The term Blockchain is well-known after the inception of cryptocurrency. But the technology doesn’t shrink at all. Beyond that, it’s getting more popular nowadays and used in various industries because of the decentralized and secure nature of blockchain. It’s open to many possibilities and it revolutionized the CRM aka Customer Relationship Management by providing a secure and decentralized platform for storing the customers data. This enhances data security and lessens vulnerabilities such as data breaches, hacks, etc. Blockchain is also used for identifying customers to prevent fraud and it improves customer experiences.
Blockchain can be used in various ways to transform CRM applications. In the following, you will know the reasons for integrating CRM with Blockchain Technology.
Blockchain by default has many security features in-built to store transactional data. All the information added to the blockchain is encrypted. It allows you to store data in a decentralized ledger which then can be copied by other nodes. But not able to modify it. This keeps the company's customers' data more secure and reduces the possibility of getting hacked and data breaches.
You can manage your customers better if you get the information shared by your customers with you which is stored inside the blockchain. You can get a better insight into what purchases they have made, what their subscription details are, what programs they have joined for, and more. It’s easy to access this information in the blockchain. The shared data set on the blockchain then can be imported into your CRM.
Blockchain is a decentralized ledger system. You don’t need to keep track of your database. The cost spent for database administration is lesser and the money spent for data security in CRM is reduced here. Companies hire many security engineers to protect their data. But with blockchain, you don’t need to worry much about that.
Most CRMs deal with this data inaccuracy issue. It will be hard to manage or maintain if your CRM is not updated and it has unwanted data. There may be inaccurate data like transaction details or customer details which need to be deduped. With blockchain, this is easily done. Blockchain will eliminate the inaccuracies. The customer has their key that presents companies with their personal information, past transactions, etc.,
The big use case of blockchain technology is record tracking in the supply chain. Blockchain gives real-time visibility of records. If your network system is powered by blockchain, the information to track in your CRM is more accurate, real-time, and cost-effective. You can query the blockchain from your CRM for the product origin.
Many data security issues arise in CRM that will need to address the cause by the company and protect their customer data. Blockchains provide self-sovereign identity to users so that the users' data can be safeguarded in a secure and decentralized manner. It encrypts personal information and verifies it without sharing it with the concerned parties. Hence it allows users to take full control over their identity.