Brian Wallace, Founder & President, NowSourcing
Blockchain consulting services are a suite of modern digital service offerings that assist businesses in navigating the complexities of blockchain technology and leveraging blockchain-enabled solutions to transform their business processes. These services can be provided to businesses individually or as part of a larger package.
Blockchain technology is most often linked to digital currencies and non-fungible tokens (NFTs), but it also has a number of other applications that make it an attractive investment opportunity for businesses that plan forward.
A technological solution that has the potential to address all of these concerns could be the most important innovation of the last ten years. This is because consumer privacy concerns are growing, global supply chains are becoming more complex, and there is an infinite pool of sensitive data that needs to be managed. Think about the most difficult problem or hurdle that your company has; there’s definitely a method that blockchain can help you overcome it.
Undoubtedly, there are still a significant number of skeptics who maintain that certain uses of blockchain technology are only conceptual. However, anecdotal evidence reveals that the world’s most successful company executives have moved on from questioning whether or not blockchain technology would really function to focusing on how it will disrupt their respective sectors.
A large percent of CEOs are convinced that blockchain will attain even more widespread use, despite the fact that implementation and regulatory barriers still remain a difficulty.
The struggles that afflicted sectors like healthcare are experiencing could be solvable with the help of blockchain technology. In the United States, medical mistakes are the third biggest cause of mortality, and a significant number of these errors are caused by problems in provider to provider communication. The healthcare business is primed for disruption by blockchain technology as a result of the increasing fragmentation of healthcare, the stringent privacy requirements, and the high cost of data breaches.
The increasingly complicated and opaque global supply chain is one of today’s major issues.
Each iPhone includes hundreds of global components. It may include a Bosch accelerometer from Taiwan, an audio chip from Singapore, and a battery from China.
Because businesses can’t track their goods’ origins, illegal and immoral actions might flourish.
It also makes it difficult to keep track of merchandise and track down missing ones. Companies like Walmart, Nestlé, and Tyson are already using blockchain to solve these problems.
New supplier categories and locating suitable suppliers within each category are difficult tasks. Not made any easier by the Russian/Ukraine conflict.
With blockchain, businesses can readily access supplier records, government and insurance data, and earlier verifications conducted by trustworthy parties. As a decentralized digital record, blockchain may be used for tracking, agreements, and secure payments. Blockchain eliminates supply chain conflicts by allowing all suppliers and producers to examine the same ledger.
That being said, blockchain is still such a recent technology, and one that continues to grow in many different directions exponentially, that the wise manager and/or business owner will want to consider hiring professional blockchain consultants when the time is right.
About the Author: Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency in Louisville, KY and Cincinnati, OH which works with companies ranging from startups to Fortune 500s. Brian runs #LinkedInLocal events, hosts the Next Action Podcast, and has been named a Google Small Business Adviser for 2016-present. Follow Brian Wallace on Linked