Establishing yourself in the digital world is not easy, especially not in present times when the competition has become widespread. It’s because the digital world demands more security, privacy, and operations concerning transactions.
Managing one’s financial operations on its own can sound like a daunting task to anyone. Consequently, the companies and businesses have been on the lookout for competent and talented blockchain development companies to manage the financial operations on their own.
But due to the huge number of blockchain development companies, it is impossible to figure out which one might work best for you and your business. But no worries as we’ll help you select the best blockchain development company for yourself.
Go through the list mentioned below mentioning some of the best blockchain development companies to select the right one for your business.
Blockchain Development
Blockchain is a kind of new technology coming into business operations to enable businesses to take advantage of it. It is meant for those who are into cryptocurrency. Its main purpose is to store transactional data.
Being the latest technology, blockchain technology can bring enormous benefits to your business. Let’s have a look at some of its benefits for your business.
Security
Blockchain development tends to offer your business great security and immutability. One must gain control over more than 50% of nodes to change the transactional data.
No fraudulent practices
Due to blockchain technology, businesses will no longer have to face fraudulent customers demanding a refund from the banks.
Transparency
The system gets much more transparent as all the interested parties can verify the transactions in an open ledger.
Lower costs
The costs for conducting deals can be significantly reduced with smart contracts in the place of intermediaries such as banks and notaries.
Besides these, there are numerous other benefits of blockchain development for a company due to which the number of companies using the technology has gone up.
Ways for Choosing the Best Blockchain Development company
There are plenty of companies coming forward to help you with your request for blockchain development but not all are that good and can make a sound different to your business.
Things can get even more difficult for such businesses who are not familiar with this latest technology. Usually, the best blockchain companies are found in India. But no worries as we have mentioned some tips which can help you choose the best blockchain development company for your business.
Custom development
The first thing to figure out regarding the blockchain development company is whether it offers custom development or not. It is because there are some complicated kinds of infrastructures that might require an individual approach.
Consequently figure out if a company offers custom blockchain development services or not, especially when no existing platforms tend to suit you. There cannot be anything better if the company holds the expertise to custom design for you with needed specifications.
Know their expertise
Without experience, no one believes in your ability and the same is the case with blockchain development companies. Therefore, it is crucial to go through the company’s expertise in the required domain.
Take out time to go through their social media handles on Linkedin, Twitter, and others which might reveal some crucial things about the experience they have. With this, you’ll be able to make out if the company will be the right fit for your needs or not.
Previous experience
What has been the company’s experience in the past years also needs to be checked before you finalize the company for yourself. Some crucial things that need to be figured out concerning blockchain development are the programming languages they know and the frameworks they have worked within the past.
In addition to this, also know the past projects on which they have worked, their size, and the verticals on which they have operated. For instance, if the company has been focussing on the small startups projects and you run a huge e enterprise, then there are chances that the company might not be the right fit for you on account of less experience.
Reviews
Living in the world of open source technologies, you will not face much difficulty in finding reviews on any project. There are numerous platforms to help you in finding reviews such as clutch, Linkedin, GitHub, and Gartner. All this can give you plenty of reviews and other information which you need for deciding on the best blockchain development company for yourself.
Supported blockchains
Without any doubt, one of the most popular blockchains is Ethereum which makes it easier for you to locate a skilled developer. But be aware of the platform as it has scalability problems as it only allows a small number of transactions.
Smart contract audit
Sometimes what happens is that companies tend to focus a lot on the logic and token issuance and this in turn might make them sacrifice their security. Instead of this, to find a better blockchain software development company for yourself, you need to conduct an audit of the smart contracts with the help of third-party services to make sure that the software they are creating is secure.
Lay your focus on finding such a company that can optimize the contract processes to help the end-users lower their operational costs.
Go deep into tools and technologies
The next significant thing to figure out concerning the blockchain development company is the tools and technologies they use during the development. The company should constantly adapt itself to the latest technological trends and updates.
Commercially also, the company should have a strong image. By this, we mean that the company must be able to reach the customer base easily along with the added value and expertise.
Some of the crucial technologies blockchain development companies make use of include:
Distributed ledger technology
Ethereum virtual machine
Hyperledger
Internet of things
Cryptocurrencies
Engagement model
While figuring out the best blockchain development company for yourself, you also need to find out about their engagement model. These are budgetary or pricing plans provided by the company in which their costs have been mentioned. Usually, the engagement models laid down by the blockchain development companies include:
Team model: As the name suggests, in this, the blockchain development company will assign a dedicated team of professionals to work on your project. The team will look after the tasks and carefully execute the project well.
