Blockchain & Salesforce
The impact of Blockchain Technology became a lot more evident when Salesforce, the Cloud Giant, patented its own Blockchain solution. The benefits of this cryptographic ‘ledger’ are making a lot of businesses look at Blockchain for evolving their current Customer Relationship Management (CRM) solutions.
Introduction of Blockchain
Blockchain is a modification-resistant method of data recording that is based in cryptography.
The idea of Blockchain was to create a tamper-proof source of information that could be decentralized within an organization. An easy access database that was secure and reliable would greatly facilitate the exchange of information between its users.
Popularly thought of as a ‘Distributed Ledger’, Blockchain is that cryptographic solution that successfully allowed organizations to break the walls they built around each of their data sources. One of the greatest benefits of Blockchain is its ability to maintain consistency and reliability among millions of strangers. This is why even the Bitcoin Protocol is based on Blockchain. (Check out Bitcoin’s Blockchain!)
The Blockchain Impact
Blockchain can emerge as a single source of consistent truth in a world of data manipulation. It provides the necessary trust for computers to connect and transact with each other like never before. In the near future, Blockchain has the potential to entirely replace Third Party Gateways that facilitate transactions like billing, purchasing, bidding, funds transfer, etc.
If information is power, Blockchain Technology is what unlocks its true potential.
Did you know?
Blockchain stores information coded in ‘blocks’, that are made accessible on the ‘chain’ of a public database. Verified transactions are given a ‘hash’; this hash is a unique identification code that is mathematically generated and given to every block. This process of ‘hashing’ is central to it being tamper-proof. Hackers will have to hack 51% of blocks to successfully manipulate Blockchain data. This requires the tremendous computing power of supercomputers and is, therefore extremely unlikely.
The Salesforce Blockchain and its Impact
The Salesforce Blockchain integrates Blockchain Technology in their existing software solutions to further help organizations evolve their CRM. Salesforce successfully condensed the benefits of Blockchain into its ecosystem. Doing so has allowed the users of Salesforce tools to the options to customize like never before.
Salesforce, by fusing their existing platforms with the tamper-evident nature of Blockchain, has made a revolutionary step towards evolving the CRM platform’s reliability. This positively impacts multiple facets of the workflow. Here’s how:
A central source of information with decentralized access versus multiple source points with bottle-necked access.
A distributed connection cuts the cost of individually managing data sources, while faster access to information facilitates a swifter workflow. Having a centralized system of record-keeping helps eliminate the ambiguity that hinders operations. Decentralization, therefore, builds a reliable base for a Salesforce-tool user when looking up company procedures and policy.
Blockchain allows users to collaborate more efficiently by removing the complexity in information-sharing. This makes it easier for organizations who use Salesforce tools for creating partner-networks to better engage their partners and build stronger trust networks.
Visibility and Trust
Companies provide better customer experiences when everything comes together for better clarity.
This visibility helps regulate honesty and consistency within the organization, thereby encouraging them to rely on one another instead of various intermediaries.
Security and Reliability
Blockchain has a revolutionary style of securing private information in Blocks while providing transparency over the Chains of a public database.
To quote the Salesforce CMO, Stephanie Buscemi, “People want to know and feel that their information and privacy are being protected. Those blocks of data are not modifiable.”
New Business Models
The unique blockchain database that works under-the-hood of salesforce tools improves upon forecasting and prediction features. This helps users create better business models with a more trusting approach to securely extending their CRMs.
Blockchain nodes containing partner data can be used as Blockchain Objects in the Salesforce app. This provides users with a new kind of database that allows them to build Blockchain Applications using “clicks, not code.”
Salesforce can impact the CRM industry in a big way through the Low-Code opportunity it provides to its software users. It now takes only ‘clicks’ for businesses to experience the benefits of blockchain.
Its customization options further allow Senior Executives to pick shareable data, set trust network rules, invite partners, trigger workflows, and even automate their applications.
Check out a Salesforce Blockchain announcement video here!
Blockchain Technology has motivated the integration of this agile software into a large scaled company like Salesforce, simply because of its revolutionary benefits. Moving ahead, businesses will be able to exploit greater configuration options and optimized settings that come with the new Salesforce Blockchain.
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