A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Each of these blocks of data (block) are secured and bound to each other using cryptographic principles (chain).
Blockchain is a distributed public ledger that is used to manage transactions and keep a record of valuable things. It allows a network of users to record, verify and perform transactions in a secure manner. Blockchain helps in simplifying the creation as well as the exchange of transactions.
How it works
It stores data, namely that the information is packaged into blocks, which link to form a chain with other blocks of similar information. As each transaction occurs and the parties agree to its details it’s encoded into a block of digital data and uniquely signed or identified.
Each block is connected to the one before and after it and thus creating an irreversible, immutable chain.
Blocks are chained together, preventing any block from being altered or a block being inserted between two existing blocks.
Salesforce blockchain is a low coding platform that enables organizations to share verified, distributed data sets across a trusted network of partners and third parties.
The combination of Salesforce’s CRM workflows with blockchain data will allow companies to create new business processes and models that span their entire organization to help accelerate the speed of business.
The company built its new blockchain offering on the open source technology of Hyperledger Sawtooth and it has been deeply customized for Salesforce Lightning.
Businesses can utilize the platform to build and maintain blockchain networks, apps and smart contracts using the company’s powerful low-code capabilities.
Customers will even be able to create and share a blockchain object using the same process as they already do for any CRM data object in Salesforce without the need for writing code.
Blockchain technology is able to solve this trust gap through the use of a distributed ledger that saves, traces and authenticates data across every employee and partner in the network.
Business benefits of Salesforce Blockchain
- Save time and cost: In traditional business networks, all participants maintain their own ledgers with the risk of duplication and discrepancies. By using Salesforce blockchain, where transactions cannot be altered once consensus is reached, businesses can save time and costs while reducing risks.
- Robust security: Because data is secured using cutting-edge approaches such as cryptographic keys, hence networks are more resilient to data tampering and cyber attacks.
- Faster and cheaper transactions: Salesforce Blockchain databases do not need traditional third parties such as banks and lawyers to authenticate transactions.
- Greater transparency and traceability: Because every network member in a blockchain database has access to the entire database of transactions and their history, they benefit from real-time transaction-level assurance. Such systems can also be much easier to audit.
- Real-time Transaction: Salesforce Blockchain can enable a transaction to be recorded and accessed by multiple parties in near real time, thus transforming customer service speeds.
- Less risk: With Salesforce Blockchain, your business process network creates transactions using a distributed, permission, immutable ledger.
- Maintained ecosystem: Facilitating transactions with suppliers, partners and customers help streamline business processes and transactions.
Salesforce Blockchain for productivity
Adopting blockchain solutions can help companies ensure their workforces become more productive over time. The reason lies with the technology’s power to create systems that are more reliable and accurate, reducing the occurrence of out-of-date or duplicated records, lost data, and potentially costly administrative errors.
A shared ledger approach can be especially effective when it’s used in conjunction with smart contracts. This software programs can be layered over the infrastructure of a shared ledger to automate and simplify business processes and arrangements.