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Trend Alert: Consulting for Blockchain and Cryptocurrency-Related Projects

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November 12, 2021
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5 minutes
Lynn's diverse perspectives on business stem from her extensive experience as a management consultant - her role as a beloved wife, mother and grandmother adds further depth to her insights.

If anything reflects a change in consulting trends, then it must be the phenomenal rise in the number of blockchain consulting jobs on the market.

Some of these are crypto consulting, and some are blockchain consulting jobs focused on use cases for business and traditional finance.

Clearly, what was a hype and a fad just a few years ago is becoming a disruptive force for business.

So, this article is for both companies and consultants. Whatever their field of operation, neither can ignore what Deloitte has called the age of digital assets.

Blockchain vs. Cryptocurrency

The association between blockchain and crypto is so strong that it confuses people. For years, people thought that bitcoin and blockchain were the same thing.

Now, the poor understanding seems to be about the application of blockchain in areas that are not crypto.

Cryptocurrency and Blockchain – What’s the Difference?

Simply, cryptocurrency is a form of digital or virtual money. It works like cash that people can exchange directly with each other. It is transferred from one person’s digital wallet to another, regardless of geographic location or local currencies.

The technology behind it is blockchain. It is a virtual accounting system that is like a giant spreadsheet that registers transactions and makes them visible to the public. It also records ownership and changes in ownership of anything of value - like currency, documents, or physical property.

Groups of transactions bundled together into blocks that are linked or chained together in chronological order. Hence the name “blockchain.”

Smart contracts coded into transactions allow for automated responses to pre-agreed contract conditions.

Blockchains For Many Uses

There are many blockchains for different purposes.

  • For example, on the Bitcoin blockchain, the asset is bitcoin (BTC). On the Ethereum blockchain, it is ether (ETH).
  • Developers can build their own applications (dApps), with their own coins or tokens, on top of major blockchains such as Ethereum, Cardano, Stellar, or EOS.
  • Some private or permissioned blockchains are visible only to specific groups of people – for example, a consortium of banks tracking inter-bank transfers. This type of usage is called DLT (distributed ledger technology).
“Participation in the age of digital assets is not an option – it is inevitable. Leaders are left only to decide how and when their organizations should start.” - 2021 Global Blockchain Survey, Deloitte

Crypto Consulting Jobs to Support Start-Ups

Many people are setting up businesses to capitalise on the crypto market, and they are looking for a range of consulting support.

Crypto Jobs for IT Consultants

Some of these jobs require IT developer skills and an in-depth understanding of blockchain coding.

Sometimes the need is for hands-on development, and sometimes for advice around the feasibility of the idea, the tokenomics (the way the token works), or even help set up a crypto mining rig.

You also require technical skills for writing whitepapers and for website development.

Crypto Jobs for Marketing Consultants

Marketing consultants will be charged with getting a new project noticed and funded and then maintaining interest in a very crowded marketplace.

They may design fundraising campaigns and prepare whitepapers, brochures, and pitch decks outside of traditional marketing tasks. They may even assist with listing on crypto exchanges.

Crypto Jobs for Other Consultants

Business advisers, digital specialists, and freelance writers can find jobs in this start-up space, provided they are open to learning new technologies and methodologies.

Crypto Consulting Jobs for Trading And Investment

The crypto market is currently worth over $2 trillion, and there are thousands of cryptocurrencies, with prices ranging from around $60,000 per coin (bitcoin) to fractions of a cent each.

All of them have profit potential, and serious investors are taking notice.

Financial consultants are increasingly being asked for their views and strategies about individual cryptos and DeFi, NFTs, crypto index funds, and Central Bank Digital Currencies or CBDCs. These are digital currencies released by countries - the Chinese eYuan is a good example.

Blockchain Consulting Jobs

Blockchain technology is a true disrupter for multiple businesses, and the financial sector in particular. Participating in this disruption has been one of the more important consulting trends in recent years.

Blockchain and Blockchain Consulting Trends

According to CB Insights, blockchain start-ups have raised $15B so far in 2021, with 4.5 blockchain deals per business day in the third quarter.

Deloitte’s 2021 Global Blockchain Survey, subtitled A new age of digital assets, is worth reading. It deals with the way blockchain is transforming the banking sector.

An incredible 78% of participants agreed with the statement that, “Our executive team believes there is a compelling business case for the use of blockchain, digital assets, and/or cryptocurrencies within my organization or project.”

The report concludes with the comment: “Participation in the age of digital assets is not an option – it is inevitable. Leaders are left only to decide how and when their organizations should start.”

Moreover, companies and consultants who choose not to participate in this disruption may be missing one of the more exciting business and consulting trends in recent years.

Blockchain Use Cases in Action

Some companies and industries have started on the journey. Many include private blockchain or DLT approaches.

They include

  • Walmart for supply chain
  • De Beers to track the source of diamonds
  • Mastercard for payment systems
  • Real estate companies to cut many of the steps to prove ownership of property
  • Doctors and patients using smart contracts to share sensitive medical information
  • Multiple IoT projects

The project set up by IBM and the shipping company Maersk gives an idea of the power of blockchain:

  • The blockchain connects data from shipping lines, suppliers, customers, customs and ports
  • It represents 100 different organizations and 55 ports and terminals
  • It tracks over 10 million shipping events per week, covering close to two-thirds of global container volume
  • There are no more paper-based and manual systems, and secure and auditable data is available to all participants in real-time

Blockchain Kicks Off New Business And Consulting Trends

Businesses may be wondering how to begin their blockchain journey. And consultants will have to be on board, no matter their specialty area - IT, management, strategic, digital, marketing, or financial.

Crypto and blockchain are no longer on the lunatic fringe – they are part of mainstream business.

They are starting new consulting trends and providing thousands of crypto and blockchain consulting jobs.

If you are just starting out, it may be advisable to get expert advice. If you feel a bit at sea, you might consider contacting a specialist blockchain consultant to help you set a course.