If you hear, “blockchain,” like most of the world, you more than likely relate it to Bitcoin. But in layman’s terms, blockchain is purely the technology that powers the groundbreaking digital currency that made its way into wallets around the globe back in 2009.
All Satoshi Nakamoto conspiracy theories aside and in the most general sense, blockchain technology is still widely utilized for it’s cryptocurrency digital ledging capabilities – and for good reason. Not only does a blockchain’s resistance to data modification create a stable foundation for economic transactions and work to preserve other financial digital footprints, the advanced system, as it turns out, can record everything that carries with it an assigned value.
Today, worldwide corporations tend to operate in a centralized manner, which means when their money is sitting in a bank account, the bank that hosts that account profits directly from shareholdings and any other monetary transfer activities. Simply put, banks receive a cut for providing a variety of different financial services.
A blockchain flips the above fiscal methodology on its head by cutting out the middleman that’s providing the service. By trimming banks from the equation, any given blockchain becomes the official gatekeeper responsible for establishing the math, rules and algorithms applied to all transactions, for all participants involved. This creates a major benefit for blockchain end users in that the experience becomes standardized and is 100% trustworthy.
From an economic standpoint, enterprise-level global organizations are typically the most prone to adopting blockchain technology. Because international transactions tend to have a longer life cycle due to blockaded wire transfers, increased fee handling and other red tape delays, a decentralized financial system becomes necessary in order to successfully propagate and sustain high levels of productivity and efficiency.
Now, blockchain as a boundless, answer-to-all-your-prayers solution in the capital arena is still entirely speculative and there are a lot of theories that promote inaccurate opinions of its ability to streamline accounting processes and reap long-term benefits. But one thing is absolutely certain. Stakeholders can place 100% faith in a blockchain network knowing, 1: There are no third-party subsidiaries reaping financial benefit from playing a big brother role in an individual organization’s money management processes, and 2. Once a blockchain’s record types and rules are respectfully written and encoded, they never change. If these two value benefits are deemed top priority for an organization’s currency management goals, then utilizing digital currency is a smart decision. Ultimately, the goal is to save money by bypassing corporate banking institutional policies that contribute to bad capitalism.
Salesforce has plans to not only leverage blockchain cryptocurrency usage within their vendor relationships for accounting purposes, but also to take advantage of third-party partnerships to enhance its customer-facing product offerings.
For example, Dapps.ai, a premiere blockchain solution provider, has developed a product suite that natively integrates Salesforce with blockchain technology. This will allow Salesforce reps and digital transformation service providers to write complex business process programming upon Salesforce implementation. Now, a two-way street between data that is captured and being pushed from Salesforce to blockchain technology and vice versa can exist, and all of that data can be verified through a single transparent, open database. To paint a more granular picture of what this new dichotomy represents in the supply chain world, a Salesforce org user could:
In this scenario, the example logistics organization has the opportunity to gain big wins from introducing a combination of cloud-based software and blockchain technology that collectively houses all data for every external or internal Salesforce org user. Meaning, data is represented accurately and in the exact same way, regardless of whether or not dashboards are being viewed and leveraged by customers, the logistics team, the sales team, the customer service team and all other appropriate parties.
This revolutionary technological relationship’s sole purpose isn’t merely to innovate for the sake of innovating, but rather to usher cloud-savvy organizations to find cause in taking the next step toward entering a new organizational chapter that demands clean, trusted, usable data that strengthens the customer experience.
Need help getting a better grip on your company’s process improvement goals or simply want to gauge where to get started? Contact our consulting experts today to learn more.
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