With cryptocurrency and blockchain gaining so much popularity more and more people have created business to service business who want to utilize blockchain into their company.
Why you may ask as it turns out blockchain technology originally solely used for cryptocurrency such as Bitcoin actually has many more applications.
It has proven to be successful in financial businesses as a way of securing transactions and verifying identify which has also recently been used in e commerce for the same reason as in the financial sector.
Due to the way in which blockchain works, its security credentials have made many businesses outside of cryptocurrency stand up and take notice.
And as such these businesses now wantblockchain technology implemented to help their business.
This is where blockchain advisory groupscome in. Blockchain advisory groups at their core are essentially consulting firms that provide services to companies looking to implement blockchain technology.
Just like with any specialist field largecorporations usually turn to a consultant with extensive knowledge of aparticular subject and this is no different with blockchain.
Blockchain advisory groups provide highly skilled and experienced consultants to businesses to educate them on the technology andsee how the technology can be used in their business.
What do blockchain consultants aim to do?
So, let’s start from the beginning you arethe CEO of a large finance corporation you have heard about blockchain and its benefits and would like to know more about it.
You approach a blockchain advisory group who assign you a blockchain consultant to come to your business and presentabout blockchain its many uses and how it can help your company.
What the consultant is aiming to do is as follows:
Help you understand the technology
It’s crucial that you actually understandhow the technology works before identifying if it can be incorporated into yourexisting business model. You wouldn’t make an investment without fullyunderstanding how something works and blockchain is no difficult. The consultant will ensure that it is explained in the simplest way possible and once you completely understand how it works, they will then move on to the next stage in the process.
The value?
Like any new addition to a business, youneed to identify what value it brings. Will it improve your existing businessor make it more complex? For example, in the finance sector blockchain technology has proven to be very effective due to how secure it is. However, if you run a gardening company then will blockchain really help you?
Its important to have a vision of what you wish to use it for and then identify if this will indeed add value to your business if the answer is yes then you can progress to step 3.
What is the approach?
By now the blockchain consultant will hopefully have helped you to understand blockchain technology and help you identify where it fits in your business setup.
Now they will help you to develop an approach to begin utilizing this software and understand where the additional value will come from.
Its important to note that developing a blockchain from scratch is a costly and time-consuming process so you as the business owner will need to allocate capital to fund this however as outlined in step two this shouldn’t be an issue as you will be aware of the value that this process will add to your business in the long run.
Alternatively, it could be the case that an existing blockchain can be adapted and modified to suit your company’s requirements which is less time consuming as the base code is already in place.
These are all very important steps in the consultancy process and its crucial that you understand what is happening eachstep of the way and that you aware of not only how long it will take to implement this new technology but also what the financial ramifications will be.
Summary
To summarize blockchain advisory groups area relatively new enterprise however do not let that detract from their knowledge of this technology and how they can utilize it in your business.
When choosing a blockchain advisory group don’t be afraid to ask for previous clients that they have worked with this can give you an insight to the type of industries that they have already added the technology to and if they are in the same space or similar to where you do business then this is a good indicator of how successful they and the technology can be for your business.
