Salesforce Blockchain and How it Benefits Companies

According to a recent report, global spending on blockchain solutions is predicted to reach $19 billion (about $58 per person in the US) in 2024. Despite being a billion-dollar industry, the blockchain world remains untapped and unregulated. However, Salesforce aims to use blockchain capabilities at its core to build trusted networks. The amalgamation of these powerful technologies’ boosts transparency and data security in business processes, thereby ensuring trust and efficiency. In this blog, we talk about everything you need to know about Salesforce Blockchain and how it can help your business.

What is Salesforce Blockchain?

The fusion of Salesforce and blockchain technology paves the way for more improved customer experiences, redefined business processes, and robust security updates. Salesforce blockchain is built on an open-source technology known as Hyperledger Sawtooth and customized for Salesforce Lightning. The integration of these two technologies brings lots of positive changes for Salesforce and its users including:

• Moving beyond conventional data management to integrate more robust security and transparency features.
• Accessing a more secure platform for improving data management and customer experience.

How can Blockchain Improve Salesforce?

A Comprehensive Customer View

Blockhcain has a distributed network architecture that breaks down data silos. Instead of storing customer files in various locations across the system, all applications get access to one set of records. This makes it easier of companies to avoid redundancy and improve responsiveness. Additionally, with Blockchain’s capabilities Salesforce can aggregate more detailed data about users and products and make the overall data network more accurate.

Improved Protection of Digital Information

Encryption is one of the prominent features that contributes to Blockchain’s global popularity. It ensures that only people who have access to decryption keys can unlock the system. Furthermore, the complexity of these keys makes it easier for maintain security of Salesforce systems that require various users.

Robust Data Security

The encryption method boasts a timestamp on each transaction, which is digitally impenetrable. This augments the data privacy and app security of Salesforce blockchain application development. Furthermore, the fully decentralized nature of the system has low probability of experience security issues.

Enhanced Network Building

Salesforce Blockchain can create and manage dedicated blockchain applications, smart contracts, and networks catering to various needs. The platform uses a low code feature that users can use to create and share blockchain with a process similar if not better than any customer relationship tool.

Smart Contract on Salesforce-Enabled Processes

Within a smart contract, the terms and conditions of an agreement are written into the lines of code. It is a self-executing contract that ensures the interests of both parties involved are safeguarded. For instance, A reached out to a real estate company XYZ to lease commercial property. They entered a smart contract stating A will pay a predetermined amount when XYZ finds a commercial property that aligns with A’s predetermined needs. How do smart contracts benefit Salesforce? These contracts can automate processes that require manual intervention, thereby eliminating errors and improving efficiency.

Challenges of Implementing Salesforce Blockchain

Comprehending the Regulatory Roadblocks

Blockchain world is a regulatory paradox where each country and industry have its own set of regulations. Complying with these varied regulations is essential to ensure smooth integration on a global scale. When developing Salesforce blockchain applications, companies must maintain a balance between innovation and legality.

Combating the Technical Complexities

Combining blockchain with existing systems can be technically arduous. There are many challenges including ensuring data consistency, managing blockchain networks, and dealing with scalability issues. Tackling these hurdles requires a strong technical plan. This may implies selecting the right blockchain platform that aligns with Salesforce’s capabilities and your business needs.

Conclusion

Irrespective of the hurdles, more companies are adopting blockchain given its solid advantages. Apart from supply chain management, its smooth integration across Salesforce ecosystem gives a glimpse of a thriving future. It would be worth seeing how the integration of blockchain and customer 360 platform creates new avenues for businesses.

Moreover, we are at the crossroads of data security and technology and there is dire need for change where data is protected more fiercely than ever before. Salesforce’s move into blockchain suggests a future where data is not just secure but also fuels innovation, allowing businesses to thrive and grow.