There are a lot of ideas in relation to the blockchain that is existing today. Starting from cryptocurrency, blockchain has paved its way into the development of smart contracts. Today, it is capable of transforming a wide range of businesses. More importantly, it is also expected to fully transform the way in which global businesses make their transactions.
Blockchain was developed by Satoshi Nakamoto with the prime purpose of launching the popular cryptocurrency, Bitcoin. Soon, people started realizing the vast possibilities of blockchain and that it can be used in a wide array of applications apart from just cryptocurrencies.
Since changes made in the blockchain resulted in the transmittance of the data to the entire network, the entire network would get updated. As a result of this, the data is distributed among every computer connected to the network, making attacking a blockchain virtually impossible.
The kind of safety that blockchain provides in this regard is known as the ‘Holy Grail’. The biggest impact that the blockchain technology has made as of yet, is on the finance industry. A number of major tech companies have already partnered with a number of banks for the creation of smart contracts, distributed ledgers, and other banking applications so that people can feel safe about their assets/money.
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At the same time, audit, IoT, tax, digital voting and medicine reporting are just a few other areas where blockchain shows immense potential.
Currently, blockchain is being used in the financial sector very extensively. It won’t take long for organizations to start investing more into blockchain for the improvement of their customer service and to eliminate manual/repetitive tasks. This is because blockchain seems to show a lot of capabilities in customer service management.
For instance, the use of a distributed ledger in customer service would result in quick merging and matching of existing data. At the same time, it will also help with checking data integrity. Since blockchain transactions occur almost instantly, customer service is likely to become very quick and efficient. This will impact a large number of organizations all over the world.
Similarly, consider finance applications. Having to go through an accounts receivable tool means that the security of the data may have to face risk. However, on the other hand, the application may simply rely on blockchain for confirming the completion of the order, and taking the business process further after confirmation has been received. This will reduce the human capital that is needed to verify such transactions, ultimately enhancing the efficiency of the process.
In a similar way, blockchain increases the transparency of businesses. For instance, the visibility of the data could be used to increase trust among the customers. This will result in better brand loyalty and an overall trustworthy image among consumers.
Considering all of these applications, we are quite sure that within another year, organizations all over the globe will begin competing for the application of blockchain to enhance their customer service.Published: Jun 7,2019 05:25:00 PM IST