How Salesforce Blockchain can benefit my business?

Salesforce once again hosted an amazing TrailheaDX this year. Although, there were some major announcements at the TDX’19. But Salesforce Blockchain announcement stole the show and proved to be the most intriguing highlight of the TrailheaDX 2019 event. Well, Salesforce Blockchain is a new way to build trusted networks. With Salesforce Blockchain, you can quickly create networks using just a few point-and-click tools.

In this blog, we will discuss the Salesforce blockchain and how it is different from the blockchain technology. Let’s start from the basics.

What exactly is Blockchain?

Blockchain is a distributed public ledger that is used to manage transactions and keep a record of assets. It allows a network of users to record, verify and perform transactions in a secure manner. Blockchain helps in simplifying the creation as well as the exchange of transactions. In short, Blockchain is a technology that promises to fundamentally change how we share information, buy and sell things, and verify the authenticity of the information we rely on every single day.

 

What is Salesforce Blockchain?

Salesforce Blockchain is a low-code platform enabling organizations to build blockchain networks, apps, and workflows. Though still in private beta, Salesforce Blockchain expands the reach of the Salesforce CRM platform. Concisely, Salesforce Blockchain is an innovative way to create, secure and share data from applications with a network of partners. Powered by Lightning, Salesforce Blockchain enables building and maintaining blockchain apps, flows and networks easily which can be connected to customer records directly within Salesforce. It provides the infrastructure of a distributed ledger and adds on the power of Salesforce metadata. A partner can securely publish and independently verify records on Salesforce Blockchain from whatever system they use. Users in Salesforce can see and work with blockchain data in reports, automation, and all the places they expect to work with typical record data.

Overall, Salesforce Blockchain allows developers to create reliable partner networks and securely share data. Hence, the platform aids in managing the complexity of data integration and network communication.

How companies can benefit from Blockchain CRM?

Connecting blockchain with Customer Relationship System offers businesses a way to significantly improve existing workflows, and build trusted partner networks. So blockchain can help to extend trust and transparency in every customer interaction. Along with that, it also breaks down business silos and boundaries.

Let's take a closer view of how companies can benefit from Blockchain CRM:

A 360-degree view of the customer: As blockchain is based on a distributed network architecture, data silos break down. Instead of keeping multiple copies of a customer’s details ending up duplicated across numerous systems, all applications have access to just one set of records. As a result, companies can reduce redundancy and increase responsiveness. Also, CRM-based platforms can aggregate more contextual and detailed information about participants and its products and feed the blockchain business network with richer information.

Augmented Security: Each piece of code is protected with powerful cryptographic tools, hence it leads to enhanced security. Along with that, data records are irreversible. Thus, no transaction can be erased.

Richer Insights: Blockchain’s decentralized network approach can provide whole ecosystems of businesses in a blockchain network with deep real-time insights into customers’ preferences and expectations.

Data Quality: Combined with other technologies such as the Internet of Things, a blockchain-based CRM solution can help businesses glean more actionable insights from their data, without the need for human intervention. Plus, it also maintains data integrity.

Customized Customer Experience: Since blockchain helps customers to securely share their data, thus customers feel more confident in doing so. Plus, Blockchain CRM also aids in earning loyalty from customers.

Real-time Transactions: Blockchain can enable a transaction to be recorded and accessed by multiple parties in near real time. This, in turn, speed-up customer service.

Productivity: Adopting blockchain solutions can help companies ensure their workforces become more productive over time.

In all, CRM Blockchain can have tremendous benefits for the employee experience. In the near future, blockchain will disrupt the finance, health and food industry. “We’re going to see a lot more of this type of cross-cutting action across industries, where companies rally round blockchain technology to create a common data model that can deliver more value to the customer,” says Andrew Conn, Director of Product Design, and Emerging Technology at Salesforce.

It’s certainly true that technology is not the solution for every business problem. Thus, it is important to identify whether CRM blockchain is a good fit for your business. Companies need to focus on certain use cases and analyze that accordingly. Research shows more than one-fifth (22%) of IT leaders have already identified a use case for blockchain within their organizations. And those who have mapped blockchain’s capabilities to their businesses aren’t wasting any time; the same amount of IT leaders (22%) are actively working on a blockchain project. The Salesforce Blockchain platform is new and fresh. Being in a beta version still, the possibilities of the platform to bring out the latest features and aid to the developers and admins alike are seamless.