What is a blockchain?
Blockchain is the latest trending technology that is emerging nowadays. This is an idea that ensures data security using ‘cryptography’. It is a constantly growing list of records called blocks that contain a cryptographic hash code of the previous block and are internally linked to each other.
“Blockchain is basically an open, distributed digital laser that can efficiently record transactions between two groups in a secure way. It follows a peer-to-peer architecture (decentralized and distributed).”
How Blockchain Ensures the highest level of protection? Or how does it work?
Blockchain can provide the highest degree of protection so it is used to store transaction information. It works in such a way that as soon as the first block is created, each adjacent block in the register uses the hash of the previous block to calculate its own hash. Before adding any new block to the chain, authenticity and uniqueness must be verified by a computational process. And this process also includes the permission and assurance of other blocks that the newly added block has been verified. This process of validity also ensures that all copies of distributable debts will be shared in the same state.
Due to this method of adding hashcodes and checks, the newly added block can be specified in subsequent blocks but cannot be changed. If someone tries to move or block a block, the hashes for the previous and subsequent blocks may also change and disrupt the shared status of the block. Whenever this happens the other computers on the network become aware that a problem has occurred and no new blocks will be added to the chain until the problem is resolved. And then the block that caused the error will be canceled and the whole process of validation will be repeated.
How can blockchain benefit CRM?
Blockchain with CRM software can add really interesting data protection features (options). The integration of CRM with blockchain enables the company to record verified (or verifiable) secured by blockchain technology. Especially if the CRM is cloud based.
That means it can benefit the CRM application by restricting track data access from unwanted sources. Currently, CRM users around the world face duplicate or incorrect data problems. Since blockchain technologies store data in block sizes, it can allow a customer to own a separate block that uniquely presents them and their personal information, related transaction details, and other relevant information.
Blockchain restricts duplicate or risky databases from interfering with the database and therefore it speeds up the CRM process and ensures customer satisfaction.