Blockchain technology has come up as a revolution recently in 2017 though it was introduced much earlier. It was earlier considered useful for cryptocurrency transactions only, however, now it is known to have matured and can enter the mainstream market even in other domains. This has widened the scope and demand for blockchain technology, and people are now searching for reliable and experienced blockchain development companies.
Now industries as wide as banking, healthcare, and food production are looking upon blockchain development so that they can maintain their fast, risk-free, immutable, and open ledger to take their business to the next higher level. Thus, the need to outsource it as a technology solution is trending for most of the businesses and companies. However, with so many development companies claiming to be the best, it is challenging to select the right blockchain development company for your business. So, you need to have many things clear before finalizing the blockchain development company.
While software developers have been there for a long time, blockchain developers are just starting out in the field. So, you need to assess the core competencies, services provided, and contractual models offered by the blockchain development companies to identify the company best suited for your blockchain project. Here we are discussing some of the important aspects that will help you make the right choice.
What is the difference between outsourcing software and outsourcing the blockchain?
Check the blockchain development technologies used by the company
The company you choose should have solid competency in most, if not all the languages mentioned in the previous paragraph. Other technologies and expertise may be needed for creating smart contracts, commercially-viable blockchains, or related products. These technologies that are combined to create blockchain product include cryptography, EVM, blockchains, cryptocurrencies, distributed ledgers, Ethereum Blockchain As a Service (EBaaS), consensus methods, IoT, decentralized technologies, software-as-a-service (SaaS), platform-as-a-service (Paas), P2P networks, web technologies, data security, and cybersecurity. In fact, the lesser the number of technologies or expertise used by the company, proportional is the ill-effect of this evident in the functionality or security of your product.
Check the type of blockchain developers in the company
You need to check if the company you choose is resourceful enough and though many technologies may be missing, they can arrange them. You also need to check if the blockchain development company has the minimum knowledge and experience of developing the kind of commercial blockchain product you need in-house.
The three different approaches to blockchain development based on which your (or any) company needs to develop distributed ledger technology (DLT) software:
For hosting services, you intend to market
For creating a distributed application (dapp) or smart contract to run on an existing blockchain
For using internally within your
You need to have a clear understanding of these approaches before you search for a company to build your DLT software as all the three approaches are different and while the development requirements related to security can be quite different in the first two approaches, altogether different programming methods are needed to create daap or smart contract. So, you need to pick up the blockchain development firm whose experience matches your needs and who have developed the DLT software of the same type as you need.
Identify the type of outsource model you want to deploy
Many outsource models are used by outsource companies and affect the management of your project and its payment. The four most commonly used models include the fixed price model, the captive unit model, the dedicated team, and the accelerated BOT. You need to match your requirements and budget with the model specifications and select the best that suits you. So, you need to understand each of these models adequately to prevent misunderstandings and unsatisfactory results in the end.
You need to go for the Fixed Price model when your budgetary limitations are more important to you. The flexibility to make changes during project development takes a back seat in this model. The developer agrees to work for a fixed price at the start and you are given a limited choice in the number of changes you can make.
•You need to go for the Fixed Price model when your budgetary limitations are more important to you. The flexibility to make changes during project development takes a back seat in this model. The developer agrees to work for a fixed price at the start and you are given a limited choice in the number of changes you can make.
•The developer is responsible for hiring and training the R&D team and providing personal, administrative, legal, and financial management of your team in the Captive Unit model. You control the salaries and direct the team in this model. This model is particularly chosen by companies when they need to develop their product in a country having no corporate presence.
•In cases where the developers will be needed all along the way of development of your project, or you have a series of projects at hand, you may consider going for the Dedicated team model in which the team having unique qualifications for the project is assembled by the development company and is totally dedicated to the project. Knowledge about your products is slowly developed in the team, and it works as an extension of your in-house development or IT group.
•When you need to create an R&D team in a remote location for adding blockchain to different verticals of your business over a period of time, you need to identify an existing R&D infrastructure that meets your requirements and can operate the team for a certain period of time. Thus, the Accelerated Build-Operate-Transfer (BOT) model is the ideal choice in such cases, and the team and facility may be transferred to you and become a subsidy for your organization in the future.
As all industries ranging from fintech to retail and healthcare services are going for blockchain development for storing data, running processes, and executing smart contracts for customers, this year will witness the greatest growth of blockchain technology seen so far. Blockchain development company in India is blockchain expert and is having the diverse skill set in-house that is working hard to bring their DLT products to fruition. The knowledgeable and experienced team with an array of diversely talented programmers and different pricing models can develop smart contracts and create a world-class team for you to meet the requirements of your project while considering the budget.