How to Hire the Right Blockchain Development Company for Your Business

Posted on Aug 7 2022 2:21 AM

"With growing adoption, the global blockchain technology market is estimated to reach over $39 billion by 2025."

The digital era demands more privacy, security, and transparency in transactions and operations. Since the innovation of blockchain technology, it is known to foster innovative business processes in every possible sector. Industries from finance, supply chain, and automobiles to healthcare, gaming, and education are looking to   implement Blockchain in their everyday business operations

With growing adoption, the global blockchain technology market is estimated to reach over   $39 billion   by 2025. It is stated that the banking and finance sector is one of the primary adopters of Blockchain, investing heavily in its induction, taking over 30% of the market value. 

Blockchain has now become an industry of its own. Given the potential of Blockchain for businesses, it's high time every digital enterprise seeks reliable   blockchain development services   to transform and secure its operations digitally. However, finding a suitable blockchain development company is challenging. The hiring process of researching, identifying, and choosing a reliable blockchain development service is overwhelming. 

If you are looking to hire a blockchain development team that delivers solutions aligned with your business needs, you have reached the right place. This article will help you understand the practical considerations and evaluation techniques required in hiring your dream blockchain team. 

Before we start, let's take a quick look at the guidelines for selecting a blockchain development company for your business. 

Criteria for choosing the right blockchain development company

You will expose your business to various vulnerabilities by hiring the wrong blockchain development team. This is why the technology industry experts have compiled a list of criteria that might help you in the hiring process. Make sure the blockchain development team you choose checklists all the given requirements: 

  • Scalability and performance

The website load and processing time increase with an increasing number of users and transactions, and this is the primary reason for the exhaustion of system resources. Therefore, make sure your development team focuses on building scalable solutions that are capable of handling pressure in the long run. 

In addition to this, establish a flexible programming tech for your blockchain solution that performs both parallel and non-parallel operations. A good performance stands for quick responsiveness and speed of the system. 

  • Consultation services 

Most blockchain development companies provide scalable programming services. However, they do not have a dedicated consultation team to offer personalized guidance to clients. Hence, your development team must have a consultative approach to discuss projects and implement changes as per your suggestions. 

  • Agile development

To get your project done on time, hire Blockchain for business services that follow a step-by-step agile methodology in their development process. Even though a fixed prototype might not be useful to you today, an agile development process aligns well with any alteration and updation in the future. 

  • Dedicated team 

Choose a company that offers a full stack development team consisting of experienced developers, testers, consultants, quality analysts, and project managers. Your dedicated team must have proficiency in complex projects and a wide range of tools and technologies. 

Apart from these criteria, do not forget to keep the "cost" factor in mind as well. An experienced blockchain development team can help your project meet its key objectives. This being the case, be imperative to equip yourself with all the proper steps to hire the right blockchain development team. 

Tips for hiring the best blockchain development team for your business

By outsourcing your blockchain development tasks, you can save on costs and resources and receive quality talent at a relatively low price. Here are five tips that may help you with the hiring process: 

 

  • Deciding on blockchain business strategy 

The first tip is to identify a relevant business strategy. Your strategy will most probably revolve around two factors that decide the type of talent you need: 

Factor 1: building your own blockchain process - If you want to develop your own ecosystem for Blockchain, look for a multifaceted development team with knowledge and creative proficiency. In addition to creating a blockchain technology application or product from scratch, you can utilize Ethereum or other existing blockchain platforms. 

Factor 2: Building a soft application on top of an existing blockchain application- In such a case, look for a blockchain development team with an excellent understanding of distributed ledgers. 

  • Plan your blockchain development hiring strategy 

It is also crucial to decide on the kind of partnership you are offering to your development team. A project-based collaboration involves hiring a dedicated blockchain development team from external sources. Outsourcing project-based services ensure adherence to projects and on-time delivery. 

  • Get insights on required resources and technologies

Familiarize yourself with blockchain position types before hiring a team. For instance, research good frontend and backend blockchain developers, UI/UX designers, project managers, and smart contract engineers. Moreover, conduct thorough research on various technologies and languages CSS, HTML, Node, and Express to understand what skills you need in your blockchain development team. 

Some of the technologies that come in handy in blockchain applications development are: 

  • Ethereum Virtual Machine (EVM)
  • Distributed Ledger Technology (DLT)
  • P2P Networking 
  • Internet of Things (IoT)
  • Hyperledger
  • Cryptocurrencies etc. 
  • Retain the top talent 

You can retain the top blockchain development team by choosing a suitable engagement model. Engagement models are the budgetary models that state details regarding hiring and operational cost. Most of the commonly used engagement models are the fixed price model, dedicated team model, and captive unit model. 

Conclusion 

The right blockchain development team can enhance the PoS (Point of Sale) of your blockchain operation or product along with everyday business processes. Therefore, be flexible and thorough with your dedicated blockchain development team's qualities, skills, experience, and reliability. Choose blockchain development services that align quickly with your business goals and objectives. Now go on and start your digital journey.