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Blockchain is creating a revolution. Its advantages open up new opportunities for mankind, and bring many unexpected gifts. According to independent analysts, by 2025 blockchain is expected to be fully implemented in all sectors of life.

Experience shows that sectors of the economy that are so diverse in their functionality, such as banking and industrial production, seek to place their assets and transfer their technological processes to the blockchain, and so many of them choose offshore outsourcing as a technological solution.

Trends show that outsourcing to a blockchain company is increasingly becoming the main choice of software development, however, today finding a suitable, qualified company to implement blockchain technology is a challenge.

Blockchain is built with standard programming languages ​​including C++, C#, JavaScript, Python, Java, Node.JS, Golang, Perl, and a few others. Hiring a company to implement blockchain technology is in many ways similar to hiring a developer to create any software product, but it has several important differences. Understanding these differences will help you identify a company that will fulfill your order efficiently and not disappoint.

Unlike other software vendors, blockchain development companies are just beginning to flourish. Finding the right company to develop your blockchain idea means looking for an organization with certain characteristics. Let us discuss the very factors that will help you choose the best blockchain company out of blockchain companies list to develop your concept. 

Blockchain Development Technologies

The best blockchain development company you hire must demonstrate a solid understanding of development in most if not all of the above programming languages. Creating commercially viable blockchain technologies, smart contracts, or complex products requires additional expertise in a few more eccentric technologies. Without going into details, here is a list of technologies that come together to create full-fledged blockchain products:

  • blockchains;
  • cryptocurrencies;
  • Ethereum Virtual Machine (EVM);
  • Ethereum Blockchain As a Service (EBaaS);
  • Software-as-a-service (SaaS);
  • Platform-as-a-service (Paas);
  • distributed ledgers;
  • consensus methods;
  • decentralized technologies;
  • Internet of Things (IoT);
  • P2P networks;
  • data security;
  • cybersecurity;
  • web technologies.

Check with the contractor about what they know of the above and if there are any problems with any of the above. This must be done because it affects the functionality or safety of your final product. Once you have established that your contractor has the minimum knowledge to develop a commercial DLT product, the second and equally important question is: does the developer have experience building the type of blockchain product you need? If the answer is no, you clearly should not contact this company, as you may regret it very much after that.

Why Blockchain is Necessary

Generally, there are three reasons why your or any other company needs to develop DLT software:

  • To optimize processes within your company using blockchain.
  • To implement blockchain in the hosting services you plan to use in the market.
  • To create a distributed application (dapp) or smart contract to run on an existing blockchain.

While the first and second reasons may seem similar enough, the design requirements, especially for security, can be quite different. Creating a dapp or smart contract also requires different programming techniques. Choosing the right software firm 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 on Ethereum. Still others are developing projects for clients who need more flexibility offered by the Hyperledger Fabric blockchain. Of course, you should have a clear idea of ​​which of these categories applies to your idea before looking for a company to create it.

Outsourcing Models

There are several outsourcing models used by outsourcers and companies. These models affect how your project will be developed and how it will be paid. Here are the four most commonly used models. As you will see later, some may suit your marketing needs and budget perfectly, while others may be completely incompatible with your requirements. Understanding each model will help prevent misunderstandings and unpleasant surprises when concluding a contract with a development company.

Fixed price. If budget constraints are more important to you than the flexibility to make changes during project development, a fixed price model may be the best choice for you. When you choose this model, the first thing you do is agree to a fixed price for developing your product before you even get started. The advantage of control cost comes with a trade-off.

Since the developer agrees to work for a certain price, you are limited in how many changes you can make once development has started. A modified version of the fixed price model, called the Agile fixed price model, provides more flexibility during development. This is because the developer is using an Agile development framework, which inherently allows changes during development.

Captive Unit. With the Captive Unit model, the developer provides the facility and also hires and trains the R&D team to work on your project.They also provide ongoing administrative, financial, legal and human resource management for 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 to deal with object creation or object security. Many companies choose this model when they need their product developed in a country where they do not have a corporate presence.

Professional team. If your project requires constant development work, or if you are planning to create a series of projects, this is the ideal model for you. In this model, the development company assembles a team that matches the unique qualifications of your project, and that team is dedicated solely 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 or development team.

Accelerated Build-Operate-Transfer. The Accelerated Build-Operate-Transfer model may seem strange, but the idea behind it is quite simple. For example, you want to form an 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. Under this model, the development company identifies an existing R&D infrastructure that meets your needs and manages a team over a period of time.In the future, ownership of the team and facility may be transferred to you and they will become part of your organization. This model makes sense if you want to implement blockchain technology in your organization within a certain period of time, expecting to make serious commitments at a later date.

Questions You Should Ask Before Blockchain Implementation

Will the final result correspond to the money invested in development?

When you have a strictly limited budget, it is quite obvious that you will choose whatever suits your price. But here you have to distinguish between what is reasonably priced and what is cheap. Everyone knows that cheap services – poor quality. Value for money requires finding a company that can give you the quality you want, excellence and on-time project completion without going over budget.

How actively does the contracting company follow 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 as well. Make sure the company follows the latest trends in the IT industry, ask them what tools are in vogue today to implement the trends. This is always very important when choosing business solutions.

Do their contract terms match your business model?

If you cannot afford expensive blockchain services due to a limited budget, then you should ask your preferred blockchain company to design a contract that fits your business model.Once you explain your business goals and start-up financial capital, blockchain technology developers will more fully understand your preferences and be able to successfully develop a custom solution to meet your business needs. If you cannot pay for the entire project, you can enter into an agreement with the company, the meaning of which is to charge you a fixed percentage of the profits. This means that you will share profits with the developer company in order to pay for the contract.

Will a team of professional developers be involved?

It is important to attract experienced developers, because often blockchain ideas projects require several skills, as mentioned above. Only highly qualified specialists in their fields can efficiently and timely ensure efficient order development.

So make sure your contracting firm has a team with a huge backlog of successful projects, and therefore a lot of experience. In this case, there will be no need to constantly talk with developers, adjust their actions, this will reduce the number of iterations. A team of experts will always meet the deadlines for completing the stages, always perform their work with high quality and excellence.

How well will the developers provide project security and customer support?

Customer support during and after the completion of a project is very important. A well-secured system is what every business investing in blockchain requires. Even though the encryption of the blockchain technology is indestructible because of the large transactions involved, the firm you hire must guarantee uninterrupted protection.

Ask them how many and what kind of security filters they use when building your blockchain idea. Make sure they use all possible options from the multiple signature feature to integrate two-factor authentication. Also, always choose a reliable blockchain ideas development company with a great portfolio and great customer support. Don't compromise quality.