Blockchain is also known as Distribution Ledger Technology (DLT). An article published by Built-in, defines blockchain as it makes history of any digital assets unalterable and transparent through the use of decentralization and cryptographic hashing. In simple words, Blockchain is a type of database that takes a number if records and puts them into blocks.
Let’s understand blockchain with the help of a simple analogy ‘Google Doc’.
When we create document, and share it with the group of people. The document is distributed not copied or transferred. This Creates a decentralized chain that allows all the users to access document at the same time. None of the users ate locked out awaiting changes from other users.
All Modification to the document are recorded in real-time, making changes completely transparent. Blockchain is defiantly more complex then Google Doc.
The idea of analogy is that-
- Digital assets are distributed instead of copied or transferred.
- The asset is decentralization
- Transparent ledger of changes
Blockchain and CRM
Blockchain has completely opened new ranges of possibilities and has revolutionized how present business processes and technology work.
Blockchain technology has possibility to develop as one of the most technologically superior constructive tools for uniting and securing the CRM database in the coming year. At its heart, blockchain offers a powerful, flexible data management foundation. CRM is all about data—storing and retrieving records of transactions and interactions between suppliers and customers. As CRM and related technologies have advanced, businesses’ front- and back-office systems have become more intertwined, leading companies to seek more of a 360-degree view of customers. Blockchain could help deliver it.
Imagine being able to instantly and securely invoice a customer from your CRM system simply by clicking a confirmation button. Such functionality is one of the most basic benefits of blockchains. In the world of blockchains, there’s no such thing as recording a transaction, for records and transactions are one and the same.
With this article, we can find out how blockchain and Microsoft Dynamics 365 CRM business solution is could be just what you require to bring up your business to new level.
Improves Security and CRM Database
Blockchain is chain of blocks which contains transactional records. All the blocks are connected to each neighboring block through cryptographically. These are secured in a way that the particular user use network keys to restrict unauthorized access. Blockchain has a distributed architecture. “The beauty of blockchain is that it is inviolable: You cannot erase a transaction from it,” Holden Stated.
The inherent structure of blockchain prevents the duplication of data or corrupted information from causing problems with the database. What’s more, once you eradicate all the inaccurate data. This Increases the speed of your CRM Process and improve customer understanding.
Trust is one of the main reasons why a customer will choose one business over the other. Until now, creating a trusted brand name has required extensive campaigns from corporations with a heavy expenditure of time, resources, and creative effort. Blockchain brings transparency in the business process, which allows customers to access information that builds trust in the organization. For example, a retail organization can gain customer trust by using blockchain enabled product tracking that allows the customer to know exactly where the product was sourced from, providing clarity on authenticity. This is especially useful when the product in question is a luxury item.
Improves user’s privacy control
With its decentralization and secure nature blockchain gives ways to the idea of self-sovereign identity. It stores or encrypts personal information and verify without actually sharing any specifics with concerned person.
With blockchain in place a can have their very own personal key that presents company with unified and accurate picture of their personal information, past transactions, subscription. Blockchain helps these companies deal with issues of inaccuracy, obsolete and duplicate data records altogether. This helps your company with better insight into customers and help businesses engaged more effectively.
Blockchain technology is still on its preliminary phase. it is highly predictable that it will not only change how we approach CRM but has the potential to revamp business operation models in general. With Blockchain and Microsoft Dynamics 365 CRM Business Solutions it is easy to keep track of transactions like Purchase, transfer, delivery, packing, shipment and much more. With Blockchain the quality of data insights across customer-related activities typically improves with scale, blockchain’s network architecture eliminates the need for an intermediary data manager. Blockchain along with Microsoft Dynamics 365 CRM’s user-friendly and reliable Business Solutions makes them a Dynamic Duo. Such a system could provide multiple businesses, and their competitors, with deep insights into customers’ preferences, opinions, and buying habits.
To Know more about Blockchain and Microsoft Dynamics 365 CRM Email us at Santosh@dhyey.com