dealt with paper contracts will know that creating, approving, signing, and enforcing contracts take days, or even weeks to complete. Imagine if it all can be done automatically via these smart contracts.
As an example, a smart contract can be configured to make payments to respondents automatically once surveys are completed to certain pre-set standards.
By having a ready-to-use store that holds an abundance of information, users can access and make use of this data faster and more easily, essentially moving to action more rapidly and freeing up budget.
Adding Value
Thinking back to our first example, as Joe takes more surveys, the supplier will be able to build a consistent and tamper-proof profile of him, making his profile more trusted than ever. Not only is the data associated with Joe in a protected space, the chain offers a rich understanding upfront that can enhance insights through the research process.
Although there is plenty for Market Researchers and Data Analysists to think about and develop, the potential for Blockchain to support industry growth and enhance data security is there.
Does YES peak your interest? Want to be a part of the community? Or know someone who would? Be sure to check out the (temporary) YES website and get yourself and/or colleagues 30 and under involved! Speaking, competing for an award, programme committees, becoming published…it’s all possible with YES! Special thanks to the 2019 YES Sponsor Three Group.
