Blockchain technology emerged as a real-world innovative tech option that reached international prominence around the year 2017. Many businesses have benefited from the advantages of this technology including a high level of security, greater transparency, improved accountability, high speed of transactions, and reduced costs.
The enhanced data and information security that Blockchain provides is the primary benefit of using it as a business technology. This is simply because data security is the number one priority for today’s tech-savvy businesses. It is for this and many more reasons that Blockchain technology is continuously evolving and can be used as a robust solution to the cloud and server-based companies.
In this blog post, we will discuss what is Salesforce Blockchain platform, why is it essential for enterprises, and how to proceed with the implementation of Salesforce Blockchain.
Before moving further, let me give you a very brief overview of the basics of Blockchain.
What is Blockchain?
Blockchain technology is the combination of two words: Block and chain that carry different explanations.
When we talk about both the words in this context, we are actually talking about digital information (“block”) and data is stored in public databases and form a series (“chain”).
In simple terms, Blockchain (chain of blocks) is the technology that provides decentralized and highly secured transactions of digital information across the internet. This technology uses cryptographic associations for creating a secure series of linked data blocks. Nothing can be erased and modified from the series of data blocks, but more data can be added in the form of new blocks only after the same is meticulously approved.
Now let’s move on to Salesforce Blockchain.
What is Salesforce Blockchain?
Salesforce Blockchain is the advanced and low-code platform to build secure and trusted peer-to-peer networks. With Salesforce Blockchain, companies can easily craft Blockchain networks, workflows, and apps using point-and-clicks tools to deliver the best customer experiences. It allows sharing data from applications with a network of partners. This platform allows the Salesforce user to do these three things:
- Create networks with a click – Build and maintain Blockchain networks, apps, and smart contracts effectively through Salesforce robust, low-code platform functionalities. Users can now develop and share securely a Blockchain object in the same process just like any CRM data object with the help of a click, not code.
- Automation of digital data with a lightning platform – Blockchain data can be actionable and functional through the native integration with Salesforce. Apart from using it for sales, service, and marketing with the purpose of search queries and process automation, companies can execute Einstein-powered AI algorithms that integrate data into business predictions and forecasts.
- Engage with partners easily and efficiently – Companies can integrate any existing Blockchain with Salesforce by pulling in APIs and pre-built apps. They can collaborate with partners, distributors, and third-party vendors efficiently though few clicks and simple authentication process to create trust partner networks.
Salesforce Blockchain enables companies to easily unify authenticated, distributed data and CRM processes. Combining CRM workflows with Blockchain data, companies can craft a new business process that extends service, sales, and marketing to enhance the speed of business operations.
Salesforce Blockchain lowers the barriers for creating a secure network and establishes the right authentical protocol for the users. The user can decide and build the style of authentication protocol that suits the requirements of the network. Hence, Salesforce Blockchain manages the complex and critical task of network interconnectivity and data integration.
Why Blockchain is beneficial for enterprises?
- Enhanced CRM data security
Blockchain provides a powerful, flexible data management structure. CRM is all about storing, retrieving, and sharing records of transactions and collaboration between suppliers and customers. It delivers more data consistency and transparency without sacrificing the flexibility of applications.
The structure of Blockchain prevents the replication of data or corrupted information from causing errors with the database. Despite this, it increases the speed of your CRM processes along with stimulating improvements in customer engagement.
- More engagement with customers and grasp their requirements
Blockchain can give you a comprehensive overview of the prospects and customers, analyze their needs, and decide where to deploy the business resources. This is the reason for implementing the Blockchain technology that boosts the profits of a company by adding value to overall customer experience. Deploying Blockchain and CRM provides a huge benefit to consumers by providing an innovative tool for managing the business processes.
- Quality Assurance
If any irregularity, inaccuracy, and duplication of data is detected anywhere within the supply chain, the Blockchain system will take you to the starting point that makes it easier for businesses to conduct research about the inaccurate data and decide the actions to be taken.
Blockchain offers a powerful solution to deal with such a problem by enabling customers to own a single block. This provides an accurate and clear picture of a user’s personal details, transactional records, and other important data.
Create Blockchain Networks and Apps With Click, not Code
Blockchain builder – A builder tool allows developers and admins to create a Blockchain app, add partners, and without spending too much time and resources much on application infrastructure. It also includes an API that facilitates developers to set up an app programmatically handling the complexity of Blockchain. The declarative and unified user interface allows admins to set up with clicks, not code.
Create a Salesforce Blockchain app in four steps
- Begin with defining your trust network, rules and permissions – You can grant permissions for a particular agent to ready-only while other networks participants can read, write, and verify the changes done to claims database.
- Craft a Low-code data model directly on Salesforce – Data that is shared claim. So, you can create claims and add fields such as data, customers, and more.
- Making Blockchain data functional and actionable – Blockchain data are powered by automated processes and events functionalities as it is integrated with the Lightning platform. So, your data becomes actionable and is capable of sending notifications as well, whenever and wherever required.
Create applications for all the partners – If your partner uses Salesforce, you can utilize existing Salesforce apps or community to display records and allow them to interact with that Blockchain data. Whether your partner is a Salesforce user or not, Salesforce Blockchain makes it easy for them to integrate and start using the network.
With Blockchain technology, Salesforce is making it possible for customers to interact with one another and with their partners upon secure and trusted networks. With all the clear benefits of Blockchain-enabled networks, more and more companies are adopting Blockchain technology.
I hope this blog on the introduction of Salesforce Blockchain technology and its importance in enterprises has given you a clear understanding.