What does a Blockchain consultant do?

Blockchain Consultants Help Companies

A blockchain consultant researches, analyzes, develops, and tests blockchain technologies. This includes the documentation and maintenance of solutions, as well as their architectural integration with business logic. The goal of blockchain consulting is to translate business goals into technology roadmaps that clients can follow to achieve target outcomes.

What makes blockchain consultants a valuable asset is their ability to combine both business and technical skills. This way, blockchain development companies are able to create custom-build protocols and applications focused on the particular data optimization potential of a business.

Among a variety of specific tasks, blockchain consultants are responsible for assuring compliance with the appropriate regulatory and legal landscape. It is also common for some companies to provide their clients with education and training in the field, as many businesses are still unaware of how they could benefit from adopting blockchain technologies.

What does a Blockchain consultant do? 8

How Blockchain Works

Blockchain is a distributed public ledger that monitors and registers the transactions made between interconnected nodes within a network. It has helped businesses create new trustful and verifiable networks by guaranteeing the validity of a transaction from three pillars: decentralization, immutability, and transparency. 

By running on a decentralized format, blockchain networks have no parent authority—every bit of data is hosted by millions of computers at the same time. This means that information can’t be owned by a single entity. Instead, it is shared by all parties who are part of the network. As a result, all records are public and easily validated, while also being accessible internet-wide. 

However, public data also has to be safe. That’s why blockchain makes use of cryptographic hash functions to become immutable. Massive amounts of calculations and algorithms are run on every node of a network to keep data secure. Simply put, once data is uploaded to a blockchain, it becomes non-tamperable.

 

Finally, blockchain networks have introduced a new level of transparency never seen before in any financial system. Although all transactions are public, individual identities remain hidden via complex encryption and are only represented by a public address. This preserves privacy to a certain extent but also forces honest transactions within the network.

The Benefits of Blockchain

At BairesDev we are constantly seeking outstanding talent to join our teams. We are convinced that there is no better person, but you.

1
2
3
4

Transparency

Blockchain is a distributed ledger that increases transparency among transactions. Every participant has access to every document but needs permission to share or update them.

Improved Security

Information is recorded and stored across a network of computers connected through a secure validation mechanism, maximizing data security and confidentiality. 

Increased Efficiency

As the system works using a single digital ledger, everyone has access to the same information, which makes it easier to trust each other and work in a more efficient way.

Decentralized Collaboration

Anyone can transact and participate in the Blockchain. And since transactions are recorded across different devices, no record can be altered without changing subsequent blocks.

4 Common Blockchain Applications

Enterprise software can benefit your company in numerous ways.

  • 1

    Smart Contracts

    Smart contracts are digital protocols designed to facilitate, verify and enforce contracts without relying on third parties. This format allows negotiation terms to be stored, replicated and supervised by the computer network running a blockchain. In other words, smart contracts guarantee a super-specific set of outcomes, avoiding any confusion or any need for litigation.

    All of this means that exchanging money, shares, property or anything of value can be done without resorting to middlemen—namely lawyers and notaries—in a transparent, conflict-free way. Today, along with the increasing adoption of bitcoin and blockchain technologies, smart contracts are growing in popularity, and are often built to trigger payments in digital currencies.

  • What does a Blockchain consultant do? 9

    Crowdfunding

    Traditionally, business funding has always taken one of three forms: bank funding, venture capital or self-funding. The problem is that most businesses find it very difficult to follow any of these paths, due to several financial prerequisites. This can inhibit the growth of ideas with great potential.

    As an alternative, blockchain facilitates crowd-sourced venture capital funds with a new prototype of economic cooperation. These low-risk campaigns allow creators to retain full control over their product and get support from their target audience through a transparent process. There is no middleman taking a cut, and donors can be sure that their money reaches its destination without any obstacles. Of course, this entire process is regulated through a Smart Contract.

  • What does a Blockchain consultant do? 10

    Supply Chain

    An efficient supply chain management is crucial for the success of any business. However, current management methods are hard to track down, may incur unexpected costs, and are vulnerable to human error and corruption.

    With blockchain, every step taken throughout the supply chain is documented, effectively creating a permanent data log of any product or material, from manufacture to sale. All the flaws mentioned earlier can be easily mitigated with blockchain, making blockchain-based supply chain management systems the norm for the future.

  • What does a Blockchain consultant do? 11

    Stock Trading

    Blockchain can potentially allow for trade confirmations to be executed peer-to-peer, without the need for intermediaries. This would make it easier to transfer property rights and other assets while also reducing transactional costs and boosting investor trust.

    In a blockchain-based environment, shares are represented digitally and all transactions are registered in real-time. This way, corporate shareholders are able to transfer their voting rights to a proxy, making it easier to verify share ownership and notably reduce transaction time.

Getting started with Blockchain

Adopting blockchain technologies can seem quite daunting at first, but the right assessment can turn implementation into a smooth process. As this technology continues to evolve and become more sophisticated, the IT industry will definitely continue exploring new blockchain applications for more businesses. 

At BairesDev we offer full Blockchain Services to help you work in a smarter way, reducing risks and improving traceability and security. With more than 1250+ projects successfully executed, our Software Engineers have deep knowledge and extensive experience in providing Blockchain solutions.

Related Pages

We create impactful solutions that drive meaningful change with a strategic vision.

Clients' Experiences

Ready to work with the Top 1% IT Talent of the market and access a world-class Software Development Team?

Scroll to Top

By continuing to use this site, you agree to our cookie policy.