Blockchain Consulting | Assuring Effective Implementation

blockchain consulting services

  • What’s great about the decentralized ledger when exploited with blockchain app development services? Basically, that it enables companies to take control of their digital transformation journey. However, recognizing the technology’s potential, deciding how blockchain can generate value, and adopting an approach that captures value early on to finance the journey are a few early phase challenges for organizations.

    Blockchain is a robust and flexible technology. It has only begun now beginning to live up to its potential. It is a technology that can foster confidence and lowers transaction costs and is best known for its usage of cryptocurrencies. Indeed, it can transform the way companies function.

    As observed, the technology is already finding applications in the business and public sectors. They also include monitoring and tracking products in supply chains, automating customs clearances, and facilitating financial transactions.

    Why Blockchain Consulting?

    Business model creativity, operational performance, risk management, and social impact are all essential to capturing the value of blockchain. The opportunities are limitless for companies to can take advantage of them, however, they must first answer a few main questions:

    • Should we develop our own permissioned/public blockchain or use one that already exists?
    • What characteristics are important for achieving scale?
    • Will we need an ecosystem of other participants to thrive if we create our solution? If that’s the case, how do we make sure that enough value is shared to make the journey self-sustaining for all?
    • What are our choices for designing and releasing our solution?
    • What kind of technology stack is required?

    These are difficult questions to answer, particularly when the technology is complex—and new territory for many business and government leaders.

    Here, blockchain consulting can play a crucial role by demonstrating how much the distributed ledger impacts the business domain, how it spurs change, and how it shapes the future. It enables:-

    • Identifying pressure points and coming up with a solution
    • Analyzing the market and finding use-cases with a positive return on investment
    • Professional guidance and preparation specialist blockchain consulting
    • Procedures ensured progress in execution

    Also, Blockchain Consulting is Not Straightforward

    Evidently, many blockchain implementations fail as a result of a lack of extensive and accessible blockchain consulting services. Indeed, more than technology consultancy, blockchain necessitates a mental change, an attitude that focuses on achieving community-based success. Also, many consultants fail in this area.  They are eventually unable to deliver value to their clients. It results in creating a negative image of technology.

    Do you need some feedback from a reliable blockchain consulting firm on how to build a custom solution that removes your progress bottlenecks? Right away, request a free quote from our team.

    Which Industries Can Benefit from Blockchain Consulting Services?

    Health-care services

    In a Blockchain-enabled patient health record management solution, data is accessible in an appropriate manner to all network participants.

    Management of Identity

    Blockchain identity management helps people to establish a self-sovereign identity by giving them power over their identity and personal details.

    The supply chain

    Spreading blockchain across the supply chain enables the network users to get real-time access to an up-to-date and authenticated shared ledger. Subsequently, it results in increased trust, transparency, and efficiency in the business network.

    Lending

    By integrating blockchain technology into the existing peer-to-peer lending scheme, businesses can minimize delays, expedite approvals, remove the need for middlemen,  improve transparency, and thus, augment the bottom line.

    More company applications

    E-commerce and retail

    • Data on the chain of custody for automated products authentication
    • Transaction expenses are reduced.
    • Programs that reward customers

    Entertainment and the Media

    • Protection of content ownership
    • Data publishing without censorship
    • Licensing and royalty control that is automatic
    • Monitoring of piracy

    Gaming

    • Tokens and currencies that can be exchanged in-game
    • Payments are rendered instantly
    • Transfer fees are low.
    • DDoS bugs or zero failures

    Purchasing Real Estate

    • There will be no contract execution by a third party
    • Marketplaces with crypto-encrypted security
    • Automated verification of ownership
    • Immutability of land rights and the cadastre system

    The Process of Blockchain Consultation

    Any trustworthy and professional Blockchain company can take you through a series of measures.  Experienced blockchain consulting services include the following techniques

    Ideation

    A technical team will collaborate and test the viability of your concept idea once you clarify what you intend to achieve with your proposed Blockchain solution. Further, it’s time to identify the organizational priorities once a solid plan is ready.

    Assessment

    The team evaluates the organization’s current infrastructure and probable operating processes in the future phases. Later, it leads to ensuring frictionless transformation with blockchain consultation.

    Understanding and Documentation

    The time has come to come to a definitive understanding. This point, like the previous ones, entails a lot of brainstorming on both sides: you bring insider industry knowledge, while the team brings comprehensive Blockchain knowledge. When used together, they can turn your business into a disruptive player who is well ahead of the pack.

    Doing so requires recognizing the potentials, vulnerabilities, and areas for improvement in your current system, as well as your future Blockchain-enabled system.

    Prototype Development

    Now, it is time for the team to create a fundamental blueprint for a Blockchain solution. This prototype would look very similar to the final product that will be incorporated into your current system.

    Scalability Testing

    The team checks the PoC or MVP of the blockchain technology solution in a live environment after all updates and enhancements.

    Incorporation

    The team will then completely incorporate your new Blockchain application into its new ecosystem while keeping a close eye on how things are progressing.

    Finally, the team will be responsible for continuously checking exceptions and fine-tuning the product to ensure that it meets environmental standards.

    Also, Read | Insights into Blockchain Proof Of Concept (PoC) Development

    Why You May Find Us Considerable?

    Don’t put off innovation until tomorrow. Instead, delegate the responsibility to a reputable blockchain consulting firm.

    We have achieved a wonderful combination of maturity, insight, and versatility in the last few years. Subsequently, we develop fault-tolerant blockchain technology-based solutions that address industry-specific challenges. Specifically, we concentrate on the enterprise differentiators that help you hit the road with the ideal strategic destination to make your project the kind of success story you need right now.

    • Analyses and studies
    • Ideation and conceptualization
    • Study of feasibility
    • Analyze market opportunities
    • Study of rivals in the market
    • Initial requirements documentation
    • Functionality breakdown structure
    • UX and user flow development
    • Detailed estimation, assumptions & proposal
    • Project roadmapping

     

    blockchain consulting process

    At Oodles, our development experts have been believing and showing for years that blockchain technology isn’t all about cryptocurrencies. Thus, our R&D and engineering team prioritizes precision troubleshooting and development.

About Author

Mudit Kumar (Writer)

Mudit has been working with Oodles since 2017. He writes about technologies that not only disrupt the digital space but also influence the physical world. Initially, he explored revolutionary technologies like ERP (Enterprise Resource Planning) and AI (Artificial Intelligence). Now, he focuses on unfolding the elements of blockchain technology, given its potential and edge over others.


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