Quote from: Papri Ghosh on May 31, 2018, 11:52:54 AM

Blockchain has been referred to as a "revolutionary technology" by IBM, and a "once in a generation opportunity" by PricewaterhouseCoopers. But the most accurate title came from The Economist when they honoured the technology with the title of "the trust machine".

It has been a revolution that holds the promise of reducing the cost of establishing as well as maintaining trust for both individuals and as well as for the organizations to carry forward their transactions.
"Blockchain" is a new term that refers to a specific type of computer database. Oxford defines the term blockchain as "a digital ledger in which transactionsare recorded chronologically and publicly". The source dates back to the year 2008 when the creator of the cryptocurrency "bitcoin" called its ledger a "blockchain", or a chain which consists of blocks of transactions.
Since then, there have been many upcoming competitive versions but most work on the same field:
   They are open-sourced
   Run 24x7
   Continuously update in real-time.
So the perfect reason that makes blockchain technology so unique and revolutionary is that it's not controlled by any single entity and the ledgers are distributed among all parties who are involved in the transactions (also referred to as a "distributed ledger").
Distributed Ledger, means that no central party has ownership of the ledger, therefore no one can individually make changes or force any errors in the entries already on a blockchain.
This makes the blockchain an entrenched store of information.
Now coming to the question of how blockchain can actually build TRUST.
Some distinguishing characteristics of blockchain:
1.Secure
2.Transparent
3.Peer to Peer Transfer
4. Encrypted and Pseudonymous
5. Instant Settlements
6. Easy accessible
7. Low cost

Blockchain and Customer Experience
So what pivotal role does Blockchain technology have with Customer Experiences?
The base or the foundations of customer experience are rooted in the trust that a customer places in a brand. An organisation should be true to its word, live up to its brand promises, provide the product or service as specified in the schedule .
Study reveals the top four factors that negatively impact corporate reputation are:
   Lying and misrepresenting facts about a product or service.
   Illegal actions by corporate leaders
   Data breaches
And so on.
As the fundamental benefits of blockchains digital ledger technology are trust and transparency, logically this technique has enormous potential to transform customer experience.
Here are some reasons why it is transformative for Customer Retention and their experiences.
PEER TO PEER TRANSACTIONS
   Blockchain enables peer to peer transactions without the need of a trusted central third party or intermediary, meaning brands can interact directly with customers and have greater level of influence over the customer journey.

USING CRYPTOGRAPHY
   Implementing the technology of Cryptography increases the security and protection of data and identity, meaning customers can own and monetise their own data leading which will lead to a re-imagination of customer loyalty programs.
PROVIDING DATA
   Data cannot be changed thus reducing fraud, increasing transparency, showing the existence of an asset, a claim about a brand, or company performance is indisputable. This could include NPS scores, customer retention rates and product defect rates.
REAL-TIME SETTLEMENTS
    Real-time settlement means friction or obstacle in a transaction is eliminated and risk reduced. As more customers interact with blockchain applications, the number of customer expectations for an effortless experience will be raised.
IN SHORT
Trust is the base for any company to retain the customers and thereby build a platform to build its image in corporate field.
Organizations which have adopted and utilized blockchain technology would be transparent, not hiding behind any obscure contract terms and conditions, and build trust, by overhauling out-dated loyalty programs to build unique, traceable customer rewards. Blockchain is therefore a big deal for customer experience professionals enabling the organisations to build a hypothesis or a concept that create genuine value and would add long term loyalty for customers.

Transparency is what Blockchain is meant to provide, so the more data can you as a customer/investor can easily download/view, the more confidence you obtain in a certain ICO or crypto.

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