What Is Salesforce Blockchain And How Does It Work?

By Rajat Kesarwani| Monday, Aug 29, 2022 01:20 PM | 4 min read

Salesforce Blockchain is essentially a platform of distributed ledger that has been designed for CRM or Customer Relationship Management. It was initially developed to be a platform of low code that could build networks of trusted partners that share verified and distributed data. The main objective of Salesforce Blockchain is to empower organizations and allow them to manage workflows, blockchain networks, contracts, and applications more feasibly using clicks rather than complicated code. A good salesforce consulting company can help you with salesforce tableau integration in your business. But before that, it is important for you to understand what are the things included in salesforce CRM consulting services.

Here, we have explained everything related to the salesforce blockchain.

Blockchain Explained

Blockchain is essentially a distributed ledger that has the ability to maintain a tamper-proof and permanent record of transactional data. The platform works as a decentralized database that is managed in a P2P or Peer-to-Peer network. The network’s endpoints maintain the ledger’s copy. In addition to that, blockchain data is distributed, secure and verifiable. When we say distributed, it means that the data is saved across a computer network in identical copies rather than a single central copy. Verified means that every single change that takes place to data present in the blockchain is updated and authenticated through the network prior to being saved. Finally, secure means that each verified change is then saved as a new block to the ledger and hashed to the initial block. Rather than being used as a digital currency, the applications of blockchain can be used to manage and create a distributed database to maintain records of all digital transactions. In the same way, Salesforce Blockchain essentially delivers a blockchain platform of low code for CRM, eliminating the challenges and difficulties that come with deploying a blockchain application with the use of code.

How Does Salesforce Blockchain Work?

In simple terms, Salesforce Blockchain combines distributed and authenticated data as well as CRM processes. It enables organizations to do the following:

• • Build Networks With Simple Clicks:

  Maintain and build blockchain networks, smart contracts, and apps using the low-code capabilities of Salesforce. With the help of Salesforce Blockchain, customers can easily share and create a blockchain object with clicks instead of codes in the same process used as any other CRM data object.

• • Automate Data Using Lightning Platform:

  Users can now layer blockchain over the existing sales, and marketing workflows such as process automation and search queries as well as sales. Companies can also run artificial intelligence algorithms that are powered by Einstein that integrate all blockchain data into predictions and sales forecasts.

• • Engage Partners:

  The presence of a layer of engagement helps companies pull in APIs as well as integrate all existing blockchains into trusted networks and pre-built apps where partners, intermediaries, and distributors can join using simple authentication.

The open-source Hyperledger Sawtooth technology is the platform on which Salesforce Blockchain has been built. It has been customized using Salesforce Lightning. Salesforce Blockchain data, using this stack of core technology, is signed and saved cryptographically and stored across multiple parties in identical copies. In the same vein, it is updated only when the network checks and verifies all the changes.

How Can Blockchain Be Used By Businesses

Blockchain is likely to affect the business landscape immensely. Following are some of the examples that highlight its current usage.

Use of Blockchain To Improve CRM

Customer Relationship Management can benefit immensely with blockchain technology. When combined together, it can enhance the current workflow significantly and also help in building partner networks that are more trustworthy. It can help in enhancing the overall transparency, trust, and traceability when it comes to customer interactions.

Following are some of the most obvious benefits of blockchain technology in CRM!

• • Comprehensive View On Customers:

  It offers a 360-degree view of the customers because it is based on data silos breakdown and a distributed architecture of the network. Therefore, all applications will have access to just one set of information regarding a customer and not have several duplicated copies across systems. This helps in increased responsiveness and reduced redundancy. In addition to that, CRM-based platforms can help in getting more detailed and contextual information about the customers. Thus, it feeds the blockchain business with richer and more valuable information.

• • Improved Data Accuracy:

  The quality of data and its accuracy is much better. Since, it is a combination of various technologies that are a part of IoTs, there are less chances of negligence or human error. With the help of a CRM based on blockchain, businesses can get more insights from the data that they collect with no need for human intervention.

• • Data Security:

  Data is very safe and protected when blockchain technology is used because it uses highly cryptic tools that cannot be tampered easily. Moreover, the data records on blockchain are irreversible and no transaction made can be edited or erased.

• • More Insightful Information:

  Blockchain technology helps dive deeper into the information regarding customer expectations and preferences almost in real-time. Hence, it can help businesses improve their services and scale as per the requirements and needs of their customers.

Conclusion

Hence, blockchain technology is likely to transform the entire CRM Structure in the next five years. So, if you are convinced about blockchain in CRM already, get in touch with Dreamstel which is one of the best salesforce consulting companies and can help you out with your doubts regarding the integration of blockchain in your CRM. It is the right moment to invest in Blockchain and improve your CRM immensely. With loads of valuable data gathered with it, you will be able to plan the next steps in your business with more accuracy. With insightful data about your customers, you will have a better knowledge of what is working well and what is not to help you offer a great experience and expand your business.