5 reasons why Blockchain Consulting is critical for driving blockchain ROI
When one takes a really close look at blockchain, and comprehends how malleable it is, they ask themselves – Why hasn’t blockchain seen mass adoption yet? Simple answer being: non-availability of comprehensive blockchain consulting In 2018, blockchain saw its highs and lows with the movement of crypto prices. And unfortunately, a common belief settled in the mindset, that “blockchain is not ready for production systems due to issues of scalability, security and privacy of transactions“. Turns out that this is big myth, especially in mid 2019. Look at the Ethereum’s killer ecosystem of #defi (decentralized finance). There’s over half a billion dollar worth of assets that are deployed by consumers all across the globe into a handful of #defi startups – primarily to earn interest to the tune of 10-17% per annum, beating traditional banking infrastructure every single day. Insurance is being disrupted with increasing number of #insurtech startups trying to decentralize the industry. Nexus Mutual, one of our flagship projects live on the Ethereum Blockchain has started providing community-driven insurance. Within two months of launch, the project raised over $2 million in the risk pool and has insured people for more than $330,000 – all of it resides on smart contracts. Best part – it is open source. Check out the Github repository
Why blockchain consulting is not straightforward
Simply put, most blockchain implementations have failed due to lack of comprehensive yet affordable blockchain consulting. The big 4’s of the consulting world are trying to up their game and cross-sell blockchain consulting to their existing clientele – however, it doesn’t seem to be working.
If you’re fed up with wasting valuable time, resources, and money on unsustainable blockchain practices, read along the top 5 areas where comprehensive blockchain consulting will help solve those problems.
1. Recognizing pain points and then thinking of a solution
Blockchain often becomes the solution looking for a problem within an organization. It is critical that this doesn’t happen and it is only possible when enough time and energy is spent in identifying the business pain points before deciding to experiment with an emerging technology like blockchain.
Don’t let blockchain become a solution looking for a problem!
Some successful examples of how different industries are spending their time in identifying pain points and then thinking of a blockchain based solution.
- Blockchain in Government – For governments in developing countries like India, Indonesia, Papua New Guinea – one of the biggest problems today is their inability to modernize their citizen service delivery. Their primary goal is to reduce the time to service delivery, provide financial inclusion to citizens without the need of opening last mile bank branches and to induce transparency at each step of monetary transaction.
- Blockchain in Aviation Industry – For leaders in the aeronautics and aviationsectors, a need to rectify diminishing profits while maintaining safety remains a constant pain point. However, they are yet to discover an affordable solution that addresses both. Blockchain is being used for building a avionics equipment maintenance track and trace between multiple stakeholders.
- Blockchain in Insurance Industry – The biggest challenge for the insurance industry today is to remove the frictional costs from the traditional company-distributor model where the customer is exposed at the distributor level. Somish is a proud partner of Nexus Mutual, that is offering a community-based insurance alternative powered by Blockchain Technology.
- Other Industries – There are various examples of how blockchain is being used in Cross-Organization Workflow Automation, Supply Chain Track & Trace, Land Records, Healthcare. Reach out to our team to get your handbook on the top industry pain points and their blockchain use cases.
2. Analyzing the Marketplace
A crucial aspect of comprehensive Blockchain Consulting is considering current trends in a given industry or marketplace. Primarily, four items should be looked at when analyzing the marketplace. Just as in any industry, you need a blockchain consulting company that you can trust to gather the latest data and assist you in heading in the right direction.
It is critical to analyze your market before reaching conclusions
- Is the target market ready for Blockchain adoption? Implementing a Blockchain solution to your company’s system will alter how the market interacts with your company. It will allow people and organizations to act more as a partner rather than a client or customer. The key here is to build a solid foundation of trust between your brand and the users.
- Who will I be competing to attract the same targeted market? Chances are, you’re not the only one trying to implement blockchain in your industry. You best believe that if you came up with a “unique” concept, others in your space, too, have discovered similar possibilities. If they have not yet done so, be sure they soon will. What will separate your Blockchain solution from the pack? Somish accounts for this in our research.
- Is the target market tractable enough? Most of the time, it isn’t necessarily about if the target market is ready but if they’re tractable (easily manageable). When researching this aspect of your target audience, a shotgun approach is not advised, since people have various perceptions. For this reason, you have to discover or even create a niché.
