The Phoenix Global (PHB) project is an enterprise-scale blockchain solution built with the consumer in mind. It primarily works to make next-gen consumer applications more private, interactive, and connected. In addition, it comprises a built-in data transaction protocol to Phoenix Global Virtual Machine, which increases B2C trust, ensures consumer data ownership and security, and provides decentralized, encrypted data storage.
What is a Data Transaction Engine?
In essence, blockchain is a database technology with properties that are not unique individually but together uniquely store, verify, and exchange data. Phoenix Global proposes a data transaction engine that allows businesses to increase consumer data ownership and security, enhancing business-to-customer (B2C) trust.
Businesses need pure and consistent consumer data to get an overview of a customer and offer exceptional service. However, organizations often need to duplicate 20-40% of their consumer data records, resulting in many inefficiencies. Because of this, a business needs to integrate a robust data transaction engine to match, deduplicate, and meld these records.
In the B2C space, the number of records runs into the millions or tens of millions. Businesses struggle to wash up duplicates in such volumes without innovative and practical tools.
Benefits of Integrating a Data Transaction Engine
Integrating a data transaction engine can hugely impact your business. There are many benefits of integrating an immutable data transaction engine in a marketing strategy, but the top benefits for B2C organizations are the following:
Financial impact
Many brands worldwide continue to suffer duplicate, siloed, and out-of-sync customer data, losing millions of dollars every year. Approximately 20-40% of all the consumer records within an organization are duplicates, which may cost between $20-$100 each per year. By integrating a robust data transaction engine, businesses can effortlessly organize and maintain consumer data and clean out-of-place data. In doing so, they can also eliminate duplicates and ensure that the data is precise and fresh.
Efficiency
Enhancing efficiency, Phoenix Global’s Data Transaction Engine for B2C services provides blockchain-based customer data storage. Businesses establish and maintain principal consumer records that various systems can access (i.e., sales, marketing, ERP, etc.). Next, the network offers quality records management. Phoenix Global leverages artificial intelligence tools to match, merge, and clean out-of-place data at scale. Balancing all of these components, Phoenix Global helps brands securely create a clean and reliable customer record.
Personalization
Brands worldwide want to provide their customers with an experience that accommodates their tastes and preferences. Businesses can pinpoint opportunities and customize service delivery through expressive information and detailed data sets on every customer relationship. Because this results in customer satisfaction, brands can effectively use a Data Transaction Engine to grow revenue, increase profitability, and increase their lifespan.
Conclusion
Businesses face a significant challenge as they establish a customer data management strategy. They may struggle to link siloed, out-of-sync consumer records into a single coordinated perspective across all internal organizations sales, service, marketing, ERP, and fulfillment.
To create and maintain a pure customer record, teams must update and access the same unified customer profile. As such, Phoenix Global plays such a vital role in managing customer data for B2C services. It helps brands create a customer master record in a distributed ledger that is immutable and safely stored on the blockchain.
