We store datas in databases owned and managed by a single organization. Such a world means that a well-distributed database can survive a disaster in a single data center, but not possibly the death of the entity that owns the database. Blockchain, on the other hand, takes a different approach. Rather than thinking of data as owned by a single organization or available in a central database, it distributes it to the computers of everyone who is part of the blockchain. Currently, Blockchain is young enough to evolve into anything we want. There are good arguments to say that there will be a significant impact on business communication and customer communication with blockchain.
It works in a traditional database logic like the name “Blockchain”. A blockchain has records and these records are called blocks. When put together, the blocks form a chain that remains in the order in which it was written. They are blocks and a chain. The validity of the blockchain is not verified by an authority; validation is built into the blocks themselves. However, this does not affect the security of the blockchain. A block cannot be removed or modified after it has been written to the blockchain. Over time each block is shared between multiple copies of the chain, making it super redundant. So the blockchain can be summarized as a series of self-controlled and self-executing contracts between equal parties.
It is technically difficult to keep communication going on all channels together, although many customer service operations target omni-channel communication. Because communication takes place in multiple places, many of which we do not control, there is a need for a way to store this communication that preserves order and detail, even if it disappears from the original source. We may also want to use it as an audit log in case of a customer or regulatory complaint. This is where blockchain comes into play. Signed, sequential blocks that cannot be changed or removed form a convenient way to bring together multi-channel communication.
Blockchain can also help create clear digital ID’s for everyone. Private informations like social security numbers, ID cards or date of birth have limits with their security and applicability. Therefore, most customer communications are blocked, as it is difficult to know if the buyer is truly the intended customer. If the customer communication take place on a blockchain, you can ensure that only the intended recipient has access to the content (via encryption) and has a permanent record of that communication. Implementing this system as a government, Estonia creates e-identity in this method. Estonian citizens can digitally sign and decrypt communications using smart cards.
Blockchain is actually just an enabler. The limits of what we can do with blockchain are about realizing different approaches to how we can use it more effectively. Over time, Blockchain can become a part of our lives like all database systems. Blockchain enables AI to act without needing a human to sign or approve actions. Its true value may be revealed when blockchain enables AI systems to communicate autonomously with customers.