- Do I really need assistance in doing market research? Market research in and of itself is a tricky trade. Compile to that the issue of lacking enough information about the Blockchain market or the propensity thereof places you at risk of misunderstanding your target audience. By working hand-in-hand with Blockchain innovators you’re capable of getting your message through to them.
3. Identifying Use-Cases with ROI impact
The answer to that question is: 99 percent of the time it can! There’s a plethora of theoretical information available on possible use-cases of blockchain, but seldom do they speak about the ROI impact of implementing the use-case. It is critical that blockchain implementations bring a positive ROI to your business. Our team of experts at Somish use their knowledge and practical experience of blockchain consulting and implementation to identify possible use-cases that have a positive impact, as well as those already in use to find a Blockchain solution that best fits your needs.
4. Guidance and Training From Professionals
- Which blockchain platform to choose?
- Should your business host blockchain nodes?
- Who will own the blockchain system?
- Whether to choose permissioned or public blockchains?
- How will node orchestration work?
- Are transactions private?
- Does your business need zero-knowledge proofs?
These are some of the most important questions your blockchain consultant should help you get to the bottom of. The Blockchain CoE at Somish was established in 2016. Thanks to our timely foray in this space, our team enjoys an unparalleled skill set of answering these questions and many others that are critical to the success of blockchain for your business. Our team of blockchain consultants employs numerous methods in the training process for your resources including constructive feedback, interactive workshops, informational materials, and seminars to get you up to speed on the intricacies of Blockchain technology. Our highly trained staff at Somish will work with you every step of the way to be sure the Blockchain ecosystem and its correlative branches are completely elucidated.
5. Expert Blockchain Consulting Procedures Guarantee Successful Implementation
Any responsible and knowledgeable Blockchain company will guide you through a specific set of procedures. While some companies may offer various procedures in terms of wording, the most always follow the same guidelines when brainstorming with you. Most experience blockchain consultants adopt the following Blockchain Consulting Procedures:
- Ideation: After you explain what it is you’re hoping to accomplish by way of your proposed Blockchain solution, our technical team will collaborate and test the feasibility of your project idea. Once we have come up with a solid plan, it’s time to define your organizational goals.
- Assessment: The next phase of your comprehensive Blockchain consultation involves our team working closely with you to assess your organization’s current technology and operational procedures.
- Definition: Now the time has come to a definite understanding. Like the above-mentioned phases, this stage involves a good amount of brainstorming on both sides: from your side comes insider industry knowledge, while we’re providing extensive Blockchain knowledge. Combined, we have the power to transform your organization into a disruptive competitor that is far ahead of the pack. In doing that, we must define the potentials, loopholes, and areas of improvement, both with your present system and your future Blockchain-enabled system.
- Prototype: Here, it’s time for the team at Somish to develop a foundational blueprint for an applicable Blockchain solution. This prototype will closely resemble the final product that will eventually be acclimated to your current system.
- Volume Test: Once your prototype Blockchain application has been revised and improvised, our team tests it in a live environment.
- Integration: We now totally assimilate your new Blockchain application into its new environment and closely monitor how things are going.
- Review: The Somish team will be charged with constantly reviewing exceptions, as well as fine-tuning the product so that it meshes well with the environmental requirements.
As one of the leaders in the Blockchain industry, Somish has launched over 15 blockchain projects for various clients around the world. Out of these, more than 5 projects are already live in production. Some industries with which we have significant experience include insurance, banking, aviation, energy, oil and gas, food supply chain, healthcare and government. If you’re looking for the most comprehensive Blockchain consulting firm out there, team up with our dedicated team today!
Ish Goel established the ‘Blockchain Centre of Excellence’ at Somish in 2016. Through the Somish Group, he has worked with the Government, Real Estate, BFSI, Manufacturing, Retail, Agriculture and Logistics industry over the past one decade.
Ish is one of the key blockchain architects at Somish and has led delivery of multiple blockchain products using platforms like Ethereum and Hyperledger globally. Key product offerings include: DEF (Data Exchange Framework powered by blockchain, getdef.io), GovBlocks (Decision Making Protocol, govblocks.io) and Certy (Issue Certificates on Blockchain, certy.io)