Globally, Blockchain technology has gained significant importance for transforming industries. It is likely to rise even more in the coming years and beyond. This wide usage of technology has also encouraged the IT industry to implement and leverage the Blockchain technology to drive business operations and eventually growth. But how?
Blockchain technology has opened the door for a wide range of possibilities and has transformed the way of how business processes and technologies work. Apart from this, it has the power to be the most versatile and cutting-edge advanced set of tools and functionalities for managing and securing customer relationship management systems (CRMs) in the coming years.
Read this blog and explore how Blockchain and CRM Systems can be a perfect combination for your business. This will help you achieve a greater height of success and find out how this technology can transform CRM for better outcomes.
Improved security measures to enhance data security
A blockchain is just a chain of blocks. Blocks are records of transactions that are linked together in a single list, called a chain. A blockchain can, therefore, be described as a transaction ledger that can be filled with new data but the previous data, which is stored in blocks, cannot be edited, canceled, or deleted. This is executed by using cryptography to link the contents of the newly added block with each block, such that any change to the contents of a previous block in the chain would invalidate the data in all the blocks.
These transaction ledgers are secured by cryptography in the way that only authorized users can gain access to the transactional data by using assigned network keys. In regard to this, it eliminates the risk of unauthorized access. Blockchain provides the highest level of security against the cyber-attacks happening around the globe.
However, CRM databases are hosted on Cloud servers and cloud security remains primary concerns for businesses. Although cloud security protocols are established to ensure the security of data in your cloud, CRM systems despite using these protocols have an inherent single point of failure as they act as centralized systems.
Now, this is when the fusion of blockchain with a CRM system can prove out to be one of the best and effective solutions.
On the contrary to cloud-powered systems, blockchains are decentralized and distributed across regularly synchronized peer-to-peer networks. Therefore, any modification or alteration to data is almost impossible as it consumes a huge amount of computing energy and power to access the entire blockchain system. Furthermore, the chances of fraud and repudiation can be minimized to a great extent.
Reap the benefits of increased transparency
Being a decentralized process, Blockchain empowers companies to deal with a client base in a transparent and secure way without depending upon third party broker or bank. This technology eliminates the intermediary that, in turn, brings greater work efficiency and speed in all your operations and dealings. On the other hand, your private data will be updated less frequently and you need not worry about data being misused by someone or it falling into the wrong hands.
Take the advantage of improved user privacy control
Data security has become a key strategic priority in the IT industry. You may have heard a lot about cybersecurity dangers like data breaches, ransomware attacks, and cryptojacking that are growing with every passing day. So, CRM systems with an eye on data security will have to address and guide the user by modifying the way of handling the personal data of clients.
Blockchain, known for its secure and decentralized nature, provides the benefit of implementing self-sovereign identity. This means that the users can store and encrypt personal data and even verify it without sharing any details with the parties concerned. This allows them to get greater control over their identity.
Eliminate the inconvenience of lead generation
Users can leverage the power of Machine Learning (ML) and Blockchain technology to find out which businesses are the most reliable, safe, and profitable in a particular field of interest. No wonder, Blockchain in today’s times has the potential to transform the way of how people connect with their brand.
Want to know how?
In the past, businesses had little to no control over various retail categories and specific use cases at the same time as they had to contend with the selection of specific search categories. This means that targeted marketing was no longer their main focus and CRM-based lead generation trying to adopt with the legacy systems had to face the jolts. Blockchain has revolutionized the ways by which businesses now handle their operations.
Small and medium businesses using CRM software platforms can benefit from the blockchain technology as they will be able to achieve high levels of customer attention by earning their trust and loyalty.
CRM users across the globe often have to deal with outdated and duplicate data at some point. This occurs due to human negligence or using the wrong set of data import tools. By making use of blockchain, you can get an accurate and unified picture of personal details, subscriptions, earlier transactions, and other information of users.
Leveraging blockchain and CRM together helps in cleaning up redundant data, and helps in eliminating the issues associated with inaccurate, obsolete, and duplicate data. This provides better and clear insights of the customers and enables businesses to engage them in a more personalized way.
Innovative Loyalty Programs
The main objective of loyalty programs is to enhance the profits of a company by adding value to the overall customer experience. Due to variable mileage, volatile value, and privacy concerns they often lead to inconvenience for customers that further translates to lower ROI. This drawback gets eliminated with blockchain that can be used to revamp the loyalty programs.
Implementing Blockchain with CRM systems will be highly beneficial for businesses as it offers a single decentralized system that is compatible with various brands. Businesses would not be bound by certain rules and limitations of personal branding and will have greater control over the whole customer experience and brands by providing them better deals and offers.
Blockchain is one of the finest advanced technologies that allow the transfer of digital data in a decentralized and trustless manner. It provides companies the most effective and creative ways to interact with customers. Blockchain technology has the potential to fundamentally modify the business operation models and evolve as one of the most technologically superior constructive tools for uniting and securing the CRM system.