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That Bitcoin was created by Satoshi Nakamoto in 2008 marked a new era of blockchain technology and decentralized economy. Are you looking for the top blockchain development outsourcing companies for blockchain technology implementation? Check out our ultimate guide to choosing the right outsourcing blockchain development company below.
3 steps to choosing a trusted blockchain development service provider:
5 criteria to consider:
Understanding your requirements is the first step toward an effective blockchain development outsourcing process. It helps you choose the most appropriate vendor and assists your partner in picking the right blockchain solutions for your business.
Here are some questions you can ask:
Typically, there are two ways for enterprises to realize blockchain solutions: Use an existing framework and build their own blockchain.
It means you develop your custom blockchain-based application on a layer-1 blockchain framework. This is probably the most popular way to apply blockchain technology because it’s easier, quicker, and cheaper.
So, why? Because you just need to develop your custom codes on the blockchain framework to build your dApp and you can utilize the enhanced security and scalability that the framework offers.
In opposite to the above method, this time you will build your custom blockchain for your business with your target balance of decentralization, security, and scalability. It will require lots of effort in building, maintaining, and safeguarding as million-dollar bugs may come at any time.
Normally, enterprises that need private blockchains or custom blockchain solutions to reduce dependence on outsources will consider this method. In this case, your blockchain developers will need solid ability in blockchain logic and architecture besides the 5 popular criteria below.
Choose an experienced company
Hiring a blockchain partner is basically choosing a software development vendor that specializes in blockchain technology. The best blockchain solution provider should come with solid tech skills plus experience related to your target blockchain product.
The more blockchain products and blockchain platforms they worked with, the higher chances that they can propose the best solutions for your products, especially in terms of commercially viable blockchain technologies.
Still, as the blockchain technology just began to boom in 2017-18, you shouldn’t expect a ten-year experience company in all blockchain-based applications. Instead, look for some of the following in their portfolio:
How to verify? You can check their portfolios on Clutch or Github to see what blockchain applications they have involved. Also, schedule a meeting with them to discuss their experience and see if their blockchain solutions match your needs.
Choose the best blockchain developers
Second, the best blockchain developers should understand blockchain data structure besides general software development knowledge. See if they are familiar with:
How to verify? See their CV and portfolio, look at their repositories on Github (if any), interview them, and give them a test related to your target product.
After ensuring the service quality you may wonder about the budget. So, how much does blockchain application development cost? It may start from $5,000 to hundreds of thousands of dollars, depending on the specific blockchain implementation scope. And the average global blockchain developer hourly rate ranges from $30 – $59 by Upwork statistics.
But let’s see what aspects you can control to reduce blockchain app development costs.
Normally, blockchain development costs consist of Consulting; Designing; Development; Testing; Deployment; Maintenance.
Two common blockchain outsourcing pricing models are:
Two possible payment methods:
So, we recommend three tips to choose the most budget-friendly blockchain firm:
Another important aspect to consider when choosing a blockchain development company is if they are timely, proven by:
Flexibility is also essential in blockchain development not only dues to the fast-evolving nature but also the “new” of blockchain technology. In this early blockchain stage that not everything is verified, things are often right until someone says that it’s wrong.
For example, Luna’s stablecoin algorithm was considered the best stablecoin model to apply until this technology appeared to issue, UST became unstable, and everyone realized that it was not as good as they thought.
So, regardless of the pre-defined plan in the fixed-price model, you should ask the vendor about handling significant changes such as:
Security in blockchain development consists of two aspects: security function and project information security. Still, security functions could be ensured via the company’s expertise in the first section so we won’t discuss them here.
As for information security, see if the vendor’s solutions work for your project. There are three main types of security that outsourcing companies apply as follows:
That the demand for blockchain implementation is rising resulting in numerous blockchain development companies entering the market. What you should do is have a list of vendors based on your prioritized criteria and do what you can – double-check, interview, and compare them – to find the most suitable partner for your business!
LTS prides to be a trusted partner who has provided custom blockchain solutions for specific business needs at reasonable costs. Don’t hesitate to contact us at any time for a free consultation.