The Need Of Blockchain Consulting For Maximising Blockchain Returns

it closely and realise how changeable it is. The straightforward response is that there is a lack of comprehensive Enterprise Blockchain Consulting. With the fluctuation of cryptocurrency prices in 2018, blockchain had its highs and lows. And regrettably, a widespread misconception has taken root in the public consciousness: "Blockchain is not ready for production systems due to concerns with scalability, security, and privacy of transactions."

This is a significant myth, especially around the middle of 2019. Take a look at the #defi ecosystem on Ethereum (decentralised finance). Consumers from all around the world have invested more than $500 million in a few #defi businesses, mostly to earn interest at rates of 10 to 17 percent annually, outpacing traditional banking infrastructure every single day. With more #Insurtech firms attempting to decentralise the business, insurance is being disrupted.

One of our flagship initiatives, Nexus Mutual, is now offering community-driven insurance on the Ethereum Blockchain. The project raised almost $2 million in the risk pool within two months of its inception and insured people for more than $330,000; all of this money is stored in smart contracts. Its open source nature is the best aspect. View the repository on Github.

Why blockchain consulting is challenging

Simply said, a lack of thorough yet reasonably priced blockchain consultancy has caused the majority of blockchain implementations to fail. The major 4 consulting firms are making an effort to boost their game and cross-sell blockchain consulting to their current clientele, but it doesn't appear to be working.

Blockchain calls for a mindset shift more than it does for technological consulting. a way of thinking that promotes achievement within the community. Most consultants struggle there and are unable to offer value to their clients, which eventually gives the technology a negative reputation.

Read on to learn the top issues that comprehensive blockchain consulting may help you with if you're tired of wasting time, money, and resources on unsustainable blockchain practices.

• Identifying problems, then coming up with solutions

Within an enterprise, blockchain frequently ends up being the problem in search of a solution. This must not occur, and it can only be prevented if sufficient time and effort are put into determining the business problems that need to be solved before opting to experiment with a new technology like blockchain.

• Analysis of the Market

A key component of thorough Blockchain consulting is taking into account the most recent developments in a certain sector or market. When examining the market, four things should be taken into consideration first. You need a blockchain consulting firm you can rely on to obtain the most recent information and guide you in the proper way, just like in any other business.

• Finding Use Cases that Have an Impact on ROI

Blockchain recognizes situations where distrust is fundamental to stakeholding, intermediary engagement, and other economic endeavours where trust is important. Consider this: Could the trust created by blockchain benefit my company, organisation, or institution?

The majority of the time, the answer to that question is yes! There is a ton of theoretical knowledge about potential blockchain use-cases available, but rarely do they discuss the ROI impact of putting the use-case into practice. It is essential that blockchain deployments benefit your company financially. In order to locate a Blockchain solution that best meets your demands, our team of specialists at Somish uses their expertise and real-world experience in blockchain consulting and implementation to uncover potential use-cases that have a positive impact as well as those that are already in use.

• Advice and Instruction from Experts

These are some of the most crucial inquiries that your blockchain consultant should assist you in answering. The Somish Blockchain CoE was started in 2016. Our team has an unmatched skill set for responding to queries like these and many others that are essential to the success of blockchain for your company because of our timely entry into this field.

In order to educate you on the nuances of Blockchain technology, our team of blockchain consultants uses a variety of techniques during the training process for your resources, including constructive criticism, interactive workshops, educational materials, and seminars. Every step of the way, our highly skilled team at Somish will work with you to ensure that the Blockchain ecosystem and all of its related branches are properly understood.

Professional Blockchain Consulting Methodologies Ensure Successful Implementation

Any trustworthy and skilled blockchain business will walk you through a set of steps. While some businesses could provide different phrasing techniques, the majority always adhere to the same rules when brainstorming with you. If you are also looking for a top notch NFT Marketing agency in the USA then get in touch with Suffescom Solutions.