How to Choose a Blockchain Development Company
How to Choose a Blockchain Development Company
Blockchain is making a revolution. Its advantages open up new opportunities for humanity and bring many unexpected gifts. According to forecasts by independent analysts, by 2025, the full implementation of the blockchain is expected in all branches of life.
Experience shows that such various functional sectors of the economy, such as banking and industrial production, tend to place their assets and transfer their technological processes to the blockchain; therefore, many of them choose offshore outsourcing as a technological solution. Trends show that outsourcing is increasingly becoming the main choice of software development, however, today finding a suitable, qualified company to implement blockchain technology is a problem.
Hiring a company to implement blockchain technology is in many ways similar to hiring a web developer to create any software product, but it has several important differences.
Understanding these differences will help you identify a company that will effectively fulfill your order, rather than disappoint.
Unlike other software vendors, development services for blockchain technologies are now only beginning to flourish, so there are few intelligent, truly well-understood companies in this. Finding the right company to develop your idea based on the blockchain means searching for an organization according to certain characteristics. Today we will discuss the very factors that will help you determine the company that is most suitable for developing your idea based on blockchain technology.
The company you hire must demonstrate solid competence in understanding development in most, if not all, of the above-mentioned programming languages. Creating commercially viable blockchain technologies, smart contracts or complex products requires additional expertise in several more eccentric technologies. Without going into details, here is a list of technologies that combine to create full blockchain products:
3. Ethereum Virtual Machine (EVM).
4. Ethereum Blockchain As a Service (EBaaS).
5. Software-as-a-service (SaaS).
6. Platform-as-a-service (Paas).
7. Distributed ledgers.
8. Consensus methods.
9. Decentralized technologies.
10. Internet of Things (IoT).
11. P2P networks.
12. Data security.
14. Web technologies.
Interest in blockchain by region
Clarify with the contractor what he knows from the above and if there are any problems with anything. This must be done as it affects the functionality or safety of your final product.
After you have determined that your contractor has minimal knowledge to develop a commercial Distributed Ledger Technology (DLT) product, a second and equally important question arises: does the developer have experience creating the type of blockchain product you need?
If the answer is no, you obviously should not get involved with this company, because after that you can greatly regret.
Generally, there are three reasons why your or any other company needs to develop DLT software:
1. To optimize the processes within your company using blockchain.
2. To implement the blockchain in the hosting services that you plan to use on the market.
3. To create a distributed application (dapp) or smart contract to work on an existing blockchain.
Although the first and second reasons may seem quite similar, the requirements for development, especially for security, can be completely different. Creating a dapp or smart contract also requires different programming methods.
Choosing the right software company for your project means choosing someone who has experience writing the software you need. Some companies specialize in writing applications and points of sale for Bitcoin. Others only write smart contracts that will work on Ethereum. Still others are developing projects for customers who need the greater flexibility offered by the Hyperledger Fabric blockchain.
The most popular technology in the development of blockchain by Github
Of course, you should have a clear idea of which of these categories belongs to your idea before looking for a company for its creation.
Will the final result match to the money invested in the development?
When you have a strictly limited budget, it is quite obvious that you will choose everything that suits you at a price. But here you must distinguish between what is reasonably priced and what is cheap. Everyone knows that cheap services are of poor quality. Value for money requires finding a company that can give you the desired quality, superiority and timely completion of the project without exceeding the budget.
How actively is the contracting company following the latest trends?
Today, the world is actively experimenting with blockchain technologies in order to obtain the maximum possible benefits. That is why it is important to have on board a professional and reliable team of developers who follow all the innovations in the blockchain industry. These innovations can help your blockchain project. Make sure that the company follows the latest trends in the IT industry, learn from them what tools are in vogue today for the implementation of trends. This is always very important when choosing business solutions.
Do their contract conditions match your business model?
If you cannot afford expensive services based on blockchain technology due to the limited budget, then you should ask your preferred blockchain company to develop a contract that will be designed for your business model. After you explain your business goals and startup financial capital, blockchain technology developers will more fully understand your preferences and will be able to successfully develop a custom solution to meet your business needs.
If you cannot pay for the entire project, you can make a contract with the company, the purpose of which is to charge you a fixed percentage of the profit. This means that you will share the profit with the developer to pay the contract.
Will a team of professional developers be involved?
