CRM and blockchain: what does the future hold?
‘Blockchain’ – have you heard of the term yet?
Fairly new to the market and described here at its most basic, blockchain provides a method of literally ‘chaining’ data together so that when any changes or alterations are made, a new chain is added. The important thing to remember is that old chains can never be removed; this way, complete traceability is assured and as data moves from one section to another within a network (such as a CRM system), every change is recorded. This vastly enhances security and transparency in a way that current security methods just cannot compete with.
Blockchain and Bitcoins
At the moment, blockchain is only used within the cryptocurrency market (think Bitcoins), but this does not mean that it does not hold plenty of potential promise when it comes to other industries, particularly customer relationship management and CRM systems. At a time when security of data is crucial and traceability is paramount, should blockchain be incorporated into CRM systems as a priority? If so, how would it work within the CRM and what would be the payoff?
If we look at the reaction to blockchain, then we will see that it has been forecast to change business going forward over the next decade. The way that companies do business is forecast to change because blockchain allows every transaction or process to be tracked in a way that is totally infallible. Trust will no longer have to be assured as with blockchain it is all part and parcel of the operation. As far as CRM systems go, it provides 100% traceability for every single piece of data and for each transaction that is made. This means that organizations can share everything; data, ideas, payments, without having to worry that someone will intercept it without them knowing.
CRMs and blockchain
As far as CRM systems go, the possibility of including blockchain is a tremendous one with only positive results accruing. Businesses using a CRM with blockchain included will be able to see records that they know are genuine. Transparency will be not only assured but absolutely guaranteed, tracking every change from first contact with a client through to the progress of each transaction. Communications will be enabled to be far more personal between customer and business without any need to worry about security.
Into the future
So what does the future hold for blockchain and CRM? There is no doubt that the two should be married together as soon as the solution is stable enough to allow it.
At this very moment, the blockchain technology is still very new and fresh so now is not the right time. Unfortunately, it could take a decade or two before blockchain applications are able to be marketed commercially; Microsoft are currently offering ‘Blockchain as a Service’ as a part of their Azure cloud platform so this should give the technology a boost in the right direction, particularly for organizations where security requirements are high.
But for the CRM system, patience is required. We have to wait until blockchain becomes commercially available before we can be availed of the many positive implications of having our CRMs enhanced by the inclusion of blockchain. The manufacturers that are able to apply this technology early on and offer CRMs with it included are likely to be ahead of the game.
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