Nobody likes it when they receive bad customer service. Unclear fees, untimely service hours and subpar logistics are some of the things that ensure customers will never come back.
However, with the help of blockchain, an emerging technology that is rapidly beiong recognized as the next big thing since the Internet, improving the way an industry serves its customer base just got easier.
One of the blockchain events held last year echoed an integral aspect that keeps a business up and running—quality customer service.
The BSV Blockchain-hosted event held at the InterContinental Ras Al Khaimah Resort and Spa in the United Arab Emirates (UAE) reflected to its attendees the game-changing impacts of a massively-scaling blockchain network to businesses in both the private and public sectors.
The nation’s key decision makers, Royal family members, C-level executives, and blockchain experts gathered to formulate a national blockchain adoption plan.
One-on-one sessions between experts and attendees were held to create a plan to educate and train government employees about blockchain.
The ultimate goal of the government’s blockchain adoption plan is to go paperless, increase efficiency, and decrease costs at the local government level.
Dr. Mohamed Al Hemairy, the Head of the Technology Transfer Office at the University of Sharjah, took the stage to emphasize this as grappling with tens of thousands of transactions daily will hinder governments in serving employees and clients.
“All these transactions should be traced with the goal of increasing performance, decreasing costs and having better service. Any time there are complaints from customers it always comes down to unclear fees or they are not happy with the timing, or quality of service,” said Dr. Al Hemairy.
“Currently, there is no way to see where the transaction is. Why it has been delayed or if there is corruption in the process.
With the blockchain, we have an open and public ledger that is also decentralized and something you can trust. Nobody can insert invalid records.
This makes everyone equal and everyone knows what they have to do.”
Although Dr. Al Hemairy’s sentiments mainly talked about government customer service, the same also applies for businesses in the private sector.
For instance, InvoiceMate, a next-generation accounting and invoicing platform built on the BSV blockchain, is one of the platforms that can make businesses handle its customer service more efficiently through a better invoicing system.
Currently, invoicing faces problems such as the redundancy of data and data silos, a lack of integrity and overly-centralized workflows.
There are also issues of fake invoicing, under invoicing and over invoicing, insecurity and inefficiency of invoicing, and supplier management issues with current-day invoicing.
InvoiceMate addresses these issues with features of:
- A trusted system of workflow of the whole invoicing process,
- Functional features that allow chief financial officers and financial teams to address business problems,
- Integration of legacy architecture to improve conventional systems, and
- Compliance to General Data Protection Regulation (GDPR), financial, audit and other compliance areas.
The BSV Blockchain is the foundation of InvoiceMate’s features, as it is a public blockchain that can also scale on demand.
BSV’s incredibly low transaction fees and high throughput allow for an economical yet efficient invoicing platform.
The stability of BSV also gives businesses the assurance that they can reliably build applications on the platform.
It goes without saying that governments and businesses deal with efficiency in serving their customers.
Security, costs, operations, trust and overly-centralized workflows are some of the service issues that is effectively addressed with a stable and scalable blockchain.
With the many uses of blockchain, it will not be a surprising if its adoption becomes widespread as the year progresses.
The Advantages Of Blockchain Technology
Blockchain technology has the power to revolutionize customer service in both public and private sectors.
By providing a secure, decentralized, and transparent platform for transactions, blockchain can improve the efficiency and accountability of customer service processes, leading to higher levels of customer satisfaction.
One of the key advantages of blockchain is its ability to eliminate intermediaries and reduce transaction costs.
In the case of customer service, this means that companies can streamline their processes and provide faster, more efficient service to their customers.
For example, blockchain can be used to automate the verification and validation of customer data, reducing the time and effort required to process customer requests.
Another benefit of blockchain is its ability to provide a tamper-proof record of transactions.
This means that companies can use blockchain to track the entire customer journey, from initial contact to final resolution of any issues.
By doing so, companies can identify areas where customer service can be improved and take proactive steps to address them.
Blockchain can also be used to create smart contracts, which are self-executing contracts with the terms of the agreement directly written into code.
Smart contracts can be used to automate customer service processes, such as refunds or returns, and ensure that they are executed in a transparent and efficient manner.
In the public sector, blockchain can be used to improve the delivery of government services.
For example, blockchain can be used to create a secure and transparent platform for the delivery of social services, such as healthcare or education.
By doing so, governments can ensure that services are delivered in a fair and efficient manner, and that resources are allocated to those who need them most.
In Conclusion
blockchain has the potential to transform customer service in both public and private sectors.
By providing a secure, decentralized, and transparent platform for transactions, blockchain can improve the efficiency and accountability of customer service processes, leading to higher levels of customer satisfaction.
As blockchain technology continues to evolve, we can expect to see even more innovative applications in the field of customer service.
