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In the last five years or so, blockchain has become a hot topic in different industries, particularly digital currencies. It’s an exciting invention that offers so much value in working with crypto trading, investing, Metaverse, Web 3.0, and even artificial intelligence. It is the way that we make the crypto world more efficient and transparent. It promotes trust among all crypto users by recording transactions in an immutable ledger.
But, despite such a wide range of benefits, many crypto companies don’t put enough focus on this technology, keeping blockchain from mass adoption. One of the main reasons is that many don’t fully understand blockchain technology because it is still relatively new. Many points out the highs and lows of blockchain in security and scalability, claiming that it’s not as good as it should be for mass adoption.
But, many in the crypto business don’t know that they can already gain so much from implementing blockchain solutions into their operation.
They just need a team of experts to show them such potential and work alongside them to develop and implement a solution that fits their specific goals and needs. This is what comprehensive blockchain consulting services can do.
What is Blockchain Consultancy?
Blockchain consultants serve as the guide for a crypto business in the complicated, dynamic world of blockchain technology. They offer comprehensive analytical research on the latest blockchain solutions while also building and testing new solutions of their own.
The Roles & Responsibilities
While it’s not easy to map out every single aspect of blockchain consultancy, we can essentially narrow down the tasks of blockchain consultants into the following items. In other words, these are the areas where a blockchain development company can make a difference:
- Creating new strategies for growth through careful planning, research, and analysis
- Offering valuable insights about the choice and implementation of blockchain technologies based on a company’s specific needs.
- Carefully monitoring a company’s business model to identify pain points and finding custom blockchain solutions that can fill the void.
- Identify all potential roadblocks and risk factors associated with regulations, internal governance, and data security.
- Closely tracking the market to identify the latest trends and potential competitors.
Why Bring in Blockchain Consultants?
You may plan to launch a crypto exchange, launch a token, create a Metaverse world, or build a P2P lending marketplace to support young artists. In any case, you need blockchain technology and also the consulting services of people who are experts in it.
You can save a lot of time and money by avoiding the spaghetti approach and focusing on a guided path that prepares you for any surprises. That’s what you’ll have with reliable blockchain consulting firms on your side.
Besides the general benefits, here are some specific values of having blockchain development services on your team.
Identifying Roadblocks & Offering Solutions
We all know that blockchain solutions have massively changed the game in any industry or business in today’s ultra-competitive market. As many crypto companies come across many unexpected challenges, they need blockchain development services that can identify the roots of a problem and help them solve it.
Since blockchain is a rather new field of work, you need a team of blockchain professionals on the internal team that can help navigate complex issues such as crypto regulations, predicting market movement trends, and even asset protection.
Monitoring the Market
Many crypto companies have to invest a lot of their resources into market research because the blockchain space is still a bit new and complicated. For instance, many investors and analysts can’t even figure out Bitcoin, which has been around for a while.
Once you consider digital tokens and sophisticated platforms, you can see why any crypto business may be better off with blockchain consulting solutions.
A blockchain consulting team helps crypto businesses with two things in particular:
- Finding a market ready for blockchain. If you incorporate blockchain into your business operations, it will change the relationship between your business and other players, making people and other companies a partner, not a client. Sometimes the industry is not ready for such a drastic change.
- Identifying the competition. You are probably not the only crypto business using blockchain to target a specific group of leads. Even if you’re the only game in town, soon, other competitors will follow to improve your model and steal the market. Blockchain consulting services continuously track the market to help you know your competition before it’s too late.
Vast Expertise
We’ve seen so many companies step into the crypto market and fade away after a while, showing us that blockchain is still a tricky space to handle. You cannot afford to run your business without hiring skilled and trained blockchain professionals that can help you adapt and scale as the crypto market evolves.
Many crypto companies find the right approach through a costly run of trial and error. You can save time and money by using a top blockchain consulting team that is tested enough to steer your crypto company in the right direction.
Tailoring the Blockchain to Your Operation
As said before, blockchain can affect every industry or business, particularly in crypto. But, since every business has different goals and protocols, a generic approach is a waste of time and money.
You have to access consulting firms that understand your business model and understand how the blockchain protocol can specifically solve your problems. The team can closely monitor your operations and offer customized solutions that can also maximize your payoff.
Hassle-free Blockchain Implementation
Once you hire a reliable blockchain consulting provider, you guarantee seamless blockchain implementation as these experts already know the details of blockchain and have solved enough problems to predict any possible scenario and be prepared for it. There’s also no unexpected increase in cost or any significant delay in the project.
No matter where you’re currently lacking, seasoned blockchain consultants understand what you need to go through all the steps. It’s easy for them to solve any possible issue because they’re already familiar with the nuances of blockchain.
Risk Management
While blockchain has been around for a while and has made significant improvements, there’s so much left to change because blockchain technology (and, quite frankly, the crypto industry) is still not mature enough to have an established governance structure with minimum loopholes and maximum transparency.
In reality, a crypto business can still be exposed to different aspects such as data security, compliance, audits, tax, and governance. Therefore, you need a reliable blockchain consulting partner that has experience in dealing with such risk factors and can fix small problems before they turn into costly disasters.
Here are some ways a blockchain consulting team can help with risk management:
- Risk Analysis: The aspect is evaluating the risks related to your business processes. There’s no point in adopting a blockchain solution without analyzing all the risk factors.
- Compliance: As laws and regulations on the blockchain are prone to change, you need a group of experts that are up-to-date on the latest blockchain developments so they can offer you legal advice when implementing a solution.
