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.
Three reasons why do you need Blockchain
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.
Questions on which you should definitely give an answer
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