5 missions of a blockchain consultant for corporate financial transition projects

Prized by more and more companies for its high level of security, blockchain technology is now adopted by many sectors of activity. To implement such a tool in your organization, the expertise of an experienced external consultant is essential, a fortiori when it comes to financial transition projects with major stakes. But what exactly is the role of a blockchain consultant? When to call on this professional? And what are its missions?

Here are 5 examples of the missions of a blockchain consultant for corporate financial transition projects.

 

What is a blockchain consultant?

A blockchain consultant is an expert external to the company, who supports the company in the integration of blockchain technologies in its activities. He manages the project and guarantees a deployment in complete safety and in compliance with the standards in force.

Blockchain is a technology that allows data to be stored and transmitted in a secure, decentralized and transparent way. It takes the form of a digital ledger shared between several users. Each new piece of information on it, called a “block”, is validated and added successively. After recording, the data can only be changed with the agreement of the network. This technology, traditionally used for the management of crypto-assets, is now finding its place in many fields, such as finance, but also Logistics, health, agri-food… It is highly appreciated for its high level of security, but also for its transparency, traceability, and the productivity gains it offers.

 

5 missions of a blockchain consultant for financial transition projects

It is recommended to use a blockchain consultant whenever the company wants to integrate blockchain into its existing systems. This expert is also an ally of choice in piloting financial transition projects using blockchain technology, such as the automation of inter-company payments via smart contracts, the tokenization of financial assets, the strengthening of the traceability of financial operations or the implementation of decentralized management of financial flows…

 

Here are 5 key missions of a blockchain consultant for this type of financial projects:

• Identify the use cases for the financial project

The consultant will first analyze the existing financial processes to identify when blockchain can actually create value. This can, for example, make it possible to automate processes, strengthen the traceability of operations or their safety, or facilitate cost reduction. This scoping phase avoids the mismatch between business needs and the final solution and aligns technical choices with strategic financial objectives.

• Create a blockchain strategy for the financial transition project

He will then develop a strategy and an action plan to implement the blockchain. This roadmap must be set out in Several key steps : choice of technology, architecture, tools, use cases, integration methods into existing systems, etc. The consultant is also responsible for ensuring the regulatory compliance of the technology implemented, but also for training the teams in this new model.

• Lead the implementation of the blockchain solution for the financial project

Like a real conductor, the consultant serves as an intermediary between the business functions and the IT team. He translates the real needs, structures the project with a rigorous and proven methodology and supports decision-making. He brings a strategic vision and a very beneficial hindsight, which allows him to anticipate risks and to carry out the project on time. He supervises all the stages: design, development, tests, etc. And this, while ensuring the consistency of the project with the financial objectives at all times and regulatory issues. Thanks to his experience and interpersonal skills, he facilitates collaboration between stakeholders and ensures a secure, on-time and on-time deployment.

• Ensure regulatory compliance of the blockchain for the financial project

In addition, from the design stage of the solution, he ensures the proper regulatory compliance of the technologies deployed for the financial transition project: GDPR, tax, accounting, legal constraints, etc. Thanks to its in-depth mastery of all the standards specific to the company’s sector of activity, it ensures a secure deployment that is perfectly aligned with the regulatory requirements in force.

• Supporting change

Like any digital transformation, the implementation of blockchain technology for a financial project comes with many human and organizational challenges. Employees may be reluctant and express a number of Resistors in the face of this project of change that shakes up the benchmarks and usual practices. However, the success of blockchain implementation depends largely on the involvement of stakeholders.

In this respect, the consultant, experienced in change management, is a real facilitator of the transformation : he trains the teams, makes them aware of the challenges related to such a project, welcomes fears and helps everyone overcome their obstacles, whether within the IT or finance teams. As a result, the implementation of the blockchain and the financial transition project are being carried out serenely, with the support of all.

The blockchain consultant can also assist the IT department and the CFO in the implementation of a continuous improvement approach. It identifies performance indicators, analyzes the results obtained and proposes appropriate corrective solutions. In this way, it helps the organization to set up efficient and sustainable blockchain technology.