What started as a simple digital payment solution has morphed into a phenomenon with impressive valuations. The Blockchain technology has entered into different business verticals and reinvented their traditional processes, alongside providing them solutions to mitigate prevailing challenges.
One such domain where the scope and use of Blockchain remained unnoticed is Customer Experience.
Wondering what’s the role of ‘technology behind cryptocurrencies’ in the field of customer experience?
Let’s uncover in this article.
But firstly, let us refresh our basics about Blockchain technology.
Blockchain Technology and Its Key Characteristics
Blockchain, in layman's language, is a block of chains. Here, each block store immutable data and are connected to each other in the form of a chain such that a block has cryptographic value derived from the data of the previous block.
The technology comes loaded with impressive characteristics that gives a new direction to the world. This includes decentralization, immutability, transparency, and faster settlement.
With such traits and concepts like Smart Contracts, Tokenization, and Consensus Algorithms, the Blockchain technology has proven to hold impressive solutions for the issues faced by different business verticals and organizations.
While that’s a broad concept, let’s just focus on customer experience segment in this article. And see how the technology modifies the experience of customers.
Ways Blockchain Uplift Customer Experience
Generally, every process in the business world undergoes from some silos procedures. Customers place an order or share their details, but remained confused about what's going to happen next. They are unsure about the privacy and security implications.
This is where Blockchain proves to be the right fit.
The technology, with its trait of transparency, makes it easier for consumers and other associated groups to remain familiar with every micro activity happening in the blockchain environment. They can stay updated with every real-time activity and prepare themselves for the consequences. This, as a whole, builds a sense of trust between the brand and its customers.
For example: Let’s suppose you bought a bottle of fresh juice from a local store. With the help of Blockchain, you will be able to know its journey right from hanging on a tree to being crushed, processed, stored, and moved out of the factory and reaching to the local store. You can remain updated with every associated activity that happened during the supply chain and shipment process, and even remain familiar with any fraud activity, if occured.
Seamless Record Keeping
Earlier, records were maintained either offline or in the form of worksheets, which were supposed to be maintained manually. The records remain confined to a particular person or department, and were not accessible to any other person. Besides, if the records get stolen, corrupted, or missed out at one place, it become nearly impossible to get them back.
However, this is not so in the case of Blockchain-based system.
In Blockchain environment, the blocks containing the data are publicly distributed, and not stored at a remote and centralized place. Anyone can view, access, and add data to the blocks by meeting the conditions associated with Blockchain consensus algorithms. And the best part, the data can be retrieved even when the local storage place is corrupted or damaged.
This simplifies and streamlines the record keeping process. And encourage the associated members of the organization to utilize the time and efforts saved into something more productive.
In the traditional process, various third parties or intermediaries are involved in a transaction to boost trust and fairness. Every single activity is being approved from these third parties and then committed in the ecosystem, which was somewhat a slower process.
But, with the advent of Blockchain technology, this process has gained a higher pace. The technology, with its characteristics of transparency and immutability (i.e., no possibility of modifying data without the approval of the block holders), has eliminated the need for intermediaries. It has offered the facility to perform a transaction, validate it, and build brand loyalty without involving any third person in the form of Smart contracts.
Now, because of absence of multiple people in the transaction, the process has become concise and faster. Meaning, any transaction can be rolled out or committed in less time than before.
Ease of Sending and Receiving Payments
Another implementation of Blockchain in the customer experience arena is ease of sending and receiving payments.
The technology has not only introduced different types of cryptocurrencies for trading and other processes, but has also nullified the issues associated with cross-border payments. It has made it easier to confirm and transfer of currency from one part of the globe to another without following any complex and detailed process, or involving multiple intermediaries.
One of the major concerns of consumers these days is data security. With Internet hackers paying more interest into the process of finding loopholes in existing customer experience models, it has become far more imperative for business enthusiasts and app development companies to implement the best security measures and practices.
This is again another place where Blockchain proves to be the finest tool.
The technology works such that any transaction can be approved only if 51% of the participating nodes agrees to it. Meaning, any intruder has to gain support from more than half of the participating nodes to make changes in the existing data and fulfill his evil goals.
Something that gives an impression that Blockchain-based environment offers a better secure experience to the consumers.
Blockchain technology, as we have covered in this article, is an impressive technology to consider for coping up with the traditional challenges in the customer support arena and deliver an enhanced experience.
So, in case you are a startup or established brand who wish to deliver better experience to your target users and recreate more opportunities, it is advisable to hire a reputed blockchain app development company today.