What is Blockchain?
"Blockchain" is the new trend technology emerging. This is a concept that ensures data security by using "cryptography". This is an ever-growing list of records called blocks, which are internally linked to each other by generally containing a cryptographic hash code from the previous block.
"Blockchain is fundamentally a large, distributed digital book that can securely record transactions between two parties and follows a peer-to-peer (distributed and distributed) architecture."
How? 'Or' What Blockchain ensures the highest level of security? Or how does it work?
Blockchain can provide the highest degree of security, which is why it has been used to store transactional data. This works as follows: shortly after the first block is created, each adjacent block in the ledger uses the hash of the previous block to calculate its own hash. Before any addition of a new block to the chain, the authenticity and uniqueness must be verified by a process of calculation. And this process also includes the authorization and assurance of other blocks that the newly added block has been verified. This validation process also ensures that all copies of the distributed ledger share the same state.
Because of this mechanism for adding hashcode and controls, the newly added block can be referenced in the following blocks, but it can not be changed. If someone tries to swap or hinder a block, hashing the previous and subsequent blocks will also change and disrupt the shared ledger state. Whenever this situation occurs, 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 resolved. And then, the block at the origin of the error will be deleted and the entire validation process will be repeated.
How can Blockchain benefit from CRM?
With the customer relationship management software, Blockchain can actually add interesting data security features (options). The integration of customer relationship management with Blockchain allows the organization to have verified (or verifiable) records secured by Blockchain technology. especially if the CRM is based on the cloud.
This means that the CRM application can be beneficial in limiting access to tracking data from unwanted sources. At this time, CRM users around the world are faced with the problem of duplicate or incorrect data. Since then, Blockchain technology has been blocking data to allow a customer to have a separate block that represents only their personal information, associated transaction details, and other relevant data.
Blockchain prevents duplicate or risky data from hindering the database, thereby accelerating customer relationship management processes and ensuring customer satisfaction.