Decoding the Future: All About Salesforce Blockchain in 2024 and Beyond

“Blockchain technology isn’t just a more efficient way to settle securities. It will fundamentally change market structures, and maybe even the architecture of the Internet itself”
― Abigail Johnson, CEO, Fidelity Investments^[i]

The rise of the digital era has led to widespread adoption of cloud infrastructure and applications across all organizations. This surge in digital transformation, coupled with ongoing cloud migration, has significantly broadened organizations’ vulnerable areas to potential cyber threats.

On average, small businesses encounter data breach costs averaging between $36,000 to $50,000. This financial impact is overwhelming for small and mid-sized enterprises, making recovery from breaches potentially unattainable^[ii].

While scalability and efficiency have expanded, there’s a pressing demand for robust data security.

In this landscape, organizations require comprehensive data security that safeguards their data across multiple domains: on-premises, within cloud infrastructure, and even within Software as a Service (SaaS) applications.

Data security and compliance are a close link when it comes to data protection.

Various intricate compliance regulations, including DORA, GDPR, CCPA, SOX, PCI, HIPAA, and more, are all designed with a singular goal: averting unauthorized access to sensitive information belonging to customers and users.

In safeguarding data- the critical life force of all modern organizations, Blockchain technology emerges as a steadfast guardian. Its attributes – an immutable ledger, enhanced security through cryptographic designs, decentralization fostering trust, smart contracts for seamless execution, and interoperability potential – position it as the savior of our digital assets.

With data safety and protection running in the veins of its cloud infrastructure, Salesforce introduced its blockchain platform- Salesforce Blockchain to establish and ensure data security.

In the foreseeable future, Grazitti anticipates ongoing investment by Salesforce in blockchain technology. Read on to learn the strategic investment and acquisitions trail that sets the stage for the prediction.

What Makes Blockchain Technology the ‘Guardian of Digital Galaxy’

‘Blockchain technology not only makes securities settlement more efficient. It will radically alter market dynamics and perhaps even the Internet’s design.’
Abigail Johnson^[iii]

Blockchain technology is often regarded as a potential “data savior” due to several key attributes:

Immutable and Transparent Ledger: Blockchain operates on a decentralized ledger that records transactions across a network. Once recorded, data entries cannot be altered retroactively without altering subsequent blocks, making the system highly resistant to tampering and fraud.

Enhanced Security: The strong security of the blockchain is due to its cryptographic design. Every block in the chain holds a cryptographic hash of the previous block, forming a secure connection between them. With its decentralized setup, there’s no central weakness, making it highly difficult for attackers to tamper with the data.

Decentralization and Trust: Blockchain’s distributed nature means data is stored across multiple nodes or computers, rather than on a central server. This decentralized architecture fosters trust as it removes the need for intermediaries, reducing the risk of data manipulation or unauthorized access.

Smart Contracts and Automation: Blockchain facilitates the creation of smart contracts—self-executing contracts with the terms directly written into code. These contracts automatically execute and enforce agreements, reducing the need for intermediaries and streamlining processes while ensuring data accuracy and compliance.

Data Consistency and Accessibility: As a shared and synchronized database, blockchain provides a single source of truth, ensuring data consistency among all participants. Additionally, authorized participants can access the same data in near real-time, improving efficiency and reducing discrepancies.

Privacy and Data Ownership: While transparent, blockchain also offers privacy features. Permissioned blockchains enable selective access, allowing only authorized parties to view specific data. Moreover, users often retain ownership and control over their data, enhancing privacy and data control.

Potential for Interoperability: Blockchain has the potential to bridge data silos by enabling interoperability across systems. This could revolutionize data sharing, ensuring a seamless and secure exchange of information across various platforms and industries.

Salesforce’s Trail of Incorporating Blockchain for Safeguarding Data

Businesses are beginning to feel the impact of prioritizing data privacy, with 97% expressing their plans to increase investments in protecting consumer data^[iv].