Besides this, the team develops the knowledge of your experts and works in coordination with the developer group.
Fixed model: In the fixed price model, all the operative costs are fixed and non-negotiable. It means you have to agree on the price offered by the company. A fixed price model may work best for you if you are concerned about budget constraints.
But the changes you can make post the development are limited because the developer works at a certain price.
Captive unit model: Here, the developer provides the object and trains the research and development team to work on your project. Not only this, but they also help you with the financial, juridical, and personnel management of your team.
But before choosing the model, it is better to know which model turns out to be the best. Whenever you have a complex project to handle and require a team, that is the best time to utilize this model.
Differentiate between SaaS and BaaS
Before hiring a blockchain development company for yourself, you must figure out between software as a service and blockchain as a service. Sometimes, developers design blockchains based on simple programming languages which they use daily.
Usually, the simple languages to develop blockchain applications include java, python, C++, and many others. Consequently, you need to differentiate between the software as a service and blockchain as a service and decide wisely.
Development approach
Get an insight into your application requirement first before hiring a blockchain development company for your project or business. Usually, there are three development approaches that the companies follow:
Internal operations: The very first approach blockchain development companies follow is to create a blockchain application for merely internal operations.
Service orientation and marketing: The second approach of the blockchain development company is creating applications for service orientation and marketing.
Contract: Lastly, the third approach includes creating a smart contract or a decentralized application.
Every business owner should consider his requirement first and then accordingly choose the right approach.
Support and maintenance
This is the most crucial aspect to get the best blockchain development company but sadly, this is the most neglected one also. One should always opt for such a company that not only offers to develop your application but also offers post-development support or maintenance.
Depending on the business requirements, sometimes the need arises for support and maintenance. Consequently, it is better to figure out things beforehand and plan for the future.
Need for Blockchain Technology
Despite the significance of blockchain technology, still, many companies are wondering whether they require blockchain development services or not. Consequently, we have brought to you some points indicating the need for blockchain technology.
- For optimizing the processes
- For Implementing blockchain in hosting services
- For creating a distributed application or smart contract
How do Blockchain Development Companies Operate?
No doubt that blockchain development is crucial for the company but one should not forget that it is not any magic pill that will solve all your problems. Here are a few areas which let you know how blockchain companies operate.
Healthcare
The healthcare industry can also make use of blockchain technology as it can store patients’ health records to improve their security and prevent personal data from leaking.
Government
Keeping in mind the risky voting procedure, the government can make people trust the voting process by making the procedure transparent.
Logistics
Blockchain can be used to keep and maintain records of the products and other things concerning supply chain management.
Financial companies
Along with the other industries, the banking companies can also make good use of blockchain development services. By way of blockchain development in the banking sector, the banks can reduce their costs of verifying the transactions and also help participants to exchange value in a faster way.
Why Choose Skilled Pragati for Blockchain Development Services?
Once you have figured out the things to see in the blockchain development companies, the next task ahead of you is shortlisting the best company for yourself. But do not forget to keep the project requirements in mind while doing so.
Whenever it comes to blockchain development companies, Skilled Pragati is the one that comes to mind. Here are some popular reasons indicating why Skilled Pragati is the one.
Expert developers
The team of developers at Skilled Pragati is highly proficient and familiar with the diverse blockchain development technologies. All this can be effectively used to come up with the best blockchain service for you.
Experience
Skilled Pragati experience in handling multiple blockchain development projects will also serve as an added advantage for you. All our blockchain developers are highly proficient in their work and have handled complex projects in the past which makes them the right fit for your work.
Extends full support
Blockchain development is not just a one-time project but continues for much more time. And the team and professionals are familiar with this. Skilled Pragati extends full support to its clients not only during the development of the project but also post-development.
Economical
Usually, the companies tend to charge high prices for the blockchain development services due to the complexity involved in the procedures. But this is not the case with Skilled Pragati. Skilled Pragati offers blockchain development services within an affordable range.
Conclusion
All the blockchain development companies should be having these features to get themselves recognized as the best ones. Besides India, also go through the blockchain development companies in Texas to choose wisely. Consequently, you must take your time to figure out the best blockchain development company for yourself and your business model. Reach out to us and get one on one consultation on your blockchain project.