A Google search for "blockchain consultancy" returns about 50,000 results. Google displays paid placements at the top of the page because many of them are adverts. It is therefore obvious that there is intense competition in a crowded market.
"Blockchain consultancy" is a pretty encompassing word. What does a blockchain consultant actually do? Because the phrase is so unclear, we've done some study to try and figure it out.
We've discovered that a blockchain consulting firm can handle a variety of tasks. This essay examines blockchain consulting to discover what kind of value it brings to the sector.
A "enterprise blockchain" is a type of blockchain that can be used to scale up business processes like tracking supply or processing payments internationally. With the aid of Enterprise Blockchain Consulting services, businesses can assess the blockchain's potential for their particular business case.
1. PR and Marketing
The most popular services offered by blockchain consulting firms are by far marketing and PR. It is impossible to overstate the value of an efficient marketing strategy for a blockchain company. Getting enough people to your platform who support your endeavour and are willing to invest money in it to help you launch your product is crucial to the success of your ICO or STO.
A blockchain consulting firm with an emphasis on marketing and PR may provide a range of services, from developing a marketing and branding strategy to managing the daily marketing activities for an ICO/STO. These obligations include:
- Development of white papers
- Building a website from the ground up
- Social media campaign management
- Writing press releases and locating outlets that will publish them
- Coordinating airdrops
- And another tonne, tonne more
The frequency of scams like CTR coin and USI Tech has all but rendered the word "marketing" in the blockchain sector offensive. This made it harder for blockchain companies because websites like Facebook and Google prohibited the marketing of bitcoin ventures. The significance of the marketing position has only increased as a result. The network of media contacts that good blockchain marketing businesses have amassed over time helps to sustain the cost of their services.
2. Navigating the Legal Minefield
Before the start of 2017, this component of the blockchain consulting role didn't exist. But the regulatory aspect has gained significance in 2019, which has been nicknamed the year of the STO. To put it mildly, the requirements for avoiding the wrath of the SEC are onerous, especially for companies organising a token creation event in the US.
Thus, one of the services offered by many blockchain consulting firms is legal and regulatory compliance. Among the services provided by legal consultancies are:
- assessing the legal environment in the areas where you want to distribute your tokens
- helping to organise the crucial know-your-customer (KYC) and anti-money laundering (AML) processes
- establishing legal arrangements to safeguard the interests of token holders
- ensuring that all project materials, including white papers and technical documents, contain the relevant disclaimers and cautions
3. Technical Services
Sometimes, a person may have an excellent idea for a blockchain solution but lack the technical know-how to put it into practise. They could try working together with a blockchain developer or hire a blockchain consulting firm to provide technical support.
Many blockchain consulting companies use technical personnel that are proficient in programming languages. They can develop a decentralised application or a custom blockchain solution on an established platform like Ethereum or EOS. They can create smart contracts, carry out the required testing and debugging, and deploy the project as a finished product that works.
4. Instruction and Knowledge
Few people are aware of blockchain technology because it is still in its early stages. Although many already operational businesses could benefit from using blockchain, they are not familiar with the technology or how to do it. Therefore, many Blockchain Consulting Firms place a high priority on training and education.
In addition to sending a representative to train staff members inside a company, this may comprise offering online courses. They might also help a company decide whether to utilise a certain blockchain technology. This includes offering to oversee a project that applies the solution.
5. After-ICO services
A blockchain initiative has to operate like a legal business once it is up and running. This involves recruiting team members, paying them fairly, and ensuring their financial stability. A long-term business plan and ongoing promotion are also essential.
Several blockchain consulting companies offer services that help a startup transition from the initial coin offering (ICO) stage to the steady-state commercial phase. They may even offer aid with marketing, with managing human resources, or with financial reporting.
6. Current business crowdfunding
Since actual assets may now be used to support digital ones, the security token age has created new opportunities for established businesses. For instance, if a business wanted to test out a new market or product, it might utilise a STO to offer shares of the business itself. A real-life example of this is Aspen Coin, a hotel in Colorado that acquired cash for the building of new hotels by selling stock to investors.
Working with
Blockchain Consulting Firms can help existing businesses understand more about their options and prospects for adopting blockchain as a form of financing.
Consulting on blockchain: A jack of all trades?
Despite what they might say, a single person or small blockchain consulting company would find it difficult to perform all of these services. Many specialised smaller firms focus on a single industry. They could work with companies that provide services in several specialised sectors to come up with a more all-inclusive solution. Therefore, a technical consulting firm and a blockchain marketing firm might work together, for example. Only the biggest businesses have a workforce that is knowledgeable enough to offer all of the aforementioned services.
Despite being a relatively new industry, blockchain consultancy is growing swiftly. So presents opportunities for blockchain experts to share their knowledge and make money doing it. A blockchain consultant can also give tech innovators some much-needed relief from the pressure of having to put in so much work to get their product off the ground.
