Blockchain implementation in CRM systems

Blockchain technology is evolving rapidly and is being applied in an increasing number of industries. It is likely that in the near future its influence on various spheres will increase and become ubiquitous.

The potential of the technology sparked interest among IT developers who used it to optimize customer data management.

Innovative blockchain-based CRM systems not only help to organize and automate the work of departments, but also to simplify many business processes.

The AVADA MEDIA team is also actively using the capabilities of the new technology to develop secure and stable blockchain solutions that combine efficiency and a high level of privacy.

Blockchain is a distributed ledger technology in which data about each transaction is stored in an immutable chain. The entire array of information is located in a decentralized network, protected by cryptographic mechanisms.

The technology offers a powerful and flexible framework for data management. It can transform a CRM system, speed up business processes, improve data security and optimize costs. The blockchain eliminates the risk of unauthorized access to information, since participants must use cryptographic keys to work with blocks.

Integration of technology into a CRM system can be one of the best and most effective solutions, and there are a number of reasons for this:

• Blockchain networks are decentralized, so even if one or more devices involved in a continuous chain fail, information will not be lost. Also, the technology eliminates any change in the data, since this would require a huge amount of processing power. Thus, the likelihood of fraud is virtually reduced to zero.
• Blockchain can provide better data consistency without compromising program flexibility. Unlike traditional software, the technology is open source and designed to be affordable and easy to implement.
• The consensus protocol is one of the essential elements of the blockchain. It is he who guarantees that transactions occur in a trusted way, which excludes intermediaries from the chain of interactions. Parties can conduct business directly through a peer-to-peer network.

The blockchain does not have a central authority, so all participants in the system are involved in verifying transactions. This approach allows you to significantly simplify the procedure and reject the influence of third parties.

• The most important principle on which the technology is based is its transparency. Users can track transactions on blockchain networks, giving them a complete view of all transactions in the chain.
• One of the common problems faced by users of CRM systems concerns the appearance of inaccurate, outdated or duplicate data. This is most often due to negligence or using the wrong set of tools to import information. Blockchain solves this problem and only provides users with access to verified data.
• Information on the blockchain cannot be changed, such as tampering with or erasing transaction data. This advantage of the blockchain is one of the key ones, as it takes the security system to a new level.

All users can trust such a registry, since it is impossible to delete information without their knowledge and consent.

Technology provides companies with new, convenient ways to interact with customers. Over time, the blockchain can turn into a technologically advanced tool that is indispensable in the development of CRM systems.

High competition in the market pushes many startups to search for new effective solutions that would help them to declare themselves and attract customers.

Some companies are already actively using blockchain to grow and scale their businesses, and their success looks quite convincing.

The introduction of tokens contributes to the emergence of new ways of monetization. “Users can be rewarded (in tokens) by participating in various forms of feedback, such as customer satisfaction surveys,” says Paul Sebastian, chief marketing officer for Helpshift, a customer relationship management company.

Howdoo is bringing blockchain to its messaging app and social media. The company offers users the µDoo token, a cryptocurrency that is used to pay for digital products and services. Advertisers can use tokens to connect with their target audience or reward users, and companies can use tokens to reward content creators for the ad revenue they generate.

Analyst company Beagle Research Group considers the most appropriate use of blockchain in enterprise resource planning and digitalization of workflows.

Blockchain also helps organizations to protect personal data. The technology allows information to be stored and verified without disclosing any details. In addition, users have the ability to control data without the involvement of a central authority.

Integration of blockchain into CRM significantly expands the capabilities of the system and contributes to the creation of trusting relationships with customers. AVADA MEDIA develops and implements reliable CRM with wide functionality and high level of security. Our team offers comprehensive, fully featured solutions designed from the ground up and tailored to your business needs.