Wondering what exactly Salesforce Blockchain is? What are its key components? What are its use-cases? This article will answer all your questions.
What is Salesforce Blockchain?
Before introducing Salesforce Blockchain, let’s define what Blockchain is. Blockchain is a peer-to-peer decentralized distributed ledger technology that uses cryptography to create a secure linkage between records while mitigating the involvement of third-party intermediaries.
Few describe this innovative technology as a means that offers an opportunity to secure and share data from applications with a network of partners. It is a low-code-based Blockchain platform that allows organizations to build smart contracts, decentralized apps, and networks to share verified data using distributed ledger technology. This technology is capable of managing the challenge of building a stable network and providing the right protocols for you to authenticate. This specific platform has been adopted by American institutions, leading global provider of advanced analytics IQVIA, Arizona State University, among others.
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Key Components of Salesforce Blockchain and its Benefits
The advantage of using Salesforce Blockchain is that businesses can use this platform to develop and operate blockchain networks, applications, and smart contracts using its strong low-code capabilities.
It consists of three components:
- Blockchain Builder is a toolset for building blockchain-based apps known as decentralized apps
- Blockchain Connect which integrates blockchain actions with Salesforce applications.
- Blockchain Engage a component that allows clients to invite parties to Blockchain apps created within Salesforce.
Apart from these, the main building blocks of Salesforce Blockchain are:
Hyperledger Sawtooth: It is a Blockchain-based protocol on which Salesforce Blockchain is built. Sawtooth is an open-source Blockchain business platform that aims to distribute ledgers and make smart contracts safe and efficient for enterprise purposes.
Consensus Mechanism: Just like other Blockchain networks, Salesforce offers numerous consensus protocols, allowing networks to decide which process works best as per their requirements.
Smart Contract APIs: Smart contracts allow businesses to develop new business models that are based on confidence and automation. APIs allow Blockchain Developers to build and deploy a set of business rules all across the network.
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How Lamborghini Uses Salesforce Blockchain
Lamborghini, a luxurious sport car, is using Salesforce Blockchain to authenticate its heritage cars. In late 2019, it was announced that Lamborghini would use the salesforce Blockchain for tracing, certifying, and authenticating its cars faster and more securely than ever.
Initially, when Lamborghini was resold, it had to go through hundreds of certification inspections, and the entire process is tedious and time-consuming. This is because the company has to work with a massive network of resources, including dealerships, repair shops, photographers, etc., in order to record and verify the entire history of all the parts and services of each vehicle.
Using Salesforce Blockchain, Lamborghini is able to innovate and transform the vintage car market. Each car comes with an immutable record of service, including crucial details such as prior ownership and restoration, allowing the history of vehicles to be stored immutably and securely. Moreover, technology helps in bringing all distributed parties together in a single trusted network. This entire process is completely digitized, thus more efficient and reliable. In addition, this new system protects Lamborghini cars against future counterfeits.
Other Use-Cases to Consider
- Speed up Service Processes: for quicker and easier servicing of a homebuyer, real estate companies can bring mortgage lenders, property managers, and realtors together on a single trustable network, i.e., Blockchain.
- Accelerate revenue through network engagement: Banks can minimize sales cycles and enhance customer experience by placing the whole KYC process on the blockchain network.
- Transforming marketing experiences: A hospitality company can create a blockchain network of distinguishable loyalty rewards, allowing customers to use reward points.
- Ensures trust in supply chain management: For efficient business practices and customer confidence, high-end clothing companies can ensure ethical sourcing of cotton.
To conclude, we can say that Salesforce is making it possible for customers to connect with their partners using reliable and secure networks without the need for coding. This technology is uniquely designed to lower the barrier for creating trusted networks and enables companies to bring together authenticated distributed data and CRM processes.
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