Things to Consider and Evaluate When You Hire Blockchain Development Company

//Things to Consider and Evaluate When You Hire Blockchain Development Company

Things to Consider and Evaluate When You Hire Blockchain Development Company

A digital world demands more security, privacy and transparency in operations and transactions. Since the day of birth if blockchain and decentralization, every business entity has been trying to figure out how to hire the best blockchain development company for their financial operations. Most of the private firms prefer hiring a private blockchain development company. This is because they believe it to be more privatized than services offered by public blockchain development companies. That might not be the case because private and public blockchain development companies offer services of their own and not similar. Now, this is a confusion which needs to be resolved in choosing developers. 

More confusion arises when there is a need to hire blockchain developers from a trusted blockchain development company. To avoid the confusion in identifying, choosing and selecting the best suitable blockchain development company, this article would help you with some effective considerations and evaluation techniques. 

But, before getting to the important key tips in hiring a blockchain development company, you should know why you need to hire them in the first place. 

The need for blockchain development company 

Hiring a blockchain development company provides you with the perks of launching Initial Coin Offerings (ICOs), mining cryptocurrency tokens, developing HOT cryptocurrency wallets, etc. These services decentralize financial operations by eliminating third-party intervention in monitoring and controlling of data. Thus, all transactions and operations can take place with complete transparency in secrecy and privacy. 

hire blockchain development company

Tips to seek the best suitable blockchain development company 

Before you hire a blockchain development company, here is a quick checklist you need to refer.

Seek and understand the experience of the company 

Conduct your own research. Set your own terms of questions that you want answers for. This whole process is to ensure that you learn the potential of the blockchain development company. Through the results you can gain knowledge about the company’s ecosystem, culture and its drawbacks. 

Check reviews and Online Reputation Management (ORM) 

Every blockchain enterprise has different kinds of decentralized services to offer and thus their Key Performance Index may differ accordingly. So, check customer and client reviews of the blockchain company to understand their reputation. You can also witness the reputation of the blockchain company using advanced software such as ORM. It will help you to understand the online strategy used by different blockchain enterprises to maintain their reputation. 

Choose between Software as a Service (SaaS) and Blockchain as a Service (BaaS) 

Blockchain can be developed by simple programming languages that developers use on a daily basis. There is no requirement to use any complicated reminiscent language to develop blockchain applications. Some of the simple programs that can be used for blockchain development are Python, Java, Node.JS, C++, etc. So, you necessarily do not have to hire only a blockchain expert for development. Rather you can also hire a typical software developer. 

However, Solidity is used for writing codes for Ethereum Virtual Machine (EVM). Also, software developers must have the capability to understand blockchain and its infrastructure. So, choose wisely. 

Take a look at the portfolio of the blockchain company 

Taking a look at the portfolio of the blockchain company that you want to hire before in hand will help you understand the product mix, service mix of the blockchain development company. It will help you see the performance of the blockchain company via their stocks, bonds, cryptocurrency performances, etc. Also ensure to check the evidence or proof of all information displayed in the portfolio of a blockchain development company. 

Understand the tools and technologies used to develop blockchain 

Go through the blockchain development company’s whitepapers to understand the tools and technologies they use for development. The company that you want to hire should demonstrate solid and complete immutable competency in adapting to the technology trend changes and updates. The blockchain development company should also be commercially strong. They must be able to reach the customer base easily with related applications with added value and expertise. 

Some of the following are technologies that a blockchain development company should use in handy: 

  • Ethereum Virtual Machine (EVM) 
  • Distributed Ledger Technology (DLT) 
  • Hyperledger 
  • P2P networking 
  • Internet of Things (IoT) 
  • Cryptocurrencies, etc. 

Choose the right development approach 

In order to understand the company better in terms of their competency, you must first understand what is your application requirement. Also, understand that most of the blockchain development companies may follow three types of approaches in development as follows. 

  1. First type of approach is to create blockchain application for internal organizational operations.
  2. Second approach is to create blockchain application for service orientation and marketing.
  3. Third approach is to create a smart contract or a decentralized application (dApp). 

Based on your requirement choose an approach that best suit your requirement. 

Choose the best suitable engagement model 

Engagement models are the budgetary models provided by blockchain development companies that state details regarding the cost of hiring and how much each operation costs. It also provides details such a days, dates and availability times. Some of the most commonly used engagement models are as follows.

Fixed price model 

They are fixed priced, where all operative costs are fixed and non-negotiable. 

Dedicated team model 

Here, a blockchain development company assigns a dedicated team for your project. This team performs specific  tasks and will adhere to the completion of the project successfully. After completion, they get back to their respective blockchain development companies. 

Captive Unit 

This model allows you to facilitate developers for blockchain development by hiring professionals to train and conduct R&D on your blockchain development project. They ensure to administrate, monitor and control all legal and financial operations of the project. 

Get set on

No wonder, picking the right blockchain development company involves a decision to be made from various alternative choices. 

A right Blockchain development company can enhance the Point of Sales (PoS) of your blockchain application if the operating platform is perfectly compatible with your operating system as well as user experience. This means that a blockchain development company must also be flexible enough to specialize in customization of features. Developing, running and storing of data involved multiple functions that has to be executed at the right time and with blockchain, all industries can become more fast, secure and transparent. 

Choose wisely. What your criteria for choosing a blockchain development company? Let Us Know. 

By | 2019-07-08T07:10:04+00:00 July 8th, 2019|Blockchain|Comments Off on Things to Consider and Evaluate When You Hire Blockchain Development Company

About the Author:

Sonal Mehta is a Content Lead at Solulab, USA based leading Blockchain Technology, mobile apps and software development agency, started by Ex vice president of Goldman Sachs, USA and Ex iOS lead engineer of Citrix. Solulab help build startups - we are a no-sweat technical partner for early stage entrepreneurs to launch ideas from scratch and for later stage startups to build more quickly and affordably.

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