How To Evaluate Blockchain Companies

After the conceptualization of Blockchain by Satoshi Nakamoto in 2008, most companies have been trying to figure out how to hire the best blockchain development company. Industries like healthcare, banking, and food production are now releasing this new technology’s potential for carrying out business processes in a hassle-free manner. It is essential to choose the right blockchain development company to leverage the full potential of Blockchain technology

According to a recent LinkedIn survey, Blockchain tops the list of most in-demand hard skills for 2020. Blockchain has emerged from that gloomy world of cryptocurrency and has become a business solution. That means you should start becoming familiar with how Blockchain works, what benefits it can do for your business, and which blockchain development is best suited to help your company explore where this budding technology might have a role.

Here the question is how to determine if a blockchain company is right for you. Choosing the right blockchain development company might be tricky as several companies are claiming to be the best. This article will help you know which company is right for you and the steps you should take to select the right Blockchain development company. Before that, let’s see the role of blockchain development in your business’s growth. 

blockchain development company
Blockchain trends in past months

What is the role of a Blockchain development company?

A Blockchain development company holds deep experience in cryptocurrency, data science, and serverless computing to help you leverage the benefits of blockchain technology. They will help you evaluate potential blockchains for your project, like Ethereum, Hyperledger, EOS, NEO, Tezos, and Qtum, and choose the best fit.

In short, a blockchain development company will handle the entire life cycle of a blockchain application, right from research to the execution of the application. As you must’ve guessed by now, a blockchain development company has a lot of responsibilities.

Importance of choosing the right blockchain development company

Finding the right blockchain development company can be time-consuming and costly. It is not easy to evaluate the merits of various blockchain development companies as stakes are high, and one wrong choice can quickly ruin the entire project. You may find a rundown of companies that claim to have an experienced team of blockchain engineers. Unfortunately, not all companies are as authentic as they claim to be. Therefore, it is essential to make a wise choice when hiring a blockchain development company. 

Why is choosing the right blockchain development company important?

  • To avoid disappointment:

Most people often face situations where they contact the company’s business analysts to discuss their ideas and turn them into technical requirements. The Blockchain development company then presents the project idea in PowerPoint format with attractive visual elements, moving arrows, and gears spin. Unfortunately, the final product they deliver is nothing they claim to provide in the consultation call, and the customer ends up losing money on an inoperable product. 

It is essential to find the right people with precise skill-sets that match your organization’s needs and meet your blockchain project objectives.

  • To avoid project delays.

Project deliveries are often delayed because of unforeseen technical problems, lack of resources, or coordination among cross-functional teams. Therefore, the development companies need to understand your product requirements and deliver on time. 

It is essential to ensure that the vision of your blockchain company should be aligned with yours. Choose a company that understands your product and goals. 

How to tell if a blockchain development company is a suitable match for you?

Choosing the blockchain development company for your project means choosing someone who has experience developing the blockchain applications you need. To make sure the company is the right match for you, look for the following:

  • Will the final product justify the money invested in the development?

Good things indeed come at a price. But when you hire a blockchain development company, you should distinguish between what is reasonably priced or cheap.

Will a team of dedicated developers be involved?

Highly qualified blockchain specialists will be able to deliver efficient products. Therefore, if your potential company has a dedicated blockchain developer’s team who have given the same or similar product in the past, it might be the right one for you. 

  • How well will the company provide and customer support after launch?

The encryption of blockchain technology is indeed indestructible. The company you hire should guarantee uninterrupted protection of transactions. If they use all possible methods from the multi-signature function to integrate two-factor authentication (2FA), then this might be the suitable company for you. 

  • Will they be able to develop scalable applications?

With the increase in the number of participants and transactions, the public blockchain system might become exhausted. If the company can develop an application that can handle the growing number of transactions, go for it! It can be the best bet for you!

These are some of the questions to ask yourself when you are hunting an efficient and budget-friendly blockchain development company for you. If you find a positive response to these questions, then it might be the green signal to you. Below, we will be discussing a step-by-step process that you can follow to find your best blockchain development company.

Related Article : What is quantum financial system (QFS) Blockchain?

Steps involved in choosing a blockchain development company

  • Get a clear vision of your blockchain project.

First, you have to perform thorough research on this technology to plan a successful blockchain project. Have a clear vision and strategies for your project before you contact any blockchain company. Take this step very seriously, as this single step is going to impact your whole journey.

  • Sourcing a blackfin development company 

You can call some companies that seem to be the best and suit your budget, or you can post your requirements online on different job portals. You can also give social media a try and publish an advertisement mentioning all your needs and expectations. 

The above discussion in the article will help you source and screen a potential Blockchain development company in no time.  

  • Choose a company that follows the agile development model.

 The agile method of development includes coordination between the cross-development teams, the client, and the end-user. Make sure you choose the company that follows an agile development methodology. 

  • Check reviews and Online Reputation Management (ORM) 

Blockchain development companies have different types of decentralized services, and thus their Key Performance Index may vary accordingly. Make sure to go through the blockchain company’s client reviews to understand their reputation and know about their service quality. 

  • Check the company’s portfolio.

It is essential to go through the company’s website and check their previous Blockchain development projects. If it is not available there, ask for the portfolio from the company directly. However, if there’s a Blockchain development company with a little to no background available online, it’s a big red flag. If the company markets itself as providing everything from website designing to mobile app development to Blockchain, that is also a big red flag! 

  • Documentation

Again this step is often ignored, but it is very crucial while hiring a company. Make sure to have proper documentation of the agreement and NDA signed between both parties. Spend some time reading the terms & conduction, privacy policy, and data protection policy before agreeing or signing the document. 

  • Start working

Now everything is set, you can start working on your project with the chosen vendor. But if something goes wrong, have a backup plan ready. Hiring a company doesn’t mean that you are bound to work with them till the end. Feel free to back out if things are not going as promised.

Evaluating the capabilities of a blockchain development company

Your chosen Blockchain development company must demonstrate solid competency in popular programming languages like Java, C++, Solidity, Python, and Hyperledger Fabric. The company should be capable of creating minimum viable blockchains, smart contracts, or related products. Remember, if they lack expertise in any one of these, it might affect the final product’s functionality or security.

Loo for the following technologies that a good blockchain development company use in handy: 

  1. Ethereum Virtual Machine (EVM) 
  2. Hyperledger 
  3. P2P networking 
  4. Internet of Things (IoT) 
  5. Distributed Ledger Technology (DLT) 
  6. Cryptocurrencies and more 

A blockchain development company must also be flexible enough to do customization in application features. 

Everyone has their reasons for using bitcoin and finding a blockchain development company to work with. Regardless of the type of platform, you will use it for Blockchain development. You need to find an organization to explain how their services can be applied to various industries. For instance, they should explain how their products are beneficial for the healthcare industry and their problems. 

If they can present their products’ use cases in different sectors, the company can be the best bet for you. The whole point is, this information should be written on the website if the company is authentic. 

Conclusion Blockchain skills demand continues to grow as more and more companies realize this new technology’s potential. We hope now you can understand how to hire the right Blockchain development company and the things to take into consideration. Blockchain is an open-source platform in nature. Blockchain transactions are more secure; however, a bug of any form can mess everything up. Therefore, it is essential to have a safe and secure system that doesn’t crush easily.