How to Hire a Blockchain Development company?

The use of the term blockchain has gained huge popularity in recent years in the online business world. The main reason behind its excessive use seems to be the increasing use of Bitcoin and other cryptocurrencies. With the help of Blockchain, it’s easier for business entrepreneurs to conduct their online transactions smoothly and securely without any concern. Besides this, it also offers a secure way of data storage and access.

Understanding the Concept of Blockchain Technology:

Although the concept of blockchain technology is one of the widely used terms in the world of technology. There are lots of business owners who do not know how to make use of this technology for their business? With the increasing trend of online shopping, business owners are looking for a secured way of digital transactions and automating their activities. Going through this all of them are outsourcing IT services beyond the borders for technical services, including blockchain development.

This sometimes becomes a laborious task for them. Because hiring an IT company for technical assistance is not a difficult task anymore with a plethora of IT companies offering offshore services. The problem is searching for a Blockchain Development Company because compared to other technologies it is new.

When hiring an outsourcing company it is important to assess its technical efficiencies and experiences, projects it has completed, its existing clients, etc. This article highlights the factors which are important to consider when outsourcing a blockchain development company for your business.

Difference between Blockchain Development and Software Development Company:

It is important to hire skilled and experienced developers with a thorough knowledge of Blockchain working and its application for the growth of the business. There is a myth among lots of people that the applications used in Blockchain are based on the cryptic programming language. The fact is that Blockchain applications use a wide array of programming languages such as Javascript, Java, C++, Golang, Scala, C#, and Solidity.

Therefore hiring a development company for your blockchain project is almost similar to hiring an IT company with some differences. Understanding this basic difference will help you in finding the best company for the development of your blockchain. Besides proficiency in these technologies, a blockchain development company is required to know other technologies like developing decentralized applications, ledger technology solutions, and many more.

Along with this, it should also know various skills such as:

1. Blockchain consensus algorithms (e.g. Proof of work, Proof of stake, etc.)
2. Blockchain technology (platforms, frameworks, etc.)
3. Cryptography (asymmetric, symmetric, hash functions, etc.)
4. Data Structure
5. Decentralized Application & Smart Contract Development
6. Distributed ledgers
7. Ethereum virtual machine (EVM)
8. Internet of Things (IoT)
9. Networking systems
10. Security and encryption
11. Software as a service (SaaS)
12. Web development technologies

Selecting an Appropriate Model for Your Blockchain Development:

There are lots of options to select from when deciding to hire a blockchain development company. Each option has its advantages and disadvantages and therefore it is important to understand your needs and the budget available to you. Doing this will help you in hiring the right company and deploy your appropriate resources to achieve the desired results.

Team of Dedicated Developers:

This option is best for organizations that are looking to expand their internal development efficiencies by hiring experienced and skilled project managers, QA and testers, who work dedicatedly for their clients. In this option, the clients have full control over the team provided to them. This facilitates the team to understand the basic needs of clients according to the nature of their business and develop optimized blockchain-based applications for their business. Moving ahead this option is also suitable for blockchain projects requiring long-term support for the smooth and easy function of the blockchain services.

Fixed Price Contract:

This is a self-explanatory option here you have to pay the fixed price for developing your blockchain project. In this option, it is not important how much time and resources will be required to accomplish the project but to determine the objectives achieved during the fixed time. This option is good for organizations with a fixed budget. The only disadvantage of this option is that the clients can request the changes only after the accomplishment of the project. The organization will have to pay extra charges for the changes introduced after the final approval.

Build Operate Transfer:

This model is good for businesses that are keen to apply blockchain technologies for strengthening their business within a fixed period. In this option, the blockchain development company offers the facility of establishing an R&D infrastructure to understand the business of its client and then perform the development according to its needs. As this is an expensive option it is better to understand the whole technology thoroughly and the benefits that your organization will enjoy after its implementation.

Summing-Up:

Blockchain technology is a long-term technology that all businesses are adopting to store their data for accessing and using it. At present, it is although in its primary stage it offers abundant opportunities to business groups.

Originally published at https://searcheron.com on June 23, 2021.