It is important to involve experienced developers, because often projects of blockchain ideas require several skills, as was said above. Only highly qualified specialists in their fields can ensure efficient and timely order development. Therefore, make sure that your contractor has a team with a huge stock of successfully completed projects behind their backs, and therefore with great experience. In this case, there will be no need to constantly talk with developers, adjust their actions, this will reduce the number of iterations. The team of experts will always comply with the deadlines for the stages, always perform their work efficiently and perfectly.
How well will developers provide project security and customer support?
Customer support during and after the project is very important. A well-protected system is what every business that invests in the blockchain needs. Despite the fact that encryption of blockchain technology is indestructible, since large transactions are involved, the company you hire must guarantee uninterrupted protection. Ask them how many and what kind of security filters they use when creating your blockchain idea. Make sure they use all possible options from the multi-signature function to integrate two-factor authentication (2FA).
In addition, always choose a reliable idea blockchain development company with an excellent portfolio and excellent customer support. Do not compromise quality.
There are several outsourcing models used by outsourcing and companies. These models influence how your project will be developed and how it will be paid.
Here are the four most used models. As you will see later, some can fully meet your marketing needs and budget, while others may be completely incompatible with your requirements. Understanding of each model will help prevent misunderstandings and unpleasant surprises when entering into a contract with a development company.
1. Fixed price
If budget constraints are more important to you than the flexibility for making changes during project development, a fixed price model may be the best choice for you. When you choose this model, first of all you agree on a fixed price for the development of your product even before it starts. The advantage of the reference value is due to a compromise. Since the developer agrees to work at a certain price, you are limited in how many changes you can make after starting development.
A modified version of the fixed-price model, called the Agile fixed-price model, provides more flexibility during development. This is due to the fact that the developer uses the Agile development methodology, which inherently allows changes during the development.
2. Captive Unit
With the Captive Unit model, the developer provides the object, and also hires and trains the R&D team that will work on your project. They also provide constant administrative, financial, juridical, and personnel management of your team. You only control and direct the team, as well as pay salaries - this niche remains under your responsibility. This model makes sense when you need to create a team to handle a complex project and when you don’t want to have problems creating an object or its security. Many companies choose this model when they need their product developed in a country where they do not have a corporate presence.
3. Professional team
If your project requires constant work of developers, or if you plan to create a series of projects, this is the ideal model for you. Within this model, a development company assembles a team that meets the unique qualifications of your project, and this team is dedicated exclusively to working with you and your idea. The advantage of this model is that the team develops the knowledge of your specialists and works as an extension of your internal IT group or developer group.
4. Accelerated Build-Operate-Transfer
Accelerated Build-Operate-Transfer model may seem strange, but the idea behind it is quite simple. For example, you want to form a R&D team in Western Europe, however there is one problem - you are not in Western Europe, your company is located in the USA or in Asia. Within this model, a development company identifies an existing R&D infrastructure that meets your needs and manages a team for a specific period of time. In the future, ownership of the team and the object may be transferred to you, and they will become part of your organization. This model makes sense if you want to introduce blockchain technology into the work of your organization for a certain period of time, waiting for serious commitments to be made at a later date.
According to analysts, the next year will be the most intensive in terms of the introduction and development of blockchain technologies, compared with previous periods. Many different industries from the heavy industrial industry to the furniture industry are adopting the blockchain technology into their work in order to keep their data as safely as possible, optimize processes and organize the work of intellectual contracts for their clients. There are many options for choosing a contracting team, but not all of them have the necessary skill set to implement a full-fledged DLT product. This is where Merehead will help you.
We are experts in the implementation and creation of blockchain technology in every sense of the word. Our development team consists of a wide variety of talented programmers, all of them are experts in their field.
Our portfolio includes more than 70 large web projects in a wide variety of industries. We develop reliable solutions to meet all customer needs in social networks, real estate, finance, e-commerce, personal branding and this is not the whole list.
We pay attention to the details of the project and develop a lightweight design. We create impressive interfaces. Comfort for users is created on the basis of studying preferences and user behavior, using the latest trends in web design, our experience and achievements. It emphasizes uniqueness and makes it easy to interact with the project.
We are engaged in internal SEO optimization. Such projects receive a lot of traffic from search engines. But you need to take care of this before launch and discuss it with our specialists.
Our experts have extensive experience and know how to create products that meet the needs of your company. Successfully creating more than 70 projects in various industries and having huge experience working with clients, we develop products that most closely match your desires.
We provide convenient communication with us. We give a guarantee and do our best to surpass expectations of each of our clients.
Regardless of whether you need to create and implement a smart contract, or you need to create a number of complex projects based on the blockchain, we have different pricing models to meet your needs and project budget.
Blockchain-based digital asset platform