CRM and Blockchain: Who is Next Frontier?
Today’s digital world is familiar with the currencies like bitcoin and the term blockchain. At its most basic level, the blockchain is a method of chaining information together. So that, each time the data is altered, a new chain is added, yet old chains cannot be removed. In other words, the records gain complete traceability as they move from one place to another within a network. Because every instance of change is essentially recorded, the data is secure in a way that current security methods cannot accomplish. Therefore, these features create a great CRM and blockchain combination.
The cross-industry applications of the blockchain and a digital ledger in securing transactions holds great potential for CRM platforms. The primary reason is that the organizations seek to secure their back-office applications and corporate data better. In an industry where security is essential, you may be wondering if you should start looking for blockchain solution as soon as possible.
CRM and Blockchain: The Perfect Mind or Just a Myth?
To get an answer and get ahead, let’s take a look at what blockchain can do for CRM.
Increases CRM Data Security
Out of the gate, blockchain will add existing data security options to the CRM soft. Most notably, such an integration enables companies to have verifiable records secured by the Blockchain technology. Especially this benefit is important while using cloud solutions, where customer data security is highly regarded. So, the companies should be a concern to verifiable records. Thanks to that point, it becomes able to get the customer data from a range of sources, whether internal (manual entry), online (LinkedIn) or subscription databases.
Enables CRM to Understand Demand
According to CRMBuyer, Blockchain will be useful for understanding demand and let know where to improve the resources deployment. Just imagine an ability to get a 360-degree overlook of your customer's current state this way. Together, CRM and Blockchain combination can give you a granular demand look and gets you away from the traditional model of the platform using to manage supply for customers. Knowing the requirements of your customer base can give you a competitive advantage over your adversaries. Moreover, understanding their demand can change the way people fundamentally use CRM. It has the potential to change the game rules. That is, integration of the software interface applications can be suited to the solution’s requirements.
Enables CRM to Manage Customer Experience Better
Often a client experience is a differentiator in some industries. Primarily it is used in retail, where CRM plays a role in the customer data record. There are many solutions for managing customer experience. But data security should be the key to any choice.
Here are some compelling cases for the CRM and Blockchain combination according to ConduitHub:
- Indisputable and secure customer databases in which sales and marketing can run customer loyalty programs;
- Customer rewards management;
- Secure customer wallets for managing multiple membership programs;
- Customer queries rapidly and without ambiguity.
- Protect mobile applications with Blockchain. This is achieved due to the complexity of customers and nasty hackers and impedes the achievement of their benefit.
So according to the above-mentioned facts, CRM and Blockchain combination makes both a single great tandem.
The Future of CRM and Blockchain Technology From an Expert’s Point of View
It is worth to note the fact that the Blockchain technology gets into the field of industry. Therefore, it is suitable to ask the question "How will this trend affect the CRM?". To get an answer to this question, pay attention the thoughts and tips from three CRM experts.
Paul Tatro, co-founder of the Blockchain Training Institute
According to his opinion, the CRM systems will be forced to increase the data confidentiality.
Moreover, it will be one of the primary requirements from the consumer's side, due to its need to share personal information and the hacker attacks risk. Therefore, users readiness for the change is ensured if the use of CRM and Blockchain can provide reliable personal data storage and encryption.
Paul Tatro said: "The whole CRM space will soon be tied to what I call self-sovereign identity, because customers will want to have control of information about them instead of letting it be bandied about".
The consumer expectations will continue to grow, so CRM systems will need to improve the new methods of customer data processing.
Tatro expects that in the future, CRM and Blockchain combination will be able to carry out large-scale data analysis. However, the developers will have to create distributed accounting books so that their corporate customer data is protected.
According to Tatro: "We're seeing stalwart companies like IBM and Microsoft offering blockchain services. Even Intel is pushing SGX chips that are optimized for transaction processing and faster consensus on the blockchain. This is something companies need to have their eye on, the same way you had to know about the internet when it was emerging."
Lynne Dunbrack, a research vice president at IDC Health Insights
She sees the possibility of improving healthcare with the Blockchain help.
According to her words, the CRM using is a newbie in the field of healthcare. However, one of the areas where the Blockchain can be affected is consumer payment incentive programs. In simple words, the purchase of rewards can make the patients implement the doctor's recommendations (exercises).
Lynn Danbruck remarked: "People can lose interest in exercise programs after their short-term goals are met. Maybe they wanted to be healthy for a pregnancy or lose weight before a school reunion or wedding to look good in family pictures, but then they revert back to old habits."
In the future, CRM and Blockchain technology can provide a stronger relationship between patient and doctor through the complex of motivation.
This can increase the patient's health care in general.
"The whole notion of patients as consumers is relatively new," said Danbruck. "It used to be physicians would refer their patients to a specialist or provider and they went there, but now, they are looking around to see if they can save money by going elsewhere. Healthcare organizations need to capture attention and manage customer lifecycles just like other industries. "
Jacob Hall is a co-founder of Agingo Corp.
He used the Blockchain and Machine Learning to create a search engine that could screw up business companies with the customer’s trust highest level.
According to Hall, the primary push to the Agingo creation was convince that ad space is broken and desire to understand customer interaction with the companies they love.
"There will be no targeted marketing. We take that away and give the user the power to say what they want and not have to see the same thing over and over because someone is tracking them and retargeting them."
He said: "Companies have had to advertise for leads and buy data with no way of telling where it came from. It's not like people provide data lineage for their email addresses."
Thanks to Hall's invention, it will be possible to avoid high costs in order to make the new business effective and profitable.
Hall admitted that the use of CRM and Blockchain combination could affect the data confidentiality. For example, Agingo users will be able to store personal data in the encrypted form and decide which information and with whom they want to share.
So, according to the expert’s thought, the CRM and Blockchain technology is still in its infancy, yet it has a noticeable potential and subsequently will get an extensive range use in the industry.
Follow up the CRM world news and try preferences of the CRM and Blockchain technology. It can improve the business process and make it more efficient, yet lightweight. So, try to switch a part of your real data into the desired platform by using free Demo Migration.