What Does a Blockchain Consultant Company Do?

4 MINS READ

Recently numerous corporations have started to strongly evaluate the advantages of blockchain technology, a more recent technology that has appeared in the past three decades. According to the Deloitte survey, Almost 90% of U.S. companies intend to build a blockchain. 

Blockchain’s development has brought with it new professions, and a blockchain consultant is one of them. Blockchain consultant is a pretty fascinating and helpful career, bringing many new business opportunities. Before analyzing the role of blockchain consultant companies, let’s learn about blockchain and understand its main functions.

 

What is Blockchain?

Until recently, all payments were made in cash. With the development of the World Wide Web, the way of transferring values has also changed. Today, in the era of distributed computing and autonomous systems, it has become more convenient and safer to work on the network with the help of new technologies. For example, a blockchain technology, where information moves between different people without the participation of service personnel and bypassing centralization, where a harmful error may occur in the software code and will help a hacker take money or valuable information.

Blockchain is a register of transactions within a single network that provides a decentralized exchange of reliable data, the so-called “common ledger of records”.

Also, blockchain can be thought of as a book with the ability to add pages. Each new page is written online, and the rest cannot be edited or deleted.

Three key features of the blockchain technology:

1. Distributed ledger: Each network member has data on all transactions

Transactions are encrypted to prevent illegal access to data

2. Consensus algorithm: No single node or server is responsible for approving transactions, ensuring their distributed processing.

Each entry is checked and made in all registries within the network.

3. Smart contracts / programmable ledger: Transactions can be accompanied by specific rules, i.e., small programs that determine when and how the transaction will be processed.

 

The Benefits Of The Blockchain Technology For The Business

Blockchain is the exchange of data on peer-to-peer transactions with assets in a distributed computer network, which will help speed up execution or settlement and increase security. This technology can streamline and speed up your business processes, increase cyber defenses, and reduce or eliminate the role of intermediaries.

Using a blockchain can be the best option in case of fragmentation at the data source that must be stored together or in the absence of data protection. The benefits of using this technology include data reconciliation, standardization and unification, and risk reduction.

 

Functions Of a Blockchain Consultant Company

The approach to blockchain technology begins with an assessment of the readiness of various service lines to support the following enterprise developments:

1) Raising awareness across the organization. The purpose of the first stage is to raise the level of awareness and work together to identify the potential of blockchain technology.

2) Blockchain Opportunity Assessment. The second step focuses on identifying applications and use cases to maximize added value.

3) Development of a transformation roadmap. The third step is consolidating data, prioritizing, and developing a transformational roadmap that includes multiple steps.

4) Implementation support. In this phase, proof-of-concept activities are identified and implemented, as well as pilot projects and full-scale blockchain solutions, integrating them into the organization and value chain.

A blockchain consulting firm specializing in marketing and PR can provide various services, from developing a marketing and branding strategy to managing day-to-day marketing activities for an ICO/STO. These tasks include:

*White paper writing

*Website design and creation

*Social media campaign management

*Writing press releases and finding publications that want to cover them

*Organization of airdrops

*And many, many others

When talking about blockchain, the word marketing has practically become a negative word because of the numeral scams such as CTR coin or USI Tech. That is why platforms such as Facebook and Google have restricted ads for crypto projects, making it much more challenging for blockchain startups. This just made the marketing function even more significant. Decent blockchain marketing companies will have established media networks that aid justify the importance of their assistance.

As various industries like finance, healthcare, or retail, for example, see huge prospects in blockchain technology usage, job possibilities for blockchain consultants are constantly growing.

In the financial sphere, numerous banks refer to blockchain consultants to decide the best strategy to organize banking procedures online; other companies can employ blockchain technology to keep the information, etc.

The consultant companies assist blockchain companies in creating development strategies. After using their advice, businesses are able to optimize business efficiency. The process begins with analyzing the influence blockchain might have on a company and creating a plan for executing it. After that, they research plan needs, determine possible difficulties, and take part in discussions with business leaders about building solutions.

Consultants develop a proof of concept (POC) to show that blockchain actually has real-life applications for the company. One more crucial aspect of the job is presenting risk factors and delivering risk control. The consultants might also offer legal advice on organizing that can control their uniqueness and manage the finances while employing blockchain technology.

 

Conclusion

Blockchain consulting might be a new role, but it is definitely boosting rapidly. It delivers a possibility for those who have an understanding of the blockchain to transfer their knowledge. The company is also able to deliver some welcome relief to technology founders overwhelmed by the enormous quantity of labor involved in bringing their products to market.

Suppose your business needs a blockchain consultancy, Exio.Tech is here to help. We have experience in various blockchain solutions, and our specialists will provide you with high-quality blockchain consulting services. Reach us to get full consulting services and develop your business operations.