Published On: Tue, Nov 19th, 2019

What Are The Different Components And Vendors Of A Blockchain Network

What Are The Different Components And Vendors Of A Blockchain Network

Businesses face both issues and solutions in regards to blockchain. As we are at the stage of the blockchain ecosystem, it is important to learn about the different components and vendors of blockchain technology. We will cover “blockchain-as-a-service” providers and the tips to select the right vendor for your needs.

Components of any blockchain ecosystem

There are mainly three important components in a blockchain ecosystem. This technology comprises of platforms, real apps, and vendors. Each of these components plays critical role in the ecosystem.

Blockchain vendors are basically firms that offer blockchain consulting services to startup firms and businesses that aim to implement blockchain technology. Not every firm can lead to the creation of an end-to-end solution. The broad range of blockchain use-cases implies a varying approach to solve a problem.

What is the Blockchain Vendor?

Blockchain vendors include firms, startups, and businesses that provide a wide range of solutions, and services. The vendors landscape is huge and is growing at a fast pace. Chain Yard is a leading blockchain consulting service provider in the market.

Based on the buyers of the technology, blockchain vendors are defined. A manufacturer who develops products with the help of raw material is the distributor, and the retailer is considered to be the vendor to a consumer.

Let’s categorize blockchain vendors:

  • Blockchain Infrastructure Providers
  • Blockchain Application Providers
  • Blockchain Service Providers

Tips to select the right vendor for your Blockchain Technology

The use of blockchain is not an easy task. A lot of companies that implement this technology do not succeed in their attempt to implement it. Due to this reason, an enterprise needs to ensure that they offer the best level of service to its consumers. Below are some of the tips that help companies to select the right blockchain consulting firm.

Identify blockchain opportunities:

Blockchain consulting companies should have a thorough understanding of the blockchain concept as well as its use-cases. They should understand when and how to use blockchain services that result in improved efficiency.

Create effective business case studies:

Case studies serve as an important tool to get an in-depth understanding of a business. Blockchain consulting firm that you choose has to be capable enough to create appealing case studies for buyers.

Display evidence-of-concept ideas:

The blockchain consultancy company that you choose for your task should possess an impressive track record. They should have proof-of-concept ideas and able to show them effectively to their clients. In addition to the ideas, they should also show the results or effectiveness of the implementation.

Build business frameworks and roadmaps:

The consultancy firm you hire should develop concise frameworks and roadmaps to use blockchain technology. A consulting firm should consider factors such as objectives, and requirements of the enterprise business for the effective implementation of blockchain technology.

Expertise and Understanding:

The blockchain consulting firm you choose should possess a complete understanding of the enterprise business. They should have an idea of the expertise of the enterprise business. This will ensure effective implementation of blockchain technology in the business.

Conclusion

The blockchain market is thriving at a fast pace. There are mediocre to experienced blockchain vendors in the market. A business that is keen on blockchain services should use these steps to find when choosing the best blockchain vendor.

About the Author