Globally, businesses are experiencing profound transformation. Blockchain technology has altered existing businesses while opening previously inconceivable opportunities with its secure decentralized ledger system.
Companies are beginning to see how blockchain could revolutionize operations, streamline procedures and boost output, but understanding its intricacies might prove daunting - this is when seeking expert blockchain advice is invaluable.
What Is Blockchain Consulting?
Blockchain consulting services provide businesses with expert help in understanding, assessing and deploying blockchain technology into practice. Consulting firms assist businesses through every stage of this process - from grasping its fundamentals to discovering potential applications to devising an in-depth plan for deployment - providing expertise across a range of areas related to this disruptive technology - like:
Identifying Business Opportunities: Consultants assist businesses in identifying which aspects of their operations could benefit from blockchain technology, including assessing possible effects and reviewing current procedures.
Developing A Blockchain Strategy: Consultants assist organizations in devising an individualized blockchain strategy based on opportunities identified and organizational objectives, including specifying project parameters, selecting an ideal platform and developing an implementation schedule.
Technology Selection And Platform Evaluation: Success lies in selecting a reliable blockchain platform from among all available options available today. Consultants assist businesses in evaluating various platforms according to their technological prowess, security features and scalability capabilities.
Smart Contract Development: Smart contracts that execute themselves and reside on blockchain technology are known as smart contracts. Consulting firms specialize in crafting effective smart contracts to automate specific company procedures while remaining transparent and trustworthy.
Integration And Deployment: Careful consideration must go into implementing a blockchain solution, from system integration through user education and security best practices aided by consultants.
Post-Implementation Support: After the deployment of blockchain technology, ongoing support from experts is necessary for optimal functioning and maintenance. Consultants assist with troubleshooting, performance tracking and maintenance needs.
Advantages Of Consulting For Blockchain Consulting With Experts In Blockchain
- Reduced Risk: Consultants help businesses minimize implementation risks. Their extensive knowledge of blockchain technology allows them to avoid errors that cost businesses money while adhering to relevant regulations and rules.
- Faster Time To Market: Consultants accelerate implementation by providing necessary resources and expertise. This provides businesses with an edge and allows them to experience all the advantages that blockchain provides immediately.
- Cost Optimization: Consultants assist businesses in strategically allocating their resources and extracting maximum benefit from their blockchain investments. Their efficient execution produces optimal returns.
- Improved Decision-Making: Consultants provide firms with strategic guidance and data-driven insights that enable them to make well-informed decisions regarding adopting blockchain technology.
- Enhanced Security And Compliance: Consultants ensure that strong security protocols are employed when deploying blockchain technologies and adhere to any relevant legislation.
Reasons Why Blockchain Consulting Is Critical For Driving Blockchain ROI
Blockchain's ups and downs were directly related to fluctuations in cryptocurrency values. Unfortunately, however, a common perception exists that "blockchain lacks production system readiness due to concerns with transaction security, scalability, and privacy". As of mid 2019, however, this seems like a major misperception.
Customers from around the globe are investing over $500 million annually into select #defi businesses with hopes of earning interest rates between 10-17 percent annually - which outstrip traditional banking infrastructure daily. Furthermore, an increasing number of #Insurtech businesses aim to decentralize the insurance market, further disrupting it in real-time.
Read More: Revolutionizing Industries: How Blockchain Technology is Transforming Key Sectors
Why Blockchain Consulting Is Not Straightforward
Lack of thorough and reasonably-priced blockchain consultancy has led to the failure of most installations of blockchain technology. Four major consulting firms are making an attempt at offering this service under their existing contracts; unfortunately this strategy doesn't appear to work out too well for them.
Blockchain requires more of an emotional change than technical advice; an approach focused on community accomplishment rather than technical advice is crucial to its success and ultimately undermines blockchain's standing as a technology. Unfortunately, most consultants fall short in providing this service and thus undermine blockchain's standing amongst users and hinder its reputation in doing so.
Identifying Problems And Then Coming Up With A Fix
Blockchain can often become part of the problem that needs solving for businesses, making itself the source of anxiety rather than providing relief. To prevent this from occurring, sufficient time must be dedicated to understanding business pain points before trying out innovative technologies like blockchain.
Here are several effective examples of businesses allocating time and energy towards pinpointing problems before creating blockchain-based solutions to them.
- Blockchain In Government: At present, one of the primary concerns facing governments in developing nations like Indonesia, India and Papua New Guinea is their incapacity to modernize public service delivery. Their primary goals should be reducing delivery time frames while simultaneously expanding financial inclusion for residents without necessitating bank branches near residences, requiring opening new last-mile branch offices as well as increasing transparency throughout all financial transaction processes.
- Blockchain In The Aviation Industry: Aviation and aeronautics leaders face the constant struggle of striking a balance between safety and declining revenues, yet finding cost-effective solutions. Blockchain provides one such solution by creating an inventory tracker across various parties for aviation equipment maintenance tracking purposes.
- Blockchain In The Insurance Industry: Insurance industry's primary challenge today lies in eliminating frictional costs imposed upon clients by traditional company-distributor models that expose clients at the distributor level.
