Nowadays, many organizations are looking for blockchain consulting services, which will help them through the entire blockchain adoption cycle. However, due to low technology maturity and unclear business ROI, most of these services revolt around proof of concept and strategic advice. Angelo Babb, an expert in cryptocurrency and blockchain innovation, discusses why blockchain consultants are important for business growth.
Blockchain consulting providers are still in the process of creating the perfect strategy for the full life of the project. However, it’s important to get help from the best of the best providers. This is because many lack the integrity to address issues, processes, or operational issues for these types of deployments.
Explains Babb, “Interest in blockchain technology has increased rapidly over the course of two years. Not just blockchain, but the demand for distributed ledger technologies is also on the rise. Additionally, blockchain, along with other decentralized technologies, has the potential to completely transform many industries.”
It’s possible to generate billions of dollars in revenue and save money in the end. Creating trust throughout the complex business ecosystem is another of its advantages.
For this reason alone, Gartner forecasts that by 2030, the blockchain industry will be worth $3 trillion. Therefore, getting a place in that huge market is another top priority for many companies.
With blockchain showing all these potentials, many companies in different markets are slowly starting to experiment with blockchain and investigate whether or not the technology is right for their business.
Usually, these blockchain consulting firms offer their blockchain consulting services in two categories. First, they offer an ideation process for blockchain solution development, and second, they offer an understanding of one or more technologies along with further explanations of the business model.
So, to get a better understanding of different model schemes along with business experiences, it’s possible to take the second type of blockchain consulting services. Actually, opting for blockchain consulting services does not just mean that you are bound to get the proof of concept (POC) or planning for a business. Even for educational purposes or for better understanding, blockchain consulting services can be beneficial.
Usually, the POCs developed under these blockchain consulting firms are small in scale. This means that it’s necessary to theoretically demonstrate the commercial and technical feasibility of whatever kind of blockchain use cases are desired.
As most companies are still looking for advice and strategic approaches to blockchain solutions, it is not surprising that large consulting firms also dominate this niche. Furthermore, even global technology service providers are also dominating the new rising market.
On the other hand, due to lawsuits, new small-scale or startup consulting firms also join as they do not need to submit a POC or address other operational issues. Explains Babb, “In reality, many developers who have hands-on experience with blockchain technology have stepped up and started their own specialized blockchain consultancies. However, it’s important to gauge the knowledge of the consultant beforehand.”
Since most of the demand for the blockchain solution is only for the early stages, very few strategies actually make it to the next level due to the complexity of the technology. Therefore, the rate of extension in the market will continue to occur at least until 2024.
However, it’s important to choose those that will return some type of results. Actually, most of them will motivate you to spend money, but the end result will not be enough.
That is why always take the ones that offer the most value in terms of cost. It goes without saying that the popular ones will prevail in the market.