Salesforce unveiled its first blockchain product at its fourth annual developer conference, TrailheaDX, in San Francisco overnight.

Built on its Lightning platform and using open source blockchain technology from Hyperledger, Salesforce Blockchain is a low-code platform connected to CRM that enables organisations to share verified, distributed data sets across a trusted network of partners and third parties.

Salesforce says the distributed ledger technology will help companies share massive amounts of data with an ever-evolving network of partners and third parties without sacrificing trust or introducing unnecessary levels of cost and inefficiencies.

Blockchain overcomes this problem by delivering a distributed ledger that saves, traces and authenticates data across every partner—or node—in the network. Use cases include asset tracking, credentialing and verification and authentication of goods.

Salesforce Blockchain is currently available to select design partners and expected to become generally available in 2020.

“We help companies build for the future by making breakthrough technology accessible and easy to use—today we are doing just that with Salesforce Blockchain,” said Bret Taylor, president and chief product officer, Salesforce.

“Now, companies will be able to create new ecosystems and achieve new levels of interconnectivity through trusted partner networks.”

Salesforce Blockchain enables companies to easily bring together authenticated, distributed data and CRM processes. The platform can be used to build and maintain blockchain networks, workflows and apps that deliver entirely new customer experiences.

As one of the beta customers, Arizona State University is using Salesforce Blockchain to design and create an educational network that enables universities to verify and securely share information, such as student transcripts.

While S&P Global Ratings is using Salesforce Blockchain to reduce the time it takes to review and approve new business bank accounts. By operating on a shared ledger of know-your-customer (KYC) data, S&P Global Ratings is able to bring multiple reviews together in one trusted location, providing a more transparent and auditable review process, for employees, partners and customers—ensuring it only engages with verified organisations.

“The KYC reviews and approval process is very time consuming and requires multiple parties to ensure each business is evaluated accurately and completely,” said Chris Heusler, global chief commercial officer, S&P Global Ratings. “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.”

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