- Other Industries: Blockchain can be found across industries such as healthcare, land records, supply chain tracking and trace, cross-organization workflow automation and cross-organization workflow management. If you would like a guidebook outlining common industrial problem areas and blockchain application cases for each one, contact our team.
Analyzing The Marketplace
Constantly keeping abreast of developments within any particular market or sector is integral to comprehensive Blockchain consulting. Four factors should form the core of market analysis. Like in any sector, you need a consulting business you can rely on for up-to-date information that will assist in making sound decisions.
- Is The Target Market Ready For Blockchain Adoption? Integrating Blockchain technology into your firm will alter how individuals and groups interact with your firm on the market, encouraging individuals and groups to behave more like partners than clients or consumers - helping build stronger bonds between your brand and people. Trust must be developed between your brand and people for any such relationship to work successfully.
- Who Will We Be Competing To Attract The Same Targeted Market? Your sector likely already employs blockchain technology; other people in it might, too. Even if your concept seems "unique," chances are other individuals within that field have likely considered similar options or soon will if they haven't done so already.
- Is the Target Market Tractable Enough? Target markets should typically not be judged solely on whether or not they are "ready"; what's important is whether or not they can be easily controlled, which requires taking an investigative approach rather than using random sampling to investigate this portion of your target audience. Since people perceive things differently, you need to identify or create niche markets to focus on when investigating this segment of the target market.
- Do We Really Need Assistance In Doing Market Research? Market research can be difficult. You run the risk of misinterpreting your target audience if you do not possess enough information about the Blockchain industry or trends, and by working closely with industry pioneers, you may reach them and deliver your message more efficiently.
Identifying Use-Cases With ROI Impact
Blockchain prioritizes situations in which trust is critical to stakeholding, middleman engagement and other economic ventures. Ask yourself this: Would our company, group or establishment benefit from the trust generated by blockchain?
Yes, In almost all instances, the answer to that question is invariably "yes' ' Though much has been written about possible blockchain use cases, little discussion exists on their impact on ROI if implemented successfully. Our team of specialists draws upon their extensive practical experience of providing blockchain consulting and implementation to identify additional use cases with positive impacts that have yet to be implemented as part of any viable solutions that best match up with each business need and implement those that might help increase return on investment for every organization that approaches our company for assistance with finding suitable Blockchain solutions best tailored towards increasing ROI for companies wishing to increase return on investments with regards to ROI increase return on investments for every business we consult for our clients, to select suitable custom Blockchain solutions suitable to your requirements and determine which fits them best.
- Skilled Advice And Instruction.
- Which blockchain platform should we select?
- Does your company have to host blockchain nodes?
- Who will be in charge of the blockchain?
- Which blockchains to use: public or permissioned?
- How will the orchestration of nodes operate?
- Do transactions remain confidential?
- Does your company need proof of zero knowledge?
Your blockchain expert must assist in answering these critical questions. Our team boasts unmatched expertise that enables us to address issues related to blockchain for your business - thanks to our timely entry into this field. Errna has an experienced team of blockchain consultants available to train your resources on the nuances of Blockchain technology through interactive workshops, constructive criticism sessions, educational materials and seminars. Each step along the way our highly qualified staff will work closely with you until all aspects of its ecosystem and all its branches have been properly understood.
Skilled Blockchain Consultancy Processes Ensure Successful Integration
Any reliable and informed blockchain business will take you through a defined series of steps, using familiar terminology while discussing ideas with you. Experienced consultants often employ these procedures when working through ideas together with clients:
- Ideation: Following your explanation of your goals with your proposed Blockchain solution, our technical staff will collaborate to determine whether it's feasible. Once a plan has been drawn up and established, it's time to determine the specific objectives for your organization.
- Assessment: As part of your all-encompassing blockchain consultation, our team works collaboratively with you to assess existing technology and operational procedures at your organization.
- Definition: Now is the time for creating an in-depth understanding. Similar to previous stages, this stage requires considerable brainstorming from both parties involved - you bring intimate industry expertise while we offer our expertise on Blockchain systems. Together, we can turn your company into an innovative disruptor far ahead of its competition by identifying strengths, weaknesses and areas for improvement for both your current system and any prospective Blockchain-enabled platforms.
- Prototype: Now is the time for our team members to create an initial blueprint of an appropriate Blockchain solution, adapting gradually to fit with your present system until eventually creating something closer to its final form.
- Volume Test: Once modified and improved, our team conducts an in-field evaluation of your Blockchain prototype application.
- Integration: Now, we will seamlessly implement and monitor your new Blockchain application in its new environment.
- Review: We will take responsibility for regularly inspecting for exceptions and optimizing its product to comply with environmental regulations.
Want More Information About Our Services? Talk to Our Consultants!
Conclusion
Any company seeking to harness the revolutionary potential of blockchain technology should invest in blockchain consultancy. Experienced blockchain consulting businesses may offer businesses invaluable skills, guidance and assistance needed for adopting it successfully while meeting their goals - working alongside seasoned consultants will play an increasingly vital role in helping businesses adapt and thrive as technology progresses further.
