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Integrated CRM-Blockchain Strategies for Effective Salesforce
Blockchain technology is an immutable ledger process, which allows transactions in a decentralized format. It comprises with a series of blocks represented in the form of linked list. Individual block defines the number of transactions allowing both preceding and following blocks connected in a chain sequence. Transactions amongst the blocks are in a cryptographic manner, and access will be given only to authorized user with assigned network keys. Moreover, the critical cause of getting data into an unauthorized user can be minimized through this process.
In organizational perspectives, identity embeddedness and perceived trustworthiness determine the company-customer relationship and consumer behavior values concerning the firm. The events triggered during the process will have a huge impact on the sales and marketing environment, which is taken care by CRM representatives. Multi-level heterogeneous marketing environment comprising factors such as prestige identity, trustworthiness, defectiveness, advice, and complaints also create a critical essence for CRM to seek effective communication with customers. The advent of blockchain technology with its financial transaction niche has dramatically changed the organization perspective and CRM regarding market research strategy.
Integrating CRM strategies with blockchain maintains the customer database with more systematic and better transparency rate. Enhanced user-privacy control strategies can be achieved to contend the limitation of data duplication or customer information corruption. A unified picture along with precise user data and historical transaction details can be retrieved from an online database—which helps in speeding the CRM process with improvements in customer interaction.
Being decentralized, blockchain technology empowers organizations to manage their client data in a straightforward and secure way without depending on a third-party financial institution to facilitate the transaction process. With this process, the transaction can be further boosted avoiding personal data falling on other hands. The secure and decentralized properties of blockchain minimize the requirement of additional security systems and enable self-sovereign identity within the industrial sector. Additionally, deployment of machine learning with blockchain helps users to recognize the appropriate and reliable business technique as per their area of interest—which reduces the target marketing strategy of CRM in lead generation.
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Though blockchain technology has a huge impact on CRM and benefits customers with better end-user transactions, authentication and cost metrics has made numerous adopters step-behind. Furthermore, individual block restricted with seven transactions per second raise questions on its capability to handle big data. As experiments on blockchain increase, the researchers are focusing on developing an effective hybrid model to ascertain the limitations in real-time applications.