As the price of Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies has risen dramatically in recent months, blockchain technology has become the focus of significant investments by companies, investors, and governments worldwide because it makes financial transactions more straightforward secure.

While blockchain is best known for enabling transactions via cryptocurrencies such as bitcoin and ether, businesses are also starting to explore other ways that blockchain can advance their operations and competitiveness.

An overview of the blockchain development scene

Today, the focus of the conversation has shifted to how you can use blockchain across industries to revolutionize business processes and information management.

Businesses are in various stages of executing their digital transformation initiatives, supported by advanced technologies such as blockchain and big data analytics, and offshore software development companies are providing technical expertise with offshoring services, including blockchain development.

Outsourcing blockchain development can deliver many benefits for businesses, but finding a partner with the experience and resources to get a project done can be challenging, as this technology is still relatively new.

When evaluating blockchain outsourcing partners, companies must consider technical capabilities, project models, and services. This article examines essential considerations in choosing a blockchain development outsourcing partner.

How to hire a blockchain development company?

Choosing the best blockchain developers

As a business owner, you need to hire serious blockchain developers who can help you achieve your goals. They must understand blockchain principles, how they apply to business to drive growth.

Many people are mystified by blockchain technology and mistakenly believe it requires unique programming languages or a deep understanding of computer science.

In practice, many blockchain-based solutions are developed with various popular programming languages such as C++, Scala, Go, Python, Go, Node, Java, and Solidity. 

Solidity is a programming language (developed by Gavin Wood) for writing smart contracts that run on the Ethereum blockchain.

Thus, hiring a blockchain development company is similar to hiring a software development company with particular vital distinctions. These distinctions will allow companies to find the right blockchain development partner for their projects.

And Blockchain developers must possess a specific set of skills and knowledge to develop solutions for distributed ledger technology or decentralized applications.

For example:

• NFT Marketplace Development
• DAPPS Development Services
• StableCoin Development
• Cryptocurrency Development
• ICO Development Services
• White-label Services
• Hyperledger Development
• DeFi Development Services
• IPFS Development Services
• Solidity Development Services
• Smart Contract Development
• Blockchain Products

It’s also important that the blockchain outsourcing team demonstrate their knowledge and understanding of blockchain technology, particularly in Fintech.

Blockchain Outsourcing Models

There are several models for blockchain development outsourcing services, each with its strengths and weaknesses. Each model should be selected based on project budget, business requirements, and technology needs.

Companies should understand the different blockchain outsourcing models before signing a contract with an external supplier. The most common models are:

Dedicated Blockchain Development Team

This model is best for companies seeking to overcome in-house deficiencies by hiring a complete team of programmers, project managers, QA, and testers under one roof.

A dedicated team model allows a company to have complete control of the team and develop their knowledge base of customers’ products, specifically the blockchain-based solutions or blockchain-based applications, acting independently as an extension and working alongside the in-house team.

Fixed-cost Outsourcing Contract

This model allows a customer company to engage a service provider at a fixed price to create a blockchain solution for them.

Instead of relying on the amount of time and resources needed for completion, this project-based engagement model is focused on meeting predefined milestones throughout development.

Thus, companies with restricted budgets and companies that want to develop a blockchain project once and not maintain it are better suited to using the fixed-cost contract model.

Your answer to blockchain development outsourcing

Contact Minoid today for your blockchain development service requirements. Our team of blockchain developers with proven experience can assist you in creating a variety of blockchain solutions, ranging from decentralized applications to crypto-currency services and smart contract implementation. We will help you transform your Web3 ideas into reality while ensuring high quality and staying within the budget.