What is Blockchain?
‘Blockchain’ is the new trending latest technology that is emerging nowadays. It is a concept that ensures the security of data using ‘cryptography’. It is a continuous growing list of records called blocks, which are linked to each other internally by typically containing a cryptographic hash code of the previous block.
“Blockchain basically is an open, distributed digital ledger that can record transactions between two parties efficiently in a secure way. It follows peer-to-peer architecture(decentralized and distributed)”.
How Blockchain ensures the highest level of security? Or How it works?
Blockchain can provide the highest degree of security that’s why it has been used to store transactional data. It works in a way like soon after the first block has been created, each adjacent block in the ledger uses the previous block’s hash to calculate its own hash. Before any addition of a new block to the chain, the authenticity and uniqueness must be verified by a computational process. And this process also includes the permission and assurance of the other blocks that the newly added block has been verified. This process of validation also ensures that all copies of the distributed ledger share the same state.
Due to this mechanism of adding hashcode and checks, the newly added block can be referenced in subsequent blocks, but it cannot be changed. If someone attempts to swap out or hamper a block, the hashes for previous and subsequent blocks will also get change and disrupt the ledger’s shared state. Whenever this situation happen other computers in the network are aware that a problem has occurred and no new blocks will be added to the chain until the problem is solved. And then, the block causing the error will be discarded and the whole process of validation will get repeated.
How can Blockchain benefit CRM?
With CRM software Blockchain can actually add exciting data security features(options). The integration of CRM with Blockchain enables organization to have verified(or verifiable) records which are secured by Blockchain technology. especially if the CRM is cloud-based.
That means it can benefit CRM application by restricting the access to track data from unwanted sources. At the present time, CRM users across the globe face the issues of duplicate or incorrect data. Since, Blockchain technology stores data in the forms of blocks so it could allow a customer to own a separate block that represents uniquely to them and their personal information, related transaction details, and other relevant data.
Blockchain restricts the duplicate or risky data from hampering the database and hence it speed-up CRM processes and ensures customers satisfaction.