The blockchain is the new trending latest technology term which is emerging these days. It’s a principle that guarantees the security of data with the use of cryptography. It’s also an endless growing list of records known as cryptography that is connected to one another internally. It’s linked by generally including a cryptographic hash code of the recent block.
The blockchain is an open, distributed digital ledger which can store transaction between parties effectively in a secure manner. It follows P2P architecture which means it’s both decentralized and distributed.
Blockchain in Guaranteeing the Highest Level of Security
Blockchain technology can present the highest level of security. That’s the main reason why it has been utilized to record transactional data. It works in a manner like soon after the initial block has been made, every adjacent block in the ledger utilizes the last hash of the block to calculate its hash.
Before adding any new block to the chain, the uniqueness and authenticity should be verified with a computational process. That process also involves the assurance and permission of the other blocks which the newly added block has been confirmed. That procedure of validation also guarantees that every copy of the distributed ledger shares the similar state.
Because of this mechanism of adding checks and hashcode, the recently added block could be referenced in subsequent blocks. However, it cannot be altered. If someone tries to hamper or swap out a block, the hashes for recent and following blocks will get change as well. Thus, it will disrupt the shared state of the ledger. Every time this situation takes place, other computers in the network are informed that an issue has happened. Thus, no new blocks will be included in the chain ‘til the issue is fixed. Then, the block causing the problem will be rejected, and the entire process of validation will get reiterated.
Blockchain to Benefit CRM
With CRM, software blockchain can add thrilling data security options. The incorporation of CRM along with blockchain allows the organization to have verifiable records that are safeguarded by blockchain technology, particularly when the CRM is cloud-based.
That denotes it can benefit CRM application by restricting the access to track data from any unwanted sources. Currently, CRM users around the world experience the errors of incorrect or duplicate data. Further, because blockchain technology keeps data in the forms of blocks, it could enable a customer to have a separate block which represents exclusively to them, as well as their personal data, associated transaction information and other valuable data.
Blockchain limits the matches or risky data from occurring the database, and thus it boosts the CRM processes and guarantees that satisfaction of all customers.
For instance of a similar to any other protocol available today, XinFin (XDC) protocol is also a set of rules. It determines the transactions occurring over the blockchain network. One unique thing about this blockchain technology is that it derives its nature from the hybrid network. Consequently, it keeps both private and public states as per usability.