The demand for blockchain consulting services is increasing as more companies research possibilities for blockchain-based solutions. Moreover, Statista research states that the expected global spending on blockchain solutions will likely increase from $4.5 billion in 2020 to $19 billion by 2024. In addition, 60% of global business leaders participating in the survey reported a minimum budget of $1 million for distributed ledger technology.
Organisations seek the expert guidance of a blockchain consultant. Qualified individuals can set up blockchain consulting services either in-house or freelance.
The benefits of becoming a blockchain consultant are significant. In 2023, it’s likely to be an excellent career move if you are passionate about blockchain and have the necessary qualifications and experience. You may already have the skills as a blockchain developer and can transition into a consulting role.
Across the board, multiple industries are exploring the potential for adopting blockchain technology. For example, blockchain consultants may find a new career that involves improving banking processes, data storage and security, working on patient healthcare records and much more. Moreover, the financial sector alone accounts for around 30% of the global blockchain market value.
In this guide to blockchain consulting, you will learn what a blockchain consultant does, how to get started, the required qualifications and online courses and how to find your first blockchain consultant job.
What Does a Blockchain Consultant do?
Blockchain consulting services include advising an organisation to plan, develop and implement blockchain strategies to improve business efficiency. Firstly, a blockchain consultant analyses the potential effect of blockchain on the organisation. Secondly, they identify and discuss potential roadblocks and solutions with business owners, shareholders, or managers.
A blockchain consultant (sometimes called a crypto consultant) requires a combination of hands-on technical skills and an innovative, creative mindset. Principally, a consultant must understand blockchain tasks and processes, such as prebuilt solutions and cloud integration.
The primary role of blockchain consulting services is to create a POC (proof of concept) that demonstrates that the blockchain has real-world applications for the organisation. In addition, the consultant must identify potential risk factors and create a risk management plan.
Suppose you’re planning to become a blockchain consultant. In that case, you must also have a handle on providing legal advice and helping a company understand and manage blockchain technology’s financial aspects.
Fundamental Blockchain Consulting Skills
Increasingly, organisations are learning about the multiple benefits of blockchain technology, such as decentralisation, cost savings, efficiency, transparency, and enhanced security. Above all, many companies would like to adopt blockchain in their business models but have no idea where to begin. Subsequently, hiring the services of a blockchain consultant can help a company translate its interest in blockchain into reality.
Many blockchain consultants begin their careers by gaining a BSc in Computer Science. Primarily, it provides a good grounding in overall knowledge, especially if the degree features specific blockchain modules.
Above all, the fundamental skills required to launch blockchain consultant services are: –
- Software development
- Analysis skills
- Innovative mindset
- Adaptable and able to follow emerging blockchain trends and technology
- A good grasp of the implications of financial and legal aspects of blockchain
The Benefits of Blockchain Consulting
Blockchain Consulting Salary
The average salary for a blockchain consultant is £43,000 to £78,000. However, these figures may be higher for freelance blockchain consulting services. The more experience you have as a blockchain consultant, the higher salary you can expect. In addition, some high-end industries have a bigger budget for blockchain consultants, and you may also choose a specialism within your blockchain consulting services.
Attractive Employee Benefits
Not only is blockchain consulting well-paid. You can also expect excellent benefits such as bonuses and extra vacation days. If you have real-world, market-level blockchain experience, organisations value your services highly. As a result, you could find your career and social status rising to new heights.
Even if you are relatively new to the role of blockchain consulting, a company may offer you a top-level position in the company. Unlike other job roles, reaching a high-status position in blockchain consulting doesn’t necessarily take many years.
Increasing Demand for Crypto Consulting
Although blockchain technology is relatively new, the demand for blockchain consultants is high. Many organisations do not have a workforce with blockchain experience and need a skilled blockchain consultant to guide them. Your role could include teaching founders, COOs, CEOs, and the workforce how to implement blockchain into the company.
In 2023, a career in blockchain consulting could be the best choice you ever make. We are already seeing that the demand for blockchain experts is higher than the supply of qualified candidates.
Training to Become a Blockchain Consultant
If you can’t work towards a BSc in Computer Science, there are alternatives for training to become a blockchain consultant.
Certified Enterprise Blockchain Professional (CEBP)
101 Blockchain’s “The Certified Enterprise Blockchain Professional (CEBP)” training is for individuals with experience in blockchain who want to gain a professional qualification. The course teaches the basics of blockchain technology and its use cases so that you can work with clients to implement and manage blockchain projects.
The practical approach of the CEBP training utilises 101 Blockchains understanding of working alongside blockchain experts with real-world experience. You will also learn about the right tools and platforms to use for projects.
101 Blockchains website states, “If you pursue consultancy and management roles in the blockchain ecosystem, the Certified Enterprise Blockchain Professional certification course will pave the way for you.”
