Leveraging Blockchain Technology to Improve CRM Data Integrity

Cyber threats have become more multi-pronged and complex in recent years. As cybersecurity methods evolve, so do malicious attackers’ techniques — making data protection essential. This is especially true regarding efforts to improve CRM data integrity. With the boom of the global eCommerce economy, people are leaving more and more sensitive data in the hands of companies. As a result, these companies must leverage increasingly complex cybersecurity technologies to ensure the safety of their customer data and to boost customer engagement.

Naturally, businesses don’t do this out of sheer concern for consumer data. We must remember that companies may be liable for data breaches if sensitive information is leaked. This is particularly crucial for financial data — such as credit card numbers and bank account passwords.  To ensure data safety in CRM systems, companies have begun using the cutting edge of digital technologies — like blockchain and AI. In this article, we’ll explore related regulatory concerns and practical questions.

How Does Blockchain Affect CRM Data?

Data integrity and transparency are some of the main selling points of blockchain integration in any sphere. This makes the technology perfect for CRM systems, where data integrity is more crucial than ever.

How can blockchain change the way CRM systems handle customer data? For starters, decentralized ledgers that form the foundation of blockchain are particularly useful here. They can ensure that CRM systems store and handle client data safely. More importantly, blockchain ledgers can completely eliminate the risk of unauthorized third parties accessing them.

The eponymous “blocks” that form this chain are mutually linked through complex functions, and each block can serve as a record for customer data. In this scenario, making a change (or access) to a single record without authorization would be impossible. Such a system eliminates tampering with CRM databases.

In a blockchain, there’s no way to access or tamper with a piece of data without leaving a trace. This records every interaction automatically with a precise time stamp, making auditing easy as pie.

Where Can Blockchain Be Used for CRM Data?

With blockchain-based protection, online transactions would be far safer from interference in a wide range of industries. In fact, any industry where companies handle online payments or process customer information online. This includes anything involving online forms or surveys — from tech-based startups to moving companies.

For moving companies looking to improve the security of their customer data, moverstech.com is a great option. It offers a CRM solution tailored to the moving industry, with potential integrations of advanced technologies like blockchain to ensure data integrity and protection.

CRM systems would be protected against breaches if more companies implement such innovations. With blockchain, companies could assure their clients of their data integrity with 100% certainty. In the long run, this would improve data security and customer trust.

Using AI and Blockchain for Data Integrity

So far, we’ve only mentioned how blockchain could improve CRM data integrity on its own. However, that’s nothing compared to the combined power of blockchain security and robust AI algorithms.

Some AI-powered security systems have already brought automated pattern recognition to a whole new level. However, that’s nothing compared to the improvements that will be made with subsequent AI models.

It’s only logical to harness AI’s pattern recognition capabilities when detecting real-time anomalies. And this would only enhance the data integrity provided by the underlying blockchain technologies.

AI would also help blockchain change the world by eliminating the possibility of corrupted data. With machine learning, AI can easily compare previous data snapshots to their current state. As a result, any discrepancies are immediately noticeable.

In the long run, this also means automated compliance processes and easier auditing. The unchangeable ledgers at the heart of blockchain can make audit trails more dependable. At the same time, plenty of monitoring processes can be streamlined or automated with AI.

The combination of both technologies reduces regulatory worries. At the end of the day, AI and blockchain also eliminate plenty of menial labor in the process.

Implementing Blockchain in CRM — Potential Issues

Naturally, introducing technologies like blockchain and AI won’t be simple or easy. Indeed, most CRM systems companies will need new in-house talent and expertise. At the same time, organizations that want to integrate must also invest in staff training.

Speaking of investments, the cost-benefit side of this issue should be a focus, too. Integrating technologies like blockchain to improve CRM data integrity will be beneficial. However, the associated costs have the potential to stagger. Still, they will likely vary from company to company.

On the other hand, blockchain implementation can help you cut costs in the long run. Indeed, the lower risk of fraud and better data security can significantly lower expenses.

We shouldn’t ignore regulatory costs, either. Companies must increase their compliance efforts as more blockchain is integrated into customer data processes. This includes compliance with international acts (like GDPR) and national regulations with global implications (CCPA).

While implementing technologies, companies must ensure consumer data is handled according to these regulations.

Examples of Integration

Some companies will be better suited than others regarding blockchain integration into CRM systems. For instance, global financial institutions are a natural fit. Their processes could hugely benefit from blockchain-based automation. Many of them already use AI to verify transactions and flag potential fraud.

With blockchain, financial institutions could store vital logs securely and always verify data integrity.

On top of that, the healthcare industry could benefit from similar integrations, too. Healthcare providers process tons of private data — almost all sensitive information. With blockchain, data integrity for vital patient information would be easier to maintain.

Only people authorized to access patient data could open it. As a result, patients would have more trust in their healthcare providers. Plus, improved data security would lower administrative costs in the long term.

Conclusion

Everyone could benefit from blockchain, from e-commerce platforms to healthcare providers and financial institutions. The technology could do wonders to improve CRM data integrity across a wide range of systems. However, this process shouldn’t be taken lightly. Properly implementing blockchain and AI into CRM systems will take plenty of time, resources, and skill.