Blockchain is your newest trending hottest technology that many of us hear about today. It’s a technology that guarantees the safety of data or information with something called cryptography. It’s a constant growing list of records known as blocks, which can be connected to each other by usually in a cryptographic hash code of the prior block.
It is essentially is an open, distributed digital ledger that can capture transactions between 2 parties economically in a decentralized, safe and secure way.
How secure is blockchain?
Blockchain can provide the maximum level of security to store transactional data without a third party. It works in a way where once the first block has been created, each adjacent block in the ledger uses the previous block’s hash to calculate its own hash. To guarantee its authenticity, prior to any addition of a new block to the chain, a computational process verifies the uniqueness that makes the entire process foolproof.
How does blockchain work?
Blockchain ensure the process is foolproof by including the permission and assurance of the other blocks that the newly added block has been verified. This practice of validation also ensures that all copies of the distributed ledger share precisely the same identical state.
As a result of adding hash code and conducting checks, every added block can be retrieved and referenced in subsequent blocks. If someone attempts to swap out or modify a block, the hashes for previous and subsequent blocks will also get changed and disrupt the ledger’s shared state. Whenever this scenario happens, other computers in the network will be made aware of that problem and cease to add any blocks to the chain until the problem is solved.
How does blockchain technology benefit customer relations?
With customer relationship management (CRM) software, blockchain can really add some exciting data security implementations we never thought possible. The integration of CRM with blockchain enables organizations to have verifiable records and benefit CRM applications by restricting access to trackers from unwanted sources. This is an ideal opportunity as CRM users across the globe often face the issues of duplicate or incorrect data. Because blockchain technology stores data in the forms of blocks, it could allow a user to own a separate block that represents uniquely to them and their personal information, relevant transaction details, and other pertinent data.