What does a Blockchain consultant do?

23 August 2019

In order to understand what a Blockchain consultant does, we first need to clarify what Blockchain is about. We heard people talking a lot about Blockchain in the past few years, and everyone shaped their opinion about this matter. Some people are skeptical about its potential, some people think it came too early given our stage in terms of technological progress, others see an opportunity in it. While we certainly are in the third group, we do understand people and entrepreneurs concerns about a technology with a lot of hype around, but only little clarity.

There is, in fact, still a lot of confusion around what Blockchain is and can do. The job of a Blockchain consultant is, first of all, dispel all doubts, and advise businesses on the best ways to exploit such a revolutionary technology.

This professional figure is on the rise, and a lot of big companies already have several Blockchain consultants who help them to implement a blockchain-based apparatus of procedures, launch ICOs, STOs, IEOs, and deal with regulatory compliance.

The Big 4 already have a Blockchain department with trained consultants in all their branches all over the world, and Deloitte and KPMG even launched their own projects.

Why is Blockchain so complex?

Blockchain is a technology that radically changed the way transactions and information are recorded and validated.

Think about any system based on a record of information which allows its users to perform some kind of transactions: it could be money, photos, documents, or any other kind of digital goods or commodities. In all these cases, you will find there is a central authority who controls every movement, stores all the information, validates all transactions by keeping a ledger with all the records on it. It could be a bank, an e-mail server, a postal service or similar, but it does not really matter: what matters is that when the ledger is kept and controlled by a central authority, the whole system is risking frauds.

A distributed ledger technology such as Blockchain, instead, is based on a simple concept: if a whole network made of thousands of “knots” (i.e.: users on the blockchain), each one of them keeping a copy of the ledger, is at the base of any data exchange system, such a system does not need any central authority to validate and record transactions. Furthermore, every transaction recorded on the ledger cannot be deleted or manipulated.

The ledger is distributed, but encrypted, so privacy is guaranteed.

The role of the Blockchain consultant

Blockchain can impact companies in a lot of ways, from accounting to client onboarding. For example, it can change the bookkeeping practices, legal and compliance processes, AML and KYC policies, and so on.

The thing is entrepreneurs often do not have a defined idea of how a blockchain system will affect their company and the change of approach it requires.

A Blockchain consultant should instil them with a simple consideration: switching to a distributed ledger technology is not a stressful and traumatic experience. It is just the opposite: it will increase security and transparency and will improve productivity, as more resources can now be diverted onto this aspect.

A Blockchain consultant can also be beneficial to start-ups and new cryptocurrency projects by supporting them to launch ICOs, STOs, IEOs, and attracting investors who want to seize new opportunities by giving their money to companies that base their stability on a solid and safe system like Blockchain.

By the way, are you a business owner who is looking to implement Blockchain? Get in touch with us for a free introductory consulting and find out all the benefits you can get!

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