Title:
Five
Blockchain
Reasons
Why
Consulting
Is
Enterprise Essential
For
Maximising Blockchain
Enterprise blockchain technology facilitates coherent, efficient, and secure business practices. To comprehend the importance of blockchain, consider the current state of business transactions. Modern business is a world of disparate data repositories (see video for an apt example). Each organisation maintains a separate copy of its data due to a lack of collective trust. This not only poses a risk to the data security of businesses. It is a tremendous waste. When attempting to mitigate the effects of data silos, organisations look inward. Data stewardship, master data management, security audits, and organization-wide standardisation of data formats. These initiatives have been conducted for years within organisations, only to discover that the dataflow extends beyond the business. The exchange of information between businesses, suppliers, financiers, insurers, public entities, etc., creates a mutual dependence.
Why blockchain consultation is not simple Simply put, the majority of blockchain implementations have failed due to the lack of affordable, all-encompassing blockchain consulting. The big four consulting firms are attempting to cross-sell blockchain consulting to their existing clientele, but it does not appear to be working.
1) Recognizing pain points and then considering a remedy Blockchain is frequently a solution in search of a problem within an organisation. Prior to deciding to experiment with an emerging technology like blockchain, sufficient time and effort must be invested in identifying business pain points. Only then can this be avoided. Examples of how various industries are identifying pain points and then considering blockchain-based solutions.
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Blockchain in Government – For governments in developing nations such as India, Indonesia, and Papua New Guinea, the inability to modernise citizen service delivery is currently one of their greatest challenges. Their primary objective is to reduce the time required for service delivery, provide financial inclusion to citizens without the need to open bank branches on the last mile, and increase the transparency of each step of a monetary transaction. Blockchain in the Aviation Industry – For leaders in the aeronautics and aviation sectors, the need to address dwindling profits while preserving safety is a constant source of discomfort. However, they have not yet discovered a cost-effective solution that addresses both issues. Multiple stakeholders are constructing an avionics equipment maintenance audit trail using blockchain technology. Blockchain in the Insurance Industry – The greatest challenge currently facing the insurance industry is removing 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, which offers a blockchain-powered community-based insurance alternative. Other Industries – There are numerous applications of blockchain in Cross-Organization Workflow Automation, Supply Chain Track & Trace, Land Records, and Healthcare, among others. Contact our team to receive a guide detailing the top industry pain points and their blockchain applications.
2. Analysis of the Market Consideration of current trends in a given industry or market is a crucial aspect of comprehensive Blockchain consulting. When conducting a market analysis, four primary factors should be considered. As in any industry, you need a blockchain consulting firm you can rely on to gather the most recent information and guide you in the right direction. Closeup of a man writing a graph increase arrow Before making decisions, it is vital to conduct a market analysis. ●
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Is the target market prepared to adopt Blockchain? Implementing a Blockchain solution within your organization's system will alter how the market interacts with your business. It will enable individuals and organisations to behave more as partners than as clients or customers. Building trust between your brand and its users is essential. Who will I be competing against for the same market? There's a good chance that you're not the only one in your industry attempting to implement blockchain. If you came up with a "unique" idea, you can rest assured that others in your field have discovered similar opportunities. If they have not done so already, they certainly will soon. What distinguishes your Enterprise Blockchain solution from the competition? Is the target market sufficiently tractable? Most of the time, it is not whether the target market is ready, but whether they are tractable (easily manageable). A scattershot approach is not recommended when researching this aspect of your target audience, as people have varying perceptions. Consequently, you must discover or even create a niché.
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Do I require assistance to conduct market research? Market research is a difficult profession in and of itself. In addition, if you lack sufficient information about the Blockchain market or its propensity, you run the risk of misinterpreting your intended audience. By collaborating with Blockchain innovators, you can effectively convey your message to them.
3. Identifying Use-Cases with Return on Investment impact Blockchain appreciates situations in which mistrust is fundamental to intermediary involvement, stakeholder participation, and other business endeavours where trust is essential. Consider whether your business, organisation, or institution could benefit from the trust fostered by Blockchain.
4. Guidance and Instruction from Experts Which blockchain platform should be selected? Should your organisation operate blockchain nodes? Who will control the blockchain? Choosing between permissioned and public blockchains How does node orchestration function? Are transactions private? Does your organisation require zero-knowledge proofs?
These are some of the most crucial inquiries your blockchain consultant should help you answer. The Somish Blockchain CoE was established in 2016. Due to our timely entry into this field, our team possesses an unmatched skill set for answering these and numerous other questions that are crucial to the success of blockchain for your business. Suffescom Solutions’ team of Enterprise Blockchain Consulting utilises a variety of training techniques, including constructive feedback, interactive workshops, informative materials, and seminars, to bring your personnel up to speed on the complexities of Blockchain technology. Somish's highly-skilled personnel will work with you every step of the way to ensure that the Blockchain ecosystem and its related branches are thoroughly clarified.
5. Proficient Blockchain Consulting Methodologies Ensure Successful Implementation Any reputable and knowledgeable Blockchain company will walk you through a predetermined series of steps. While some companies may offer different wording procedures, the vast majority always adhere to the same guidelines when brainstorming with you.