Salesforce unveiled their local blockchain solution developed on the Hyperledger Sawtooth platform to help users create and share blockchain objects in the same process as any CRM data object.
On May 29, Salesforce revealed its local blockchain solution developed on the Hyperledger Sawtooth platform. The company’s executives made this announcement at the firm’s tech conference, TrailheaDX. The new product goes by the name Salesforce Blockchain. It is further described as a low-code platform that extends the power of client relations management (CRM).
According to an official statement, the solution will help users build and maintain blockchain apps, networks, and smart contracts. That will let users create and share blockchain objects in the same process as any CRM data object. According to the official Salesforce press release, users can create and share with clicks not codes.
Low-code is a framework that permits drag-and-drop programming for complex apps. Its simplicity has fuelled its rapid gain in popularity throughout enterprise businesses. The new solution also helps aggregate blockchain data into sales predictions and forecasts. It also incorporates other existing blockchains with Salesforce and adds third parties to their blockchain network using just a few clicks.
The new product will feature three components: Blockchain Connect designed to integrate blockchain actions directly with apps on the Salesforce platform. Blockchain Builder will assist developers to build blockchain applications. Blockchain Engage will invite parties to the blockchain application. Invites are made irrespective of whether they are part of the Salesforce network or not.
The company also named their first three clients currently testing the new product. Among them is IQVIA, the research data company exploring the technology to track and validate various medical drug labels. S&P Global Ratings Agency is another client looking into how the solution can speed up the review and approval of new business bank accounts.
The global chief commercial officer at S&P Global Ratings, Chris Heusler, said:
“Leveraging Salesforce Blockchain, S&P Global Ratings has created a trusted network of reviewers, where everyone can work from a shared, transparent and auditable review process — completely reinventing and expediting how we do KYC reviews for our customers.”
Arizona State University is the third client. The institution is testing tracking academic records on the blockchain. The vice president of enrolment at Arizona State University, Kent Hopkins added:
“This network has the potential to be a game-changer for integrated, seamless learning — increasing transparency of student achievements and ultimately making the exchange process of academic records easier for both learners and institutions.”
The company said that the blockchain solution will be available in 2020. However, only selected clients can try out the product for now.
A Year of Research
Salesforce first confirmed its blockchain interests at TrailheaDX a year ago. As we announced last year, the company had embarked on a blockchain product scheduled for announcement during the Dreamforce customer annual conference. Marc Benioff, the company’s CEO told Business Insider that he had considered the idea since the World Economic Forum in Davos that January.
Salesforce earlier partnered with Dapps.ai. The blockchain startup had announced in May 2017 their release of a product letting users integrate the Salesforce system with Ethereum, Hyperledger, and Bitcoin blockchains.
Salesforce joined the Blockchain Research Institute (BRI), the Bank of Canada, Polymath, IBM, Microsoft, Raiffeisen Bank, and many others. Salesforce secured a patent for a blockchain system last November. The system is designed to filter spam and check whether emails are altered or tampered with after being sent.
Salesforce Blockchain Use Cases
On May 23, the company described the basic principles of the new technology. It highlighted the various probable use cases like medical record storage, money transfers, and supply chain management. The description also expounded on the advantages that the blockchain tech can bring to the fields Salesforce is focused on. The primary field of focus by the company is customer relationship management.