How Bitcoin Can Improve The Customer Journey

Blockchain was originally introduced to the world in 2008 as a public ledger of Bitcoin transactions, but, since then, it has become so much more. Now, companies can use blockchain technology to improve their customer experience.

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Securing Customer Data

Security of customer data is paramount to a positive customer experience, and, conversely, a security breach of customer data can cause a customer to abandon a company, no matter how previously loyal.

Blockchain encrypts all data it contains, including data it sends and receives. Moreover, in addition to security, the blockchain offers customers transparency and irreversibility of all transactions.

Likewise, you can use blockchain technology to create and save cryptographic signatures on files or documents, further ensuring that your files and documents regarding each customer cannot be tampered with without you needing to store the entire file or document on the blockchain. As a decentralized technology, you and other authorized users can cross-check these signatures across all ledgers anytime they intersect.

Increasing Transparency

Transparency translates to customer loyalty. According to the Management Development Institute of Singapore on blockchain, 62 percent of consumers say they will often or always change products if the company providing the one they currently use is not completely transparent and the one to which they’re considering switching is completely transparent.

Because the blockchain is completely publicly available, it is completely transparent. And, you can leverage that to engender trust among your customers.

Improving Contracts

A common resistance people have to signing contracts is unfamiliarity with any person or entity they’ve never met. And, there are other reasons why a customer may distrust a company they’re considering getting into a contractual agreement with, such as in the case of an investor considering investing money in a company overseas.

Blockchain solves the problem of mistrust by facilitating smart contracts that place irrevocable and securely recorded and tracked terms and conditions on each contractual obligation. This ensures the customer will receive a refund if one of those obligations isn’t fulfilled. 0

Smart contracts work by securely linking buyer and seller as they exchange assets, be that data or funds. As that data is exchanged, it’s registered on the blockchain, digitizing transfer of currency into Bitcoin and other cryptocurrencies, and digitizing contractual documentation as well. This process automates clearing and settlement and creates undisputed ownership.

All transactions on the blockchain are permanent, impossible to tamper with and publicly verified. There’s no risk of DDoS or concern about a single point of failure, You don’t even need a third-party to mediate the agreement, saving you time and money.

Recap

According to data collected by Customer Think, 90 percent of banks in Europe and North America are considering Bitcoin and other blockchain tech, if they haven’t adopted it already. Meanwhile, the stock of companies like Kodak shot up when they revealed a blockchain initiative. By 2024, the international Bitcoin and blockchain market is estimated to hit $20 billion. This will only increase the power of this technology to improve your customer experience. Among the ways it will do this is, almost certainly, through even smarter contracts, better data encryption and greater transparency.