How can a blockchain consulting company help develop your business?
Despite the fact that approximately 9 out of 10 startups fail, most founders always believe that “it’s not going to be us.” Still, the discouraging statistic prevails, and it’s not much different with the significant number of new blockchain projects. So how to approach this, avoid mistakes, and become one of those successful (and sustainable) companies?
In this article, we will talk about our experience from working with blockchain companies and shine some light on how to build a blockchain-based business that becomes one of the profitable 10%.
Mainstreamization of blockchain and its business potential
Over the last couple of years, blockchain has emerged as an incredibly useful technology far beyond cryptocurrencies. While bitcoin was taking international media headlines by storm, there was a far broader evolution of blockchain going in the background. Many industries realized the potential of the technology. Up to this date, blockchain was found to be applicable in many industries, from fintech to entertainment.
But what exactly mainstreamization of blockchain means for new ideas and emerging projects? Of course, the first thing that comes to mind is competition, and it’s mainly a problem for startups. That’s why before anyone thinks about development, it’s necessary to do thorough market research and look for any similar projects that already exist.
For enterprise utilization, such as multi-organizational ERPs or real-time IoT operating systems, it’s doesn’t play a significant role because those implementations usually are tailormade.
Another challenge comes from the fact that any fintech or NFT-related project has to deal with very unprecise legal issues. With blockchain, we’re dealing with the model case of law not keeping up with the technology. It requires founders and creators to be especially alert for any upcoming regulations regarding, for example, the legal status of NFTs, cryptocurrencies, or guidelines for cross-border transactions. Pay in mind that there’s a lot of a legal gray area, which, sooner or later, will be regulated to some extent. So if you’re not up to date with the latest news from the world of the law, you should definitely find an agency that can guide you through it.
Last but not least, you should remember that custom software development can be costly, especially when it requires expertise in a largely uncharted territory, such as new blockchain applications. As a result, software houses that specialize in blockchain are in high demand. More often than not, they won’t be able to start your project immediately, so it’s best to start looking for a development agency even as soon as the planning phase.
We realize that trailblazing projects often require pace and relying on business instinct rather than thorough research, but given those challenges, it really might not work with blockchain ideas. That’s why before you decide to start development, you might want to look for a blockchain consulting company, which will use its experience and knowledge to help you shape your idea into a profitable product or a service. But more on that later.
Why blockchain has so much potential for many different industries?
The decentralized nature of blockchain and the security it provides make it a perfect technology for many industries. Solutions that are already established in the world of crypto and finance are being implemented to assure the security of voting, sharing medical and other personal data, advertising insights, logistics, music royalties tracking, and much more. Of course, there’s also a massive interest in NFTs (Non-Fungible Tokens), which are unique, tradable digital assets. The market of NTF-based digital art, memes, music, collectibles, and other assets is now counted in billions of dollars.
We explain a bit more about the future of blockchain in the article Blockchain and Crypto: 2008 – 2021.
The role of a blockchain consulting company
Generally speaking, one of the things that define a good software development company is the ability to make a product or a service better with their expertise and knowledge. Anyone can code, but when you’re able to say whether the code (and project in general) is good, it makes you a good developer. It makes you a consulting developer.
Let’s say someone has an idea for a blockchain product and wants to start development right away. Of course, time is crucial, but a good agency with experience in blockchain wouldn’t begin without answering several questions.
- What’s the approximate cost of development and potential value of the product?
- How was the business model verified?
- How detailed is the idea? How precisely can we plan the development process/number of features?
- What’s the competition? What’s there, what’s to improve, where’s the niche?
- Are we ready to create a final version, or is it better to make MVP (Minimum Viable Product)?
- Maybe we should build MVA (Minimum Viable Audience) and start with crowdfunding?
On top of that, there are multiple questions to be answered regarding the development process itself:
- Which blockchain will be the right for your project (e.g., ETH, Polkadot, Cosmos)?
- What will be the optimal architecture depending on potential traffic, scalability, available libraries?
- How will we maintain a necessary level of security (authorization and authentication methods, safe transactions and contracts)?
Another instrumental aspect is that there’s not as much coding in blockchain, but there’s a lot of software “around,” such as wallets, interface, etc.
Long story short, as a software development agency with blockchain experience, we’re able to verify if whatever we’re supposed to code makes sense. We know that a lot of founders have brilliant ideas but don’t necessarily know the world of blockchain from the inside. We’re here to make sure those ideas are doable. What’s especially misleading is that many popular blockchain use case articles don’t give the whole picture, while usually, the devil’s in the details. Clickbaity articles like to talk about success stories, not hidden costs like blockchain infrastructure and transactions.
Being a blockchain support group
Getting heavily involved in every project we do was always in our blood, but working with blockchain startups over the years enabled us to become a dedicated consulting team.
And don’t get me wrong, our blockchain expertise is not circumstantial. Those clients didn’t just knock at our door. Several of our team members were here since the beginning. For example, our co-founder, Kamil, is one of the top 10 contributors to Etherneum Foundation’s Solidity project.
We are also responsible for the back-end of Centi, a contactless crypto payment system, where we took care of technology, architecture, and the development itself.
Another blockchain project we’re proud of is full-stack development for Golem, which involved one of the first successful ICOs (Initial Coin Offering).
Yeah, we won’t lie; we really enjoy working with blockchain technology. So if you have an idea for a new, exciting project, I would love to hear about it and help you shape it in the best possible way. Let’s talk!