What is Blockchain?
‘Blockchain’ is a new modern technology in trend that is emerging today. It is a concept that ensures data security using ‘cryptography’. It is a continuously growing list of records called blocks, which are interconnected typically containing the cryptographic hash code of the previous block.
“Blockchain is basically an open, distributed digital book that can efficiently record transactions between two parties in a secure way. It follows a peer-to-peer architecture (decentralized and distributed).”
How Blockchain provides the highest level of security? Or how does it work?
Blockchain can provide the highest level of security, so it is used to store transaction data. It works in such a way that soon after creating the first block, each adjacent block in the book uses the hash of the previous block to calculate its own hash. Before any new block is added to the chain, its authenticity and uniqueness must be verified by a computer procedure. And this procedure also includes the permission and security of other blocks that the newly added block has been checked. This validation process also ensures that all copies of the distributed book share the same condition.
Thanks to this mechanism of adding hashcode and checks, a newly added block can be called in the following blocks, but cannot be changed. If someone tries to replace or disrupt the block, the hashes for the previous and next blocks will also get changes and disrupt the shared state of the book. Whenever this situation occurs, other computers on the network are aware that a problem has occurred and new chains will not be added to the chain until the problem is resolved. And then the block causing the error will be discarded and the whole validation process will be repeated.
How can Blockchain benefit from CRM?
With CRM software, Blockchain can actually add exciting security features (options). Integrating CRM with Blockchain allows an organization to have verified (or verifiable) records that are protected by Blockchain technology. especially if the CRM is cloud-based.
This means that it can benefit from a CRM application by restricting access to tracking data from unwanted sources. Currently, CRM users around the world face problems with duplicate or inaccurate data. Because Blockchain technology stores data in the form of blocks, so it can allow the customer to own a separate block that uniquely represents them and their personal data, related transaction details and other relevant data.
Blockchain limits duplicate or risky data to disrupt the database, thereby speeding up CRM processes and ensuring customer satisfaction.