Bitcoin Is Just the Beginning: How Blockchain Will Revolutionize Data Collection & Sharing

By Evan Natelson - April 9, 2021

Most people nowadays are familiar with Bitcoin, the decentralized peer-to-peer electronic cash system that made its first appearance on the global scene in 2008Bitcoin allows anonymous people to make transactions online without requiring an intermediaryNo one administrator controls the Bitcoin network because it runs via a public ledger (aka an ever-growing list of transaction records) that is copied and held by all parties within the network. 

Bitcoin solves the problem of non-reversable transactions – essentially removing a substantial hurdle to transacting by eliminating the need for a trusted third-party middleman to authorize the transfer400,000 Bitcoin transactions occur daily as the flow of value is now able to easily and securely move from one party to another with complete auditabilitySince its birth, it has never suffered a hack 

But Bitcoin is just the tip of the icebergIt is the shiny object that has garnered worldwide attention, but the engine that it runs on is the actual gamechanger Movement of Bitcoin, from its creation to sequential transfers of ownership, are recorded on a blockchain 

Blockchain by Evan N.

A blockchain network consists of “blocks” (aka data records with timestamps and signatures) held in place chronologically on a “chain” linked by cryptographic hashesCreated automatically on each block, the hashes link the transaction to its previous block and future blockThe hashes automatically update if the block of data updates, thus breaking the chainBecause the blockchain distributes copies of its ledger to its network, any one modification and subsequent chain breakage can be quickly discovered and fixed. 

Bitcoin proved to the world that Blockchain is efficient and effective, but it did so on a limited scale as a public system based on anonymityIt did establish that blockchain data cannot be changed and doesn’t require the trust that a third-party provides to facilitate transactionsIt is fully auditable and presents a complete chronological history of each change to a block’s statusThese factors, combined with the immutability of the blockchain, present a new paradigm for cloud data management. 

Businesses are now beginning to recognize the latent value of a blockchain network to connect all of the parties involved in the business (from step A to Z)Any company that relies on data will benefit from this technologyBusinesses will benefit from increased reliability of data that comes directly from the source and is tamper-proof, the many savings inherent in cutting out middlemen and unnecessary processes, and the customer will have much more visibility into the real authenticity of ingredientsparts, or services. 

The biggest hurdle for businesses to overcome when adopting a blockchain-based data management methodology is the complex technicality of developing the networkThis is where Salesforce injects tremendous valueSalesforce Blockchain is a low-code platform that enables organizations to share verified, distributed data sets across a trusted network of partners and third partiesBuilt on the open-source technology of Hyperledger Sawtooth and interoperable with Salesforce LightningSalesforce has built a bridge between this newly distributed data source and its flexible CRM platform 

By pooling permissioned data amongst a group whose value is a dynamic part of the whole system, Salesforce Blockchain will remove the excessive friction added by using trusted middlemen while simultaneously providing transparency into previously siloed data. 

Think of any process today where data has to be authenticated and shared across multiple third parties. Chances are the experience is clunky, slow, and leaves you questioning why the process was built that way in the first place. That’s where blockchain can help.  

Consider these potential use cases: 

  • Buying a house: Blockchain can help simplify the document transfers between the appraiser, inspector, real estate agents, title company, bank, county, buyer, and seller. 
  • Supply Chain ManagementConsumers can verify the authenticity of purchased goods through a blockchain-enabled supply chain. Products can be accurately tracked across different locations and stages in a supply chain. 
  • Filing a car insurance claim: Blockchain can help the flow of communications between your insurance company, the other driver’s insurance company, claim’s adjuster, auto body shop, and tow shop. 
  • Healthcare: Patient medical records can be stored on a blockchain (with patient permission locks set to view the data), which will make it significantly easier for medical practitioners to get a better idea of a patient’s medical history. Blockchain would also help tag and track drugs at every stage of the supply chain, providing a medium to assure the authenticity of the drugs.  
  • Food Safety: Blockchain technology allows quick and easy verification of history, location, and status of a particular food product. Farm origination details such as batch numbers, storage temperatures, shipping details, expiry dates, and factory and processing data can be digitally recorded on the blockchain. End-to-end traceability would improve the efficiency of the food supply chain. 
  • Transferring colleges: Blockchain can authenticate courses and transcripts from high schools, community colleges, and four-year universities, making the transfer process for students and schools alike much easier, 
  • Intellectual Property (IP): Adding a blockchain system can serve as a platform which provides accurate and clear ownership of IP assets. Tamper-resistant blockchains can provide a timestamp to indicate the exact recording time of an idea. This will solve any disputes regarding the origin of an idea. Blockchain also gives intellectual property owners the added advantage of protecting their IP assets from infringers like, for example, patent trolls. 
  • Real Estate: Using blockchain technology in real estate has the potential to revolutionize rental property payments. A shared database will enable better decision-making and cost-efficiency as stakeholders, tenants, owners, and service providers can interact with the transaction history or ownership information in a secure manner. Smart contracts help streamline various processes such as rental documents and releasing apartment ownership. Automation of all processes on a decentralized blockchain platform could cut out additional inspection costs, property taxes, and registration and loan fees. 

Salesforce Blockchain can help with all of these processes and more, but it will also superpower the network via its permissioned and automated functionsBlockchain is a vital technology that will power the next generation of data management, and with Salesforce, the barrier to entry becomes very low.  