- Governance: The governance structure varies by the business and the blockchain you choose to use. Since you can’t provide a public, open-access network for all, you need to decide on a governance structure and the actions you take toward risk management.
- Data Security: There’s probably nothing worse for a crypto business than to struggle with data security issues on the blockchain. In most cases, such an issue is due to a lack of guidance in implementing a blockchain solution. You can rectify that by hiring a blockchain consulting firm.
How to Find the Right Blockchain Consulting Services
Now that we’ve covered some benefits of hiring reliable blockchain consulting services, it’s time to find one.
Many factors can impact your final decision in choosing blockchain consulting services. The prime example is the services you offer and the target audience you serve.
Some consultants offer comprehensive blockchain solutions to different crypto companies, but many others focus on niche markets. As said before, every crypto company has different business needs and structures, meaning that a general blockchain approach may not be effective in every scenario.
Therefore, you need to be careful and check for specific elements in blockchain consulting services before you hire one.
Track Record
Your business may need many things from a blockchain consulting firm, but the key to getting them is making sure of the team’s quality. As you may know, there’s probably no better way to measure quality other than looking at the company’s experience with other clients.
You can contact some clients and look at online reviews or forums to see how a company delivers on its promises.
Negative comments are normal, particularly in the crypto business, but those bad reviews can show you the problems in a blockchain consultant’s operation (lack of transparency, bad customer care, Ponzi schemes, etc.) that may be a red flag for you.
The Existing Pool of Blockchain Experts
The whole purpose of hiring blockchain consulting services is to access their pool of experts because they are the ones that can offer a blockchain solution, implement it, and help with maintenance at any stage of the process.
You need seasoned blockchain experts to closely study your business model, identify where you lack expertise and fill those specific gaps. You can’t do that with a global consulting firm that has a small team.
Why? because the pool of expertise may not be diverse enough to handle every aspect of your blockchain operation.
A Solid Understanding of Blockchain Security
The entire blockchain and crypto landscape is constantly changing through technologies like artificial intelligence, so you need constant improvements and updates on your security framework. At the same time, you need to make sure that those improvements are in line with the latest laws and regulations.
That is only possible with blockchain consulting solutions. If you also want your business to protect its users and always be one step ahead of all the changes, you need a blockchain development team with a solid grasp of private and public cryptography.
Reasonable Cost
As with any industry or business, the cost is a major factor to consider before hiring blockchain consultants. As of right now, it’s not cheap to find blockchain services as blockchain technology is new, and the talent pool is small.
Nevertheless, you shouldn’t pay a fortune to hire blockchain consultants, as many changes will make blockchain technology development cheaper in the future.
Also, there should be a balance between the price you pay and the service you get. If you’re on a budget and can’t spend a lot on a blockchain consulting service, you can use a fixed price model where you and the consulting company agree on a specific number.
Project-Specific Teams
While saving money is important, you need to find a firm that can support you in the long run because you will surely scale, and It’d be much wiser to use a flexible pricing plan. That gives you more power to choose from different options on the market.
You can even work on a captive model where the blockchain consulting service recruits and manages development team members that support your specific business goals in legal, management, and administration.
If you want your business to save time and money in trial and error, you need a dedicated team for your specific blockchain project because they will handle all the tasks of your project without taking away much time from your existing employees.
They can work under a certain department or group in your business but only focus on your latest blockchain project.
Proficiency in Smart Contracts
Smart contracts are the building blocks of blockchain that have changed corporate contract management in many different industries because they have eliminated all the formalities and expenses while saving time by coming to force automatically.
So, since so much revolves around smart contracts, your blockchain consulting company needs to be proficient in managing and auditing the smart contract after the development process, making sure that your business is not exposed to any loopholes in the contract.
Communication
We all know how much complex jargon goes into explaining operations in crypto. Therefore, if you don’t have a solid background in blockchain, it may be a bit difficult to understand the process. That’s why you need a proficient blockchain consultant to explain complicated concepts in simple English.
It’s also beyond comprehension. Since you’re building a blockchain project together, you need a consistent line of communication to observe the progress made and offer feedback regarding the outputs.
Like most things in tech, there’s a lot of back and forth until you get the final output right.
Interoperability
In today’s crypto landscape with so many blockchain platforms, you need a reliable team of experts that understand the challenges and risks of the blockchain ecosystem interoperability. They should have enough deployment expertise to help your business operate across different platforms.
Also, it’s vital to have an open-source approach where your blockchain solution can work on any platform without facing any problems working with the existing structure.
A solid understanding of different systems like Ethereum and Ripple allows a consulting team to know which blockchain platform can better fulfill the needs of a certain target audience. With such knowledge, you won’t have to worry about any latency or interoperability problems.
A Final World About Blockchain Consulting
There’s no denying that all eyes have been on the crypto business and blockchain over the last five years. We’re not so far off from the mass adoption of blockchain and its disruptive impact on different industries.
We’ve already seen so many companies and industries shift from traditional frameworks to blockchain technology. At the very least, blockchain technology will make for a great feature that maximizes a business’s customer base.
But, It’s vital to move quickly to use blockchain in winning the ultra-competitive crypto market. Metaverse, Web 3.0, artificial intelligence, and NFTs are just some of the latest revolutions in tech that offer so much potential for the crypto business.
But, the competition to find reliable blockchain consulting providers is getting tougher every day, which means that you should do extensive research and scan through dozens of available.
Whether it’s NFTs, artificial intelligence, or even an open-world gaming platform, you need a company that can understand your project’s specific needs and knows how to meet them through tailored solutions.
If you feel like you need more information on this topic, make sure to visit our blog section and even contact us with any questions you may have. Our experts would be happy to guide you.
