Blockchain technology completely changes the current business paradigm by improving customer interactions with the brand by providing transparency, trust, security and simplification in the purchase process; resulting in increased customer loyalty.
The customer experience refers to all points of contact between the user and the brand throughout the purchasing process, and for companies it is essential to take care of the entire journey as it is a powerful differentiating element.
Today’s increasingly complex and changing situation makes it difficult to differentiate products, which makes companies look for other ways to provide this differentiating value to their consumers. This is where the customer experience comes in as a competitive element, where the different interactions must be taken care of and enhanced as they have an effect on the user’s overall impression and perception of the brand.
To add value to customers through their experience with the company, one of the options that is gaining strength in the market is the implementation of blockchain technology in this journey. Companies are increasingly aware of the importance of blockchain, and as a result, the number of organizations that introduce it into their businesses is increasing, seeking to connect customers with the brand.
Specifically, blockchain technology would improve the relationship with customers in those companies characterized by bureaucratic management by allowing greater security and speed. But it should be noted that it also generates benefits in other areas such as telecommunications, medicine and health, copyright or online sales, among others.
The link between the consumer experience and the blockchain is mainly marked by two elements: smart contracts and DApps.
What are Smart Contracts and DApps?
A smart contract is acomputer code that is entered into a blockchain instead of a server or a personal computer and is cryptographically signed by the parties involved in the contract. The agreement will be executed automatically when the conditions set by the parties involved in the agreement have been met.
The main advantage of smart contracts is the transparency that allows all participants to have the same information at the same time and to dispense with the need for a third party to act as an intermediary.
DApps are decentralized applications that allow users to access different services in a secure way with the ability to control the use of their data.
Advantages of using blockchain for customer experience
Companies being aware of the disruptive capacity of blockchain are beginning to value the advantages of using it to improve the customer experience:
- Transparency, which in turn provides trust towards the company. As we already know, the property of transparency is inherent to any blockchain and this quality increases the trust of users towards the company. This trust in turn can increase brand loyalty and improve the user’s experience with the brand.
- Security. The reliability and confidentiality of customer data is guaranteed since each process and transaction that passes to the blockchain is encrypted, which ensures the traceability and security of this data.
- Simplification: the purchasing process is streamlined, making it faster and simpler. The customer does not have to provide all their data to the company since it is replaced by a blockchain code as an identifier.
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