- Welcome to the course
- Week 1: Blockchain Technology Fundamentals
- Week 2: Enterprise Blockchain Platforms
- Week 3: Blockchain in Trade Finance
- Week 4: Blockchain Applications & Use Cases
- Certification and Next Steps
The CEBC course is ideal for decision-makers or senior leaders exploring blockchain solutions, business analysts or advisors, innovators and entrepreneurs and program and product managers.
Blockchain Council: Certified Blockchain Expert™
The Certified Blockchain Expert training explores the numerous components of blockchain technologies, using practical ways of student learning. For example, at the end of the course, you will build a blockchain enterprise of your own using the acquired knowledge.
The Certified Blockchain Expert course is ideal for individuals training to become a blockchain consultant, architect or project manager. Certification gives you a competitive advantage over non-qualified advisors and consultants.
- Introduction to Course
- Origin of Blockchain Technology
- Introduction to Blockchain
- Tokenize Everything
- Blockchain Ecosystem
- Blockchain Mining
- Transactions UTXO Vs Account Model
- Security and Privacy
- Other Consensus Mechanisms in Blockchain
- Blockchain Solutions – Steps and measures
- Use-Cases of Blockchain
- Other Use-Cases of Blockchain
- Additional Resource
- Exam Structure
Whichever direction you decide to follow for training, acquiring certification shows a potential employer or client that you have the necessary skills.
What are a Blockchain Consultant’s Job Responsibilities?
Your role as a blockchain consultant will vary for different companies, but some of the job responsibilities might include implementing the following strategies: –
- Impact analysis: Typically, you will identify if adopting blockchain will disrupt business processes and if so, provide a set of solutions to minimise disruption.
- Business tactics: Create strategies to mitigate business disruption and assess if the company is prepared to manage the situation. If not, discuss potential business solutions.
- Develop roadmaps for the future: Outline a clear and workable roadmap for at least 1-2 years that the organisation can follow.
- Host consulting workshops: Your work as a blockchain consultant may include lectures to enterprise professionals.
- Assess financial costs: If the enterprise has a budget, the blockchain consultant must calculate what is possible within budget. Alternatively, the blockchain consultant assesses the total costs of implementing the blockchain project. After that, the next step is to find ways to cut costs without losing the integrity of the solution.
- Keeping stakeholders happy: Working with stakeholders can be tricky. They may have fixed thinking about blockchain solutions and are uncomfortable with the costs and disruption of implementing changes. The expert blockchain consultant must have the skills to navigate the potential obstacles stakeholders present.
In addition, once the stakeholders are aligned with the idea, pitching the technical aspects of the solution requires the superpower of translating complex subjects into understandable, jargon-free explanations.
- Identifying the organisation’s Use Cases: Every organisation is unique, so there isn’t a one-stop solution for use cases. Blockchain consultants identify clients’ needs and present the organisation’s best scalable blockchain solution use cases.
- Provide technical backup: Depending on the consultant’s expertise, they must individually provide technical backup such as architectures, implementing frameworks (such as Hyperledger, Ethereum, Quorum), APIs etc. or work with a team to provide the necessary support.
Moreover, in some cases, it may be necessary to refer to and adapt the organisation’s reference architecture. Most clients require blockchain consultants to submit proof of concept (POC) to inspire confidence before they consider implementing changes.
Other essential factors blockchain consultants must consider: –
- Data privacy
- Risk management analysis: If risk management isn’t part of your skillset, it may require outsourcing to third-party resources
- Data security & Data standards: Implement layers of security to blockchain solutions using common data standards
- Regulatory compliance
- Building digital trust
- Disaster recovery: Be prepared to deal with a disaster. The best blockchain consultants are excellent problem solvers and maintain calm amid challenges
- Adapting and modifying as a business grows: Business perspectives inevitably change over time, so be prepared to implement adaptations to prevent a solution from becoming obsolete.
In addition, some business processes are not compatible with blockchain, which means modifying to make a process operational
- Cloud interface management: Cloud security is typically weak
- Legacy systems: Only tackle the crucial task of integrating legacy systems with blockchain if you are technically skilled
Conclusion: Is Blockchain Consulting the Best Career for 2023?
A career in blockchain consulting may seem like the ideal move for 2023. If you plan to become a blockchain consultant, be aware of many people offering blockchain consulting services without the right to do so.
Anyone can set up a business in blockchain consulting, claiming to be the best at their job. However, few people are qualified to conduct high quality work. They set up a business as a blockchain advisor without the depth of technical skills to best take care of their clients.
The most important task is to gain the technical skills and experience to manage every aspect of providing a consultancy service for enterprise blockchain solutions. Subscribe to training or earn a degree to show employers or clients that you have real-life experience.
Contact CB Recruitment if you are interested in getting a job as a blockchain consultant or starting a career in Web3.