{"id":2534,"date":"2020-08-03T10:00:00","date_gmt":"2020-08-03T02:00:00","guid":{"rendered":"https:\/\/www.mdis.edu.sg\/blog\/?p=2534"},"modified":"2020-07-30T11:39:21","modified_gmt":"2020-07-30T03:39:21","slug":"the-impact-of-blockchain-on-online-customer-experience","status":"publish","type":"post","link":"https:\/\/www.mdis.edu.sg\/blog\/the-impact-of-blockchain-on-online-customer-experience\/","title":{"rendered":"The Impact Of Blockchain On Online Customer Experience"},"content":{"rendered":"\n

The blockchain industry is rapidly\nexpanding. Its international market is anticipated to reach $20 billion by 2024<\/a>. <\/p>\n\n\n\n

And this technology has a huge impact on\nonline customer experience.<\/p>\n\n\n\n

But what exactly is\nblockchain?<\/h2>\n\n\n\n

Blockchain, in simple terms, can be\nunderstood as a system wherein online transactions are recorded. It is the core technology for cryptocurrencies such\nas bitcoin. Since a blockchain encrypts, validates, and permanently\nrecords transactions, it ensures the cryptocurrency\u2019s integrity.<\/p>\n\n\n\n

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Image source<\/a> <\/figcaption><\/figure>\n\n\n\n

Customer\nexperience, also referred to as CX, on the other hand, is your customers\u2019\ninsight into their experience with your brand as a whole.  <\/p>\n\n\n\n

Every\ninteraction your brand has with a customer starting from website navigation to\ncustomer service will determine the CX. Thus, offering a great customer\nexperience is the key to business success.<\/p>\n\n\n\n

Blockchain\ntechnology is being used in various industries today, including FinTech, real\nestate, digital marketing<\/a>,\nhealthcare, and more, to provide better CX.<\/p>\n\n\n\n

According\nto a report on Forbes<\/a>, 55% of healthcare applications will implement\nblockchain for commercial deployment by 2025. And 77% of financial\nservices companies are thinking of implementing blockchain as part of an\nin-production system by 2020.<\/p>\n\n\n\n

In\nthis article, let us look closely at the impact of blockchain on online\ncustomer experience.<\/p>\n\n\n\n

How blockchain can help create\na better customer experience<\/h2>\n\n\n\n

\u25cf    \nCreating smart contracts<\/h3>\n\n\n\n

Blockchains\ncan facilitate smart contracts. People are reluctant to enter into a contract with someone whom they\nhave never met for fear of being cheated upon. Or for instance, people are\nunable to become an investor in a small company overseas because they\ncan\u2019t trust the other party.<\/p>\n\n\n\n

By using blockchain, you can tie contractual obligations to specific actions by putting forth\nconditions. You can hold the transaction in a smart contract and record it on\nthe blockchain. If the promised service can\u2019t be delivered by the agreed date,\nthe customer can get a refund. <\/p>\n\n\n\n

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Image source<\/a> <\/figcaption><\/figure>\n\n\n\n

Blockchain\ntransactions are verified publicly and cannot be tampered with. It even\neliminates the need for third parties, thus reducing complex procedures and\nsaving time and cost. <\/p>\n\n\n\n

\u25cf    \nEnsuring customer data is\nsecure <\/h3>\n\n\n\n

If\nyou have plans to build an\nonline store<\/a>, the security of\nyour customers should be your first priority. Only then can you be sure of\nproviding a great customer experience.<\/p>\n\n\n\n

Customers,\nthese days, are reluctant to shop online as data breach incidents are very\nhigh. Even the big names and top companies are not spared. In one incident<\/a>, hackers\nreportedly stole the IDs and\nencrypted passwords of 38 million of Adobe\u2019s active users. You will not only lose resources\nif such data breaches happen but lose your loyal customers as well, for good.<\/p>\n\n\n\n

