Blockchain technology has been known to add a lot of value in data management. Particularly in a CRM system, where data is stored and retrieved continuously across numerous entities, blockchain can help by keeping track of all data in millions of interactions.
As CRM and similar technologies have progressed, businesses’ front- and back-office systems have become more sophisticated, causing firms to explore a 360-degree view of clients. But a lot of the time, data is utilized by different organizational departments differently, be it marketing or sales or even HR.
One tricky issue is that information is siloed — put away and utilized distinctively by every division of a company. Understanding overall client interaction is challenging as the interactions are scattered in a diverse manner.
Organizations must tackle and offer a vast trove of data with an ever-developing system of partners and clients, all while maintaining trust. This has been an expensive affair – and wasteful one too in some instances.
Blockchain is being used as an assortment of use cases like asset tracking, credentialing, confirmation, and validation of products. By consolidating CRM work processes with blockchain information, organizations can make new business procedures and models. Customers can build and share a blockchain object in the same process as any CRM data object.
How Salesforce Utilizes Blockchain
Taking note of how critical Salesforce’s architecture is to the activities of their customers, blockchain can be essential in achieving the decentralization of data. By integrating blockchain, Salesforce makes sure that specific client nodes in the network have access to the full copy of the data, which reduces dependency.
Salesforce Blockchain expands its CRM—conveying a quick and straightforward approach to assemble trusted partner networks that offer checked and distributed data.
Controlled by Salesforce Lightning and open-source blockchain innovation from Hyperledger, companies would now be able to deploy and oversee blockchain systems, work processes, smart contracts, and applications with clicks, without requiring code.
Salesforce lets users make blockchain information significant through native integration. Connecting complex blockchain networks with sales data or marketing processes can bring everything together and make it incredibly transparent. Because private blockchains use a fast consensus algorithm, transaction throughput is high, which can handle the Salesforce platform.
More organizations would now be able to run Salesforce Einstein-enabled AI insights by integrating their blockchain data. This means that users can effectively apply AI, integrate with chatbots, and perform search queries on blockchain data.
Integration With Lition Blockchain App
Salesforce had earlier deployed Hyperledger Sawtooth, an enterprise blockchain undertaking of the Linux Foundation, one of the biggest proponents for open-source software development. It may continue to leverage Hyperledger for some blockchain use cases.
According to latest reports, Salesforce would also be deploying a specialized decentralized network aiming to use public blockchain networks, i.e., Ethereum. For this, it entered into a partnership with Lition. Recently, Lition Technology, which is layer two open private blockchains on top of Ethereum, announced the joining of the Enterprise Ethereum Alliance or the EEA, the prestigious standards organization for enterprise-grade blockchain.
The initial phase of the incorporation is, as of now, complete and will be moved to Lition once Lition’s Mainnet is in full creation status. The Lition Testnet and Mainnet are, at present, experiencing code updates and testing is being done using the Ethereum Ropsten Network. Upon fruition, Lition’s innovation will likewise be accessible through an App in the Salesforce marketplace.
After that, any Salesforce client, from independent companies to Fortune 500 organizations will have the ability to effortlessly record, guarantee and ensure essential data in a secret and carefully designed way, utilizing Lition’s Blockchain App on Salesforce’s cloud framework.
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Vishal Chawla is a senior tech journalist at Analytics India Magazine and writes about AI, data analytics, cybersecurity, cloud computing, and blockchain. Vishal also hosts AIM's video podcast called Simulated Reality- featuring tech leaders, AI experts, and innovative startups of India.