What is Blockchain Technology?

If there is one enterprise technology that just about everyone is talking about today, it’s blockchain — a solution that allows information to be publicly shared in a way that is secure and tamper-proof.

But what exactly is blockchain, and is it something that you need to be using in your contact center?

In layman’s terms, blockchain is a digital ledger that allows businesses to publicly record and share transactions made in bitcoin and other types of cryptocurrency. In a blockchain network, spreadsheets are decentralized meaning they can be shared over thousands of different endpoints without having to be stored on a single one. There are no centralized documents that can be corrupted by hackers. And since all of the information is visible, there is no way for anyone to tamper with it.

Another advantage of blockchain is that since it requires data to be shared across multiple systems, there is no single point of failure. So blockchain technology is also more resilient to downtime.

In the financial services industry alone, blockchain is expected to save $15 to $20 billion annually by 2022.

“As revolutionary as it sounds, Blockchain truly is a mechanism to bring everyone to the highest degree of accountability,” author Ian Khan explains. “No more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved. Above anything else, the most critical area where Blockchain helps is to guarantee the validity of a transaction by recording it not only on a main register but a connected distributed system of registers, all of which are connected through a secure validation mechanism.”

So as you can see, the value that blockchain brings to the contact center — and to the enterprise as a whole — is enhanced data security, greater accountability and more visibility. By making the decision to incorporate blockchain into the contact center, businesses can show customers that they care about protecting their information.

It’s important to note, too, that even if you aren’t using blockchain to power any of your major in-house operations, you are most likely using blockchain if you are working with a variety of third party organizations. So it’s almost certainly in your ecosystem in some way or another and it’s important to keep a pulse on how it continues to evolve. Blockchain is the future, and it’s quickly accelerating.

Hopefully, blockchain will play in instrumental role in helping businesses combat the ever-growing threat of cybercrime. For now, this tamper-proof mechanism is one of the best ways to prevent fraudsters and cybercriminals from stealing your information.

 

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