How Can You Draw Strategic Business Value With Blockchain Consulting? Blockchain is a powerful distributed ledger technology with high potential to revolutionize how enterprises in different sectors do business, ranging from compliance and regulatory and supply chain to how medical records are handled and everything in between. The economic incentives to capture value opportunities are driving more and more businesses into the blockchain ecosystem that want to harness the resilience and immutability of its distributed ledger technology for greater gains, rather than overtaken by it. Adding transparency to the processes One of the key features of blockchain is to execute the smart contracts that selfexecute on the fulfillment of certain conditions. Though smart contracts can be implemented into a variety of software applications, integrating them into a blockchain adds to transparency, security and accountability of the process. Permissioned blockchain with unique value proposition Contrary to the public blockchains such as of Bitcoin with no central authority, the commercial models with permissioned blockchain are more likely to succeed in the short term. For all businesses, especially SMEs, private and permissioned based blockchain offer unique value proposition to be developed in commercial confidence. Geographically agnostic solutions Some of the industries’ fundamental functions such as those related to IoT strategies and supply chain are inherently more suited to blockchain solutions.
Major current pain points, such as trade finances can be solved by expert permission based blockchain consultants with their geographically agnostic solutions. Verifying functions such as KYC can be enabled by the blockchain infrastructure to reduce the administrative costs by eliminating the intermediaries. Further savings can be realized in compliance and regulatory reporting.
Blockchain economy is seeing heavy investments Blockchain is poised for explosive growth over the next couple of years. Depository Trust and Clearing Corporation (DTCC) is but one of thousands of companies that intend to implement blockchain in their business ecosystem within the next year. The New York based company facilitates transactions worth $11 trillion annually that it plans to funnel through blockchain in 2018.[1] Major technology players are strongly positioning themselves in the blockchain ecosystem with their own blockchain as a service (BaaS) offerings.
Facilitating new revenue streams With its wider adoption by the businesses in various industries, the focus of blockchain value will shift from driving cost reduction to facilitating new revenue streams. However, the strategic value of the blockchain’s DLT can be realized if commercially viable solutions are deployed at scale.
Blockchain consulting services Companies often face the challenge of deciding which blockchain opportunity to pursue. However, they can narrow their options by adhering to a structured approach offered by the blockchain consultants. They can conduct a granular analysis of the potential commercial value within the constraints of your proprietary business solution to come out with the best implementation for your business needs. Group50’s blockchain technology consultants can be of real help to develop a proprietary platform that is feasible for your specific business goals. Group50 is a full service consulting firm whose blockchain consultants have helped many businesses in a variety of industry sectors such as healthcare, automotive and food to extract business benefits leveraging the resilience of blockchain technology. Contact Group50 to let their expert blockachain consultants evaluate your business model and come up with best solutions for you.