Evan Natelson

Evan Natelson is a Salesforce Consultant at Customertimes. He has more than 14 years of Salesforce experience in Administrator, Business Analyst, Project Manager, and Consultant roles and has been awarded 5 Salesforce certifications.

Bench Strength, and Other Introductions

News

Use case of CT Mobile for Consumer Packaged Goods - Beiersdorf

Video

Meet Alexis: Introducing Our PepUp Tech Intern

Blog

Stand Out: Overcoming Digital Fatigue in a Crowded Marketplace

Blog

Connecting Image Recognition Technlogies to the Salesforce Ecosystem with CT Vision

Article

[On Demand] Launch Excellence in a Post-Pandemic World: The right Life Sciences ...

Webinar

Customertimes Announces Strategic Partnership with Blue Consulting

Blog

Expanding Our Reach, Building Our Communities

Blog

Discover CT: Anna Andreieva

Interview

Discover CT: Sergey Selivanov

Interview

CT Orders Whitepaper

White Paper

Giving Back Is in Our DNA

Article

Customertimes is Awarded Three Best in Class Distinctions in POI’s 2021 Retail S...

News

Discover CT: Dmitry Selkov

Interview

Discover CT: Denny Gracey

Interview

Automating Order Management with CT Orders

Interview

ISG Names Customertimes a Rising Star

News

Bitcoin Is Just the Beginning: How Blockchain Will Revolutionize Data Collection...

Blog

Two Major Challenges of AI Adoption for Enterprises

Blog

[On-Demand] Commercial Launch Enablement for Emerging Life Sciences Companies

Webinar

The Holy Grail of Customer Engagement: A True 360° View

Blog

[On-Demand] Strategies to Maximize Your CRM/CX Investments

Webinar

Women in Tech: Angel Di Legge Kokoszka

Blog

Efficiency vs. Effectiveness: Getting the Right Things Done

Blog

Women in Tech: Svetlana Makhlysheva

Blog

Customertimes and PepUp Tech announce support for the Pennsylvania Innocence Pro...

News

Improve the Human Element of Your CX for More Emotional Connections

Article

James Goldfinger Joins the PepUp Tech Board

News

Customertimes and Competera Announce Strategic Partnership

News

Women in Tech: Maria Karandin

Blog

Back to the Future – Dusting Off the Old Playbook for Salesforce in Healthcare

Article

Bringing a Product to Market: An Interview with Park Capital’s Alex Lopatine

Interview

Women in Tech: Tahuana Cirati

Blog

DevOps Strategy: A Journey to Efficiency

Blog

Megatrends in Customer Experience Webinar | Customertimes, Edify, Verint, eGain

Video

Introducing Women in Tech: Meet the Inspiring Women of Customertimes

Blog

CT Orders - Sales automation with easy order taking

Video

Sharp and Customertimes | A Salesforce Implementation Story

Video

A Look at Marketing's Biggest Data Challenges of the 2020s

Article

CRM: It's a Journey not a Event

Video

Customertimes Partners with PepUp Tech to Train a New Generation of Salesforce P...

News

Customertimes welcomes Sergey Zinin as Global VP of Verticals and Business Consu...

News

PepUp Tech Announces New Partnership with Customertimes

News

How do you build a high-performing, cost-effective CRM technology team?

Blog

Сustomertimes Achieves Salesforce Master Navigator Status for Delivering Experti...

News

Customertimes and Propel Announce Global Strategic Partnership

News

Is It Time to Revise Your Business Continuity Plan?

Article

Customertimes Achieves Salesforce Master Navigator Status for Delivering Experti...

News

Customertimes Continues to Expand

News

Customertimes achieves Salesforce Master Navigator status for delivering experti...

News

Choosing a Software Product Development Partner: Why Strategy, Customisation, an...

Blog

The power of CRM's and post COVID-19 technology adoption | Jim Goldfinger

Podcast

Let Data Be Your Guide: Adapt to Become Digital First

Blog

Customertimes Cares: Making Strides to Help Our Communities in Eastern Europe

Blog

Salesforce and Tableau – the perfect combination for these challenging times

Blog

Rethinking HCP Interaction in the Midst of the New Normal

Blog

Improving marketing engagement using actionable intelligence

Blog

My 2019 Trailblazer Story

Blog

CV-19 highlights the importance of digital transformation

Blog

The Evolution from Systems of Engagement to Systems of Agility

Blog

The Next Normal for Life Sciences Sales Calls

Blog

Never a Better Time to Give Back and to Put Life in Perspective

Blog

CT partners with Salesforce in a time of need for Health Care providers

Blog

Data is the New Oil

Blog

Lessons learned from my years as the CEO of Customertimes

Blog

Why do you love working with Customertimes?

Video

Where is the real value in CRM?

Video

What makes Customertimes different?

Video

Salesforce World Tour 2019

Video

Lightforce : sharing experience Salesforce / Customertimes

Video

CT Mobile for a global beauty company | WELLA

Video

PDI - CT Mobile

Video

CT Pharma / CT Mobile - May 2018

Video

CT Mobile Use Case for Luxury Goods - Cartier

Video

Rethinking Your Open Banking Journey with MuleSoft

Blog

Customertimes Solution for Life Sciences

Video

Customertimes is recognized by Promotion Optimization Institute in the Vendor Pa...

News

Customertimes at MEDICA/COMPAMED 2014 – Düsseldorf

News

CT Mobile - Full Featured Sales force Offline

Video

CT Mobile - Salesforce Based CLM Solution for Your Business

Video

How to Become a Customer Company

Video