Source^[V]

Customers also prefer doing business with organizations that maintain strong data security protocols. As evidenced by 54% (as shown below) of customers choosing to abstain from businesses requesting personal data, the significance for companies to earn customer trust concerning data safety cannot be overstated.

Source^[vi]

That’s when choosing a cloud architecture, like the one by Salesforce becomes imperative.

Salesforce has demonstrated an ability to recognize market gaps and fill them with its industry-specific solutions.

Salesforce first made its intentions about blockchain technology public at TrailheaDX in 2018. In an interview with Business Insider, Marc Benioff, CEO, Salesforce disclosed, “The concept had piqued his interest since the World Economic Forum in Davos earlier that January^[vii].”

Previously, Salesforce collaborated with the blockchain startup Dapps Inc. Ledger Insights reported in May 2017 that this partnership led to the launch of a product enabling users to seamlessly integrate the Salesforce system with various blockchains including Hyperledger, Ethereum, and Bitcoin^[viii].

Later in 2019, the business revealed its in-house blockchain solution, which was built on the Hyperledger Sawtooth platform and heavily tailored for Salesforce Lightning. This product, known as Salesforce Blockchain, is marketed as ‘a low-code blockchain platform that extends the power of CRM.’ According to Salesforce, the program enables users to create and oversee blockchain networks, apps, and smart contracts. According to Salesforce’s official press release, it allows them to “generate and distribute blockchain objects akin to any CRM data object — effortlessly with clicks, not code^[ix].

Furthermore, the global blockchain think tank Blockchain Research Institute (BRI) announced that Salesforce had become a member in April. Prominent players in the field include Microsoft, IBM, PepsiCo, Polymath, Raiffeisen Bank, and the Bank of Canada^[x].

Future Trends in Salesforce Blockchain: What Awaits in 2024 and Beyond

More Salesforce Customers Will Adopt Salesforce Blockchain: By leveraging the manifold benefits of blockchain technology, a multitude of Salesforce customers are poised to adopt Salesforce Blockchain. This will empower businesses to build and deploy blockchain applications, providing enhanced efficiency, transparency, and secure data management.

Salesforce Blockchain Will Be Used to Support a Wider Range of Use Cases: In addition to the existing use cases, such as supply chain management and customer loyalty programs, Salesforce Blockchain will be used to support a wider range of use cases, such as digital asset management and identity management.

Salesforce Blockchain Will Become More Integrated With Other Salesforce Products and Services: Salesforce Blockchain is already integrated with several Salesforce products and services, such as Salesforce CRM and Salesforce Commerce Cloud. In the coming years, Salesforce will continue to integrate Salesforce Blockchain with other Salesforce products and services, making it even easier for customers to build and deploy blockchain applications.

Salesforce Blockchain Will Become More Scalable and Secure: Salesforce will continue to invest in scalability and security for Salesforce Blockchain. This will make it possible for customers to build and deploy even more demanding blockchain applications on Salesforce Blockchain.

Salesforce Blockchain Will Play a Key Role in Salesforce’s Customer 360 Platform: Salesforce’s Customer 360 platform is a unified view of the customer across all Salesforce products and services. In the coming year, Salesforce Blockchain will play a key role in Customer 360 by providing a secure and tamper-proof way to store and share customer data.

The Bottom Line

As we move into 2024, a transformative shift awaits. With more businesses embracing the benefits of blockchain, the widespread adoption of Salesforce Blockchain appears inevitable. Beyond just managing supply chains, its seamless integration into various applications and commitment to scalability signal a promising future, especially in enhancing Customer 360 platforms.

At this crossroads of technology and data security, we believe that there’s a clear need for change—a shift that doesn’t just protect data but also empowers it to drive progress.

Looking ahead, Salesforce’s move into blockchain suggests a future where data isn’t just secure but also fuels innovation, enabling businesses to thrive and grow.

Statistical References:

^[i] CryptoAltruism
^[ii] Frameworkit.com
^[iii] Brainyquotes.com
^[iv][vi] Ixahub.com
^[v] Truelist.com
^{[vii][viii][ix][x]} Coindesk.com