Research shows that technology is growing rapidly, bringing numerous innovative solutions that help to streamline business processes, workflows and boosting scalability. This makes it a crucial matter in keeping businesses competitive. In the current business landscape, digital solutions are crucial in creating an effective workspace across all industries.
Blockchain is one of the present-day solutions that can greatly help businesses to streamline service delivery digital transformation. But because the technology is relatively new and has a steeper learning curve, consulting services are critical in ensuring the success of projects and better returns on investment (ROI). Businesses need to understand the technology, best use cases, and applications to succeed in their implementation, use, and profitability.
But why is blockchain consulting?
Blockchain technology is known to have brought about new concepts of trust, proof, and speed in completing transactions in a decentralized space. And as much as it’s an excellent technology with many use cases, high scalability, and cost savings, sometimes it can fail.
Blockchain failure can be attributed partly to the lack of or poor consulting in blockchain projects. Beyond being an innovative technology, blockchain requires you to know what it is, how, and when to apply it. Here are a few ways a reputable consultancy like PixelPlex blockchain consulting can solve various challenges and the possibility of failure and drive ROI.
Accurately identifying pain points
You can use blockchain technology to create solutions for problems and challenges within your business and existing technology. However, sometimes people use it as a solution and then start finding areas to fix. It’s imperative that you don’t go with the latter. Bring in a blockchain consultant early and let them help you identify real problems that blockchain technology can solve.
There are different ways to use blockchain in different industries and niches, and finding out where you fit in is the first step in being successful using blockchain solutions. These are just a few examples of how different industries use blockchain:
- Insurance industry: One of the main challenges in this industry is insurance fraud and scams. There’s also the issue of high costs in the traditional model that focuses on the company and a distributor, exposing the customer at the distributor level. A blockchain solution, in this case, is creating a community-based insurance model.
- Oil and gas industries: Issues in this industry that could work with possible blockchain solutions include safety and equipment management. The stakeholders can use blockchain to build solutions using artificial intelligence and the Internet of Things (IoT) to keep track of equipment, and pipelines.
Other industries that need high privacy and identity verification, such as healthcare and supply chain, can also benefit significantly in finding solutions to their issues through blockchain.
Identifying uses cases with higher ROI
Blockchain consulting will not only help you identify pain points and possible solutions but also help identify the solutions with the best profit value. First, blockchain can help you identify situations where trust is an issue accelerated by third parties. And while there are many ways blockchain helps to confront the issue of trust, only some business owners think of it from the ROI point of view.
But it’s critical that the blockchain solution has an impact on ROI. Consultants help you see from this point which helps to only pick the use cases that are most practical for your needs and positively impact profits.
Profession guidance on your projects
How well do you understand blockchain technology? Which platform should you choose? Do you need to work on a public or private blockchain? All these and more are questions better answered by professionals. They’ve interacted with the technology and know what works best for which situation.
A consultant is able to help you brainstorm and come up with answers to the most important questions. They can carry out research and development on the various options and opportunities available to you. For instance, if you want to get into creating non-fungible tokens (NFTs), a consultant can help you find the best way to get into it.
You can rely on their skill, expertise, and experience to help you with the best NFT use cases or other blockchain areas. You’ll also avoid the common pitfalls in such projects, such as incorporating machine learning in NFT fraud detection for better security and to avoid losses. Otherwise, you might just become a statistic in failed blockchain projects. Allow a set of experts to guide you each step of the way, ensuring your blockchain ecosystem and project is successful.
Easier and more successful implementation
Reputable blockchain firms will also help you through the implementation process of the solution you need more effectively. They know the procedures that lead to successful project implementation of solutions in a decentralized space. Some of the benefits of engaging a consultant to help you with the implementation include the following:
- Proper project ideation process that allows you to share what you need and allow experts to come up with a plan.
- Project viability assessment process to see if your idea has a solution in the blockchain, such as creating a decentralized asset management solution if you’re a real estate or asset portfolio manager.
- High-level brainstorming to understand the business and the technology. From you, the consultant gets to know your business better, while the consultant offers high-level knowledge and merges your ideas to create a viable solution to your needs.
- Creating a prototype as a foundational map or blueprint for creating a viable and practical solution.
- Testing and revision to ensure that the solution you need is reached and that it’s both flexible and scalable to accommodate future business changes and needs. Earlier statistics showed that up to 90% of blockchain projects from earlier days needed to be replaced by 2021. This is because of the creation of newer blockchains, therefore, the need for scalability.
- Integration and monitoring to ensure that it fits into your existing infrastructure and that it works effectively.
- Review, update, and support to fine-tune things and keep the project running well per your business needs.
As you can see, involving a blockchain consultant can come in handy in driving ROI in your projects. There will be no hit or miss or trial and error but getting it right from the word go while getting the best solution for your business need. Find a reputable consultant and let the experts guide you to blockchain use success and more profits.