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Analysis / Ecommerce

If Your Customers Don’t Understand Blockchain Or Bitcoins, A Chatbot Will Help

Bitcoin

Cryptocurrencies and blockchain are among some of the most convoluted technologies to hit the business market. Not only are they surrounded by a lexicon of complexity and confusing terms, but the process of earning and spending any currency can be a minefield and involve multiple services. When the language of a technology and the deeply complicated tools and mechanisms to farm and trade are so alien to most, a layer of simplicity is required, and that’s where chatbots will come in useful.

Blockchain has its own dictionary and universe

The World Cup kicked off recently, and on commercial channels in Europe and Asia, a new wave of adverts for Hdac are taking up much airtime. The “product” hypes a future smart home packed with blockchain-enabled smart home technology, making decisions and transactions on behalf of the owners. Most of the public has response has been in the style of “block-what?”

Hdac, short for Hyundai Digital Asset Currency, a Hyundai Internet of Things platform, it will provide a way to handle payments, data storage and identity authentication. The company has some explainer videos up on YouTube, but the main site remains full of technical gibberish. This is where any business planning a blockchain application or a crypto-product can learn straight away. Cut out the jargon!

Why would any consumer want to get involved or engaged with such a mish-mash of information? Where are the key messages about the benefits of the technology? Progressive blockchain companies like Electroneum, an early entry into the mobile currency miner market and Worldopoly which combines crypto and blockchain with an augmented reality mobile game do a far better job at explaining their play.

Reading about the Hdac technology makes things even more confusing. Customers can either buy or mine coins, and apps are stored on Github. Presumably the Hdac advertising is aimed at raising awareness among industry, as there is no way that a typical consumer would engage in the convoluted world it opens. Which begs the question, where is the agent that provides all the information business leaders or consumers want to know?

What’s missing, among many things, is a FAQ, but Hdac is a cutting-edge product platform. So, it wouldn’t resort to such old-fashioned and non-interactive information services. What it is really missing is a chatbot. That would be the way to engage with customers who are interested in the technology offered by the enticing advert.

Blockchain and chatbots are already buddies

Cryptocurrencies like Bitcoin and Ripple are close to becoming a common part of the digital landscape. Not directly, but their underlying technology will be felt in new products, through partnerships, they are starting to feel their way into systems, services and products.

Big banks and brands are experimenting right now and products will land soon enough. Accenture says “we forecast that chatbots will become the primary way for customers to interact with banks within three years”. As businesses interact with consumers or “things,” they will need an easy interface between us and the complex technology like blockchain, so joining the two makes business and technical sense.

Vendors and service providers will not want people to face complex screens, currency conversions and complex blockchain terminology. Instead, a chat or voice interface that provides simple options and information, ways to perform blockchain or coin-related tasks without the stress of apps or transaction services, and provides only the key data, leaving the jargon and technology in the back-end.

With the pace of change quickening, what was alien a couple of years ago is common today, and these bitcoin technologies will be part of our lives soon enough. Consider when Apple Pay, an Amazon account or Google let people pay using their choice of cryptocurrency. Or, as some countries are planning with their own cryptocurrencies, imagine the chaos of holiday currency transfers, all of which will need careful managed interaction with potential users.

Bots on the spot markets

Chatbots are already starting to dominate customer and client interactions in a number of vertical markets, with banking among the leaders. But having a chatbot specifically to manage blockchain and bitcoin interactions will be a logical step to manage transactions and information. Something Oracle talked about at a recent developer event.

Bots platforms like SnatchBot, loaded with AI, natural language processing, analytics is used by companies large and small to make interactions easier. SnatchBot delivers flexible chatbots across multiple platforms at massive scale, with analytics tools to understand and improve the bot on the fly, along with code-free development tools.

Chatbots are storming into the consumer and business digital landscape, and blockchain and bitcoins would love to follow, but they will need the former to help the world make sense of their technology and the benefits that it offers.

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Chris writes about augmented and virtual reality, chatbots, business, games and anywhere the miracle of technology will take us next.