You can avoid data breach issues by\nencrypting your customer\u2019s data with blockchain technology. Once implemented,\nthe data can\u2019t be modified or tampered with.<\/p>\n\n\n\n

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Image source<\/a> <\/figcaption><\/figure>\n\n\n\n

Blockchain also allows you to save a\ncryptographic signature of a document or file. Thus, users can rest assured\nthat a file is un-tampered, without having to save the entire file on the\nBlockchain. <\/p>\n\n\n\n

Since blockchain has a decentralised\nnature, cross-checking file signatures are made possible across all the ledgers\non all the intersections. <\/p>\n\n\n\n

When your customer\u2019s data is safe, you\ncan offer superior CX.<\/p>\n\n\n\n

\u25cf     Improving customer loyalty<\/h3>\n\n\n\n

There are many reasons why customers\nswitch brands. And one of them is transparency. <\/p>\n\n\n\n

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Image source<\/a> <\/figcaption><\/figure>\n\n\n\n

Customers, more than anything, want\ntransparency. <\/p>\n\n\n\n

Blockchain has the ability to create\nbusiness transparency. Since data transferred on Blockchain is transparent, you\ncan leverage it to build trust among consumers.<\/p>\n\n\n\n

For instance, your company\u2019s portal can\nshow all blockchain activity linked with a customer and allow him\/her to view\nit any time. It will boost your brand loyalty and promote better customer\nservice.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

Ever\nsince Blockchain was introduced in 2008 to serve as the public transaction\nledger of bitcoin, its importance has been rapidly growing. It has especially\nmade a significant impact on online customer experience.<\/p>\n\n\n\n

Blockchain\ncan help create smart contracts, provide data security through <\/p>\n\n\n\n

encryption\nand saving the cryptographic signature of a document and help improve customer\nloyalty by demonstrating increased transparency.<\/p>\n\n\n\n

If you want to attain business success, improving your customer experience<\/a> should be your primary goal. Adopting Blockchain technology will make achieving your goal easier. Try implementing Blockchain technology today and see your CX improve!<\/p>\n\n\n\n

This article is contributed by Gaurav Belani, a senior SEO and content marketing analyst at Growfusely<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The blockchain industry is rapidly expanding. Its international market is anticipated to reach $20 billion by 2024.  And this technology has a huge impact on online customer experience. But what exactly is blockchain? Blockchain, in simple terms, can be understood as a system wherein online transactions are recorded. It is the core technology for cryptocurrencies such as bitcoin. Since a blockchain encrypts, validates, and permanently records transactions, it ensures the cryptocurrency\u2019s integrity. Customer experience, also referred to as CX, on the other hand, is your customers\u2019 insight into their experience with your brand as a whole.   Every interaction your brand has with a customer starting […]<\/p>\n","protected":false},"author":292,"featured_media":2542,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[25,10],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mdis.edu.sg\/blog\/wp-json\/wp\/v2\/posts\/2534"}],"collection":[{"href":"https:\/\/www.mdis.edu.sg\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mdis.edu.sg\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mdis.edu.sg\/blog\/wp-json\/wp\/v2\/users\/292"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mdis.edu.sg\/blog\/wp-json\/wp\/v2\/comments?post=2534"}],"version-history":[{"count":2,"href":"https:\/\/www.mdis.edu.sg\/blog\/wp-json\/wp\/v2\/posts\/2534\/revisions"}],"predecessor-version":[{"id":2545,"href":"https:\/\/www.mdis.edu.sg\/blog\/wp-json\/wp\/v2\/posts\/2534\/revisions\/2545"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mdis.edu.sg\/blog\/wp-json\/wp\/v2\/media\/2542"}],"wp:attachment":[{"href":"https:\/\/www.mdis.edu.sg\/blog\/wp-json\/wp\/v2\/media?parent=2534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mdis.edu.sg\/blog\/wp-json\/wp\/v2\/categories?post=2534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mdis.edu.sg\/blog\/wp-json\/wp\/v2\/tags?post=2534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}