When one looks closely at blockchain and realizes how malleable it is, one wonders, “Why hasn’t blockchain seen mass adoption yet?” The simple answer is a lack of comprehensive blockchain consulting. With the movement of cryptocurrency prices, the blockchain experienced highs and lows in 2018.
Unfortunately, there is a widespread belief that “blockchain is not ready for production systems due to issues of scalability, security, and transaction privacy.” This turns out to be a big myth, especially in mid-2019.
Take a look at Ethereum’s #defi ecosystem (decentralized finance). Over $500 million in assets have been deployed by consumers all over the world into a handful of #defi startups, primarily to earn interest rates ranging from 10-17% per year, outperforming traditional banking infrastructure on a daily basis. With an increasing number of #insurtech startups attempting to decentralize the industry, insurance is being disrupted.
Nexus Mutual, one of our flagship Ethereum Blockchain projects, has begun offering community-driven insurance. Within two months of its launch, the project had raised more than $2 million in the risk pool and insured people for more than $330,000, all of which is stored on smart contracts. The best part is that it is open source.
Why Blockchain Consulting is challenging
Simply put, the majority of blockchain implementations have failed due to a lack of comprehensive yet reasonably priced blockchain consulting. The big four consulting firms are attempting to up their game and cross-sell blockchain consulting to their existing clientele, but it does not appear to be working.
More than just technology consulting, blockchain necessitates a shift in mindset. A mindset focused on community-driven success. Most consultants struggle in this area and are unable to provide value to their clients, earning the technology a bad reputation.
If you’re tired of wasting valuable time, resources, and money on unsustainable blockchain practices, keep reading to learn about the top 5 areas where comprehensive blockchain consulting can help.
1. Recognizing pain points and devising solutions
Within an organization, blockchain is frequently used as a solution in search of a problem. It is critical that this does not occur, and it is only possible if sufficient time and energy are spent identifying business pain points prior to deciding to experiment with emerging technology like blockchain.
Some successful examples of how various industries are devoting time to identifying pain points and then devising blockchain-based solutions.
Blockchain in Government – One of the most pressing issues confronting governments in developing countries such as India, Indonesia, and Papua New Guinea today is their inability to modernize citizen service delivery.
Their primary goal is to reduce the time it takes to deliver services, provide financial inclusion to citizens without the need for last-mile bank branches, and increase transparency at every stage of monetary transactions.
Blockchain Technology in the Aviation Industry – A constant source of pain for leaders in the aeronautics and aviation sectors is the need to restore declining profits while maintaining safety.
They have yet to find an affordable solution that addresses both. Blockchain is being used to create a track and trace system for avionics equipment maintenance among multiple stakeholders.
Blockchain in the Insurance Sector – The most difficult challenge for the insurance industry today is to eliminate the frictional costs associated with the traditional company-distributor model, in which the customer is exposed at the distributor level.
Somish is a proud partner of Nexus Mutual, which provides a Blockchain-powered community-based insurance alternative.
Other Sectors – Blockchain is being used in a variety of applications, including Cross-Organization Workflow Automation, Supply Chain Track & Trace, Land Records, and Healthcare. Contact our team to receive your handbook on the top industry pain points and their blockchain applications.
2. Examining the Market
Consideration of current trends in a given industry or marketplace is an important aspect of comprehensive Blockchain Consulting. When analyzing the market, four items should be prioritized. As with any industry, you need a blockchain consulting firm you can rely on to gather the most recent data and guide you in the right direction.
Is the target market ready to embrace Blockchain? Adding a Blockchain solution to your company’s system will change how the market interacts with you.
It will enable individuals and organizations to act as partners rather than clients or customers. The key here is to establish a strong bond of trust between your brand and its customers.
With whom will I be competing for the same targeted market? You’re probably not the only one attempting to implement blockchain in your industry. You can bet that if you came up with a “unique” concept, others in your industry have discovered similar opportunities.
If they haven’t already, you can bet they will soon. What distinguishes your Blockchain solution from the crowd? In our research, Somish accounts for this.
Is the target market manageable? Most of the time, it is not so much about whether the target market is ready as it is about whether they are tractable (easily manageable).
A shotgun approach is not recommended when researching this aspect of your target audience, because people have different perceptions. As a result, you must discover or even create a niché.
Do I really require assistance with market research? Market research is a tricky business in and of itself. Add to that the risk of misunderstanding your target audience due to a lack of information about the Blockchain market or its proclivity.
Working hand in hand with Blockchain innovators allows you to get your message across to them.
3. Identifying Use-Cases with a Return on Investment
Blockchain values situations in which trust is essential, such as intermediary involvement, stakeholding, and other business ventures. Consider this: Could my company, organization, or institution benefit from the trust fostered by Blockchain?
The answer is that it can 99 percent of the time! There is a wealth of theoretical information available on potential blockchain use cases but rarely does it discuss the ROI impact of implementing the use case.
It is critical that blockchain implementations result in a positive ROI for your company. Somish’s experts use their knowledge and practical experience in blockchain consulting and implementation to identify potential use cases that have a positive impact, as well as those that are already in use, to find the best Blockchain solution for your needs.
4. Professional Advice and Training
- Which blockchain platform should I use?
- Should your organization host blockchain nodes?
- Who will be the owner of the blockchain system?
- Should you use permission or public blockchains?
- How will node orchestration function?
- Are transactions confidential?
- Do you require zero-knowledge proofs for your business?
These are some of the most important questions your blockchain consultant should assist you in answering. Somish’s Blockchain CoE was established in 2016. Because of our timely entry into this space, our team has an unrivaled skill set for answering these and other critical questions about blockchain for your business.
To get you up to speed on the intricacies of Blockchain technology, our team of blockchain consultants uses a variety of methods in the training process for your resources, including constructive feedback, interactive workshops, informational materials, and seminars.
Somish’s highly trained staff will work with you every step of the way to ensure that the Blockchain ecosystem and its related branches are completely understood.
5. Professional Blockchain Consulting Procedures Ensure Successful Implementation
Any responsible and knowledgeable Blockchain company will walk you through a set of steps. While some companies may offer different wording procedures, the majority always follow the same guidelines when brainstorming with you.
The following Blockchain Consulting Procedures are used by the majority of experienced blockchain consultants:
Our technical team will collaborate and test the feasibility of your project idea after you explain what you hope to achieve with your proposed Blockchain solution. Once we’ve developed a solid strategy, it’s time to define your organization’s goals.
Our team will work closely with you to assess your organization’s current technology and operational procedures in the next phase of your comprehensive Blockchain consultation.
The time has come to reach a definitive agreement. This stage, like the previous ones, involves a lot of brainstorming on both sides: you bring insider industry knowledge, while we bring extensive Blockchain knowledge.
We have the combined power to transform your organization into a disruptive competitor that is far ahead of the competition. In order to do so, we must first identify the potentials, flaws, and areas for improvement in both your current system and your future Blockchain-enabled system.
It is now time for the Somish team to create a foundational blueprint for an applicable Blockchain solution. This prototype will be very similar to the final product, which will eventually be integrated into your current system.
Our team tests your prototype Blockchain application in a live environment after it has been revised and improved.
We have now completely integrated your new Blockchain application into its new environment and are closely monitoring how things are progressing.