Unless you have not been keeping up with the outside world, it's impossible to see the popularity of Blockchain technology and Bitcoin in the world. Ever since the world has seen a sudden rise in Bitcoin's value, which went from $20 to over $20,000 in a couple of years, it's what everyone has talked about. The other thing that has been popping up lately is Salesforce blockchain, but how come all this is related to Salesforce? For that, we have to get deeper into this technology.
Blockchain technology has surely added a lot of value in data management. Specifically in the CRM system, which we use to store and retrieve the data continuously across multiple entities, what blockchain does is it helps keep track of all data of every interaction. With CRM and similar technology platforms advancing, businesses’ front- and back-office operations have become more advanced, letting them explore a 360-degree view of their customer.
Most of the time, data is used by different departments of the same organization differently, be it marketing or sales or even HR. Blockchain is being utilized as a collection of use cases like asset tracking, credentialing, confirmation, and validation of products. By combining CRM work processes with blockchain data, companies can make new business schemes and models. Clients can create and share a blockchain object in the same way they do with any CRM data object.
What is Blockchain?
We know that a Blockchain is a technology that Bitcoin is based on, but how does it work? Blockchain is an increasing list of reports called blocks that are linked together by using Cryptography where each block consists of a cryptographic hash of a timestamp, the previous block data, and transaction data.
Transaction data – Contains any kind of information, in Bitcoin’s case, the information is in respect to the sender, receiver and number of coins.
Cryptography Hash – A unique ID created by using cryptography, it is basically a process to turn text and data into a long unique string.
Previous block data – this is the hash of the previous block that lets the new block to connect the Blockchain in a sequential manner
Editing or updating an individual record entry is possible by modifying the cryptographic hash that gets generated when the record is created. The record that is added to the log after you modify it then the record is required to be validated again and re-added to the log with updated hashes. Usually, a shift in the value of a record is considered as a new log entry in a blockchain.
Benefits of Blockchain
There are countless advantages to using Blockchain technology in the current scenario, for instance, there is no middleman with Bitcoin which already gives many perks to its users compared to the conventional financial system. With that, it also gives you transparency, integrity, security and reduction in cost.
Transparency: As we mentioned, Blockchain is based on distributed records, therefore all transactions are publically accessible and easily available. It means anyone can verify a transaction on their own.
Security – Being transparent and validated by others, Blockchain is also secure by design.
Integrity – Other users on the network have to verify your transaction, so it is impossible to change any past blocks on the system. So you can be sure what you’re seeing is authentic.
Reduced Costs – The removal of a middleman or third party vendors means that the costs are reduced while transacting on the network.
What is Salesforce Blockchain?
Salesforce Blockchain is a term for implementing an innovative way of creating, securing and sharing data from Salesforce AppExchange applications within a company network. It gives the infrastructure of a distributed log with the addition of Salesforce metadata capabilities. By this, companies can individually and securely verify records from any system they use on Salesforce Blockchain. This way the Salesforce users can view and work with blockchain data in automation, analytics and other areas where they want to work with regular record data.
Salesforce Blockchain is built on open-source blockchain technology from Hyperledger Sawtooth. It lets clients execute workflows, CRM applications, and contracts based on the blockchain without the need for coding. Salesforce also announced the making of modules on the Salesforce Trailhead developer education platform. These modules are designed with a sole purpose to address partners, clients, and employees who will work with Einstein AI implemented platform and use different models. Aside from improving the Salesforce ecosystem, the trailhead module could also be utilised for introducing features to build into Einstein later.
How Salesforce utilizes Blockchain?
Seeing how significant Salesforce’s architecture is for processes of their customers, blockchain becomes fundamental in managing the decentralization of data. Integrating blockchain to Salesforce assures that particular client nodes in the network can access the detailed copy of data, ultimately decreasing dependency.
Regulated by Salesforce Lightning and being an open-source blockchain discovery from Hyperledger, businesses can now deploy and supervise blockchain systems, work processes, smart contracts, and applications with just a few clicks and no coding.
Salesforce lets users make blockchain data meaningful through native integration options. If you connect these complex blockchain networks with your sales and marketing processes, it can help you bring everything in one place and make the processes highly transparent. The logic behind this is that private blockchains use a fast consensus algorithm and also its transaction throughput is high enough to handle the Salesforce platform. It will let more businesses run Salesforce Einstein AI insights by integrating their blockchain information. Enabling users to efficiently apply AI, integrate with Salesforce products, and successfully execute search queries on blockchain data.
Role of Blockchain in Streamlining the Supply Chain
The role of Blockchain in streamlining the supply chain ecosystem can be summed up with an example of temperature-controlled logistics used by perishable food and pharmaceutical companies. They are required to store and transport goods within a certain temperature range so that they remain preserved until delivered to the buyer. However, maintaining the integrity of the supply chain has become difficult as products either get lost during transit due to exposure to unstable temperature ranges. This occurs due to the incapability of the current track and trace system that lacks in providing enough supply chain visibility.
Blockchain being a distributed ledger technology can fix issues related to the supply chain ecosystem by decreasing inconsistencies, increasing clarity of products during the transfer on the supply chain and most importantly streamlining processes. It becomes feasible as all physical assets of the supply chain ecosystem are depicted as digital assets on the Blockchain network. This whole process is also known as tokenization of assets, which makes it easier to trace products in the supply chain by identifying the point where products were being removed before reaching the destination. This tracking and tracing trait of Blockchain enables consumers to track the course of a product right from the point of origin to its destination.
Though we got some important topics down like Blockchain, Salesforce blockchain integration, its uses, and many more in the above article, it is not the end of its features list. You will have to try it on your own to explore some beneficial features and services of this integration. Using Salesforce Blockchain solutions, organizations can secure customer data and get it verified in a distributed way. A combination of blockchain and CRM can help in building new workflows and processes across sales, marketing, and service sectors.