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.
PR and marketing
By far, marketing and PR are the most frequent services provided by blockchain consulting companies. The importance of an effective marketing plan for a blockchain firm cannot be understated. After all, the success of your ICO or STO hinges on getting enough users to your platform who support your endeavour and are prepared to invest money in it to help you launch your product.
From designing a marketing and branding strategy to overseeing the daily marketing efforts for an ICO/STO, a blockchain consulting company with a focus on marketing and PR might offer a range of services. These duties consist of:
- White paper creation
- developing a website from scratch
- the control of social media campaigns
- Finding publications that will publish press releases and writing them
- Arranging for airdrops
- And a tonne, tonne more
The prevalence of frauds like CTR coin and USI Tech has made marketing in the blockchain industry nearly a filthy word. Because of this, platforms like Facebook and Google forbade the promotion of cryptocurrency projects, making it harder for blockchain firms. This has only increased the importance of the marketing job. Good blockchain marketing companies will have a network of media contacts that they have built up over time, which helps to support the cost of their services.
2. Getting Through the Legal Minefield
This aspect of the blockchain consulting position didn’t exist before the beginning of 2017. But in 2019, which has been dubbed the year of the STO, the regulatory component has grown in importance. The conditions for escaping the wrath of the SEC are, to put it mildly, onerous, especially for businesses hosting a token generation event in the US.
- Legal and regulatory compliance is thus one of the services provided by many blockchain consulting companies. Legal consulting services include the following:
- Examining the legal climate in the regions where you intend to distribute your tokens
- Assisting in the organisation of the essential know-your-customer (KYC) and anti-money laundering (AML) procedures
- Establishing legal agreements to protect token holders’ rights
- Ensuring that the necessary disclaimers and caveats are included in every project material, including white papers and technical papers
3. Services Technical
Sometimes, someone may have a brilliant concept for a blockchain solution but have no technical knowledge of how to implement it. They might try to collaborate with a blockchain developer, or they could employ a blockchain consulting company for their technical assistance.
Programming language-savvy technical personnel are employed by numerous blockchain consulting firms. On a preexisting platform like Ethereum or EOS, they can create a decentralised application or a bespoke blockchain solution. They are able to set up smart contracts, perform the necessary testing and debugging, and launch the project as a functioning final product.
4. Information and Instruction
Since blockchain technology is still in its infancy, few people are familiar with it. Many currently operating firms may gain from utilising blockchain, but they are unaware of the technology or how to do so. Therefore, training and education are given a lot of attention by several Blockchain Consulting Firms.
This can entail providing online classes, but it might also entail sending a representative to train employees inside a company. They could also assist a business in determining whether a specific blockchain technology would be useful. This includes supplying to direct a project that puts the answer into practice.
5. Services after an ICO
Once a blockchain project is operational, it must function as a business that complies with the law. This entails hiring, compensating, and maintaining sound financial standing for team members. Long-term company strategy and continuing marketing are also necessary.
Services that assist a startup in moving from the initial coin offering (ICO) stage to the steady-state commercial phase are provided by several blockchain consulting organisations. They might even provide services like marketing assistance, management of human resources, or financial reporting.
6. Crowdfunding for current businesses
The security token era has given rise to new opportunities for established businesses because it allows digital assets to be supported by physical ones. For instance, a corporation could use a STO to sell shares of the company itself if it wanted to try out a new industry or product. Aspen Coin is a real-world illustration of a hotel in Colorado that raised money for the construction of new hotels by selling shares in the hotel to investors.
Existing businesses can learn more about their options and potential for using blockchain as a form of crowdfunding by working with blockchain consulting services.
Blockchain Consulting: A Master of None?
Despite what they may claim, performing all of these services would be quite challenging for a single person or small blockchain consulting organisation. Numerous specialised smaller businesses specialise on just one field. For a more comprehensive solution, they might collaborate with businesses that offer services in different specialised areas. Therefore, a technical consultancy and a blockchain marketing consultancy may collaborate, for instance. Only the largest companies have a staff with the necessary knowledge to provide all of the aforementioned services.
Although it may be a new profession, blockchain consulting is definitely expanding quickly. It offers chances for those who are knowledgeable about blockchain to impart their knowledge and earn money doing so. A blockchain consultant can also offer some much-needed reprieve to tech founders who may be feeling overburdened by the sheer amount of labour required to launch their product.