A Blockchain Development Company Guide: How to Choose

blockchain development company

Blockchain technology has gained momentums in recent years. In the future, many businesses are planning to use it. As the world is more globalized, many issues have emerged and we need new solutions. Luckily, blockchain technology can resolve some of them. The technology is applicable in various areas, payment remittances, and record keeping, for instance. Do you wish to reap the benefits of decentralized technology? If yes, you should hire a blockchain development company like TokenMinds. With many years of experience, the company can offer unmatched blockchain solutions.

Many development firms exist in the market, so you may get confused and end up choosing the wrong firm. Therefore, here, we’ve prepared informative tips that can help you cut through the noise. Following these tips, you can choose the best blockchain development services.

‘Four of the most-critical benefits from distributed-ledger technology can be encapsulated within trust, transparency, cost and speed.’

Source: Bloomberg

Focus on quality

Firstly, the quality of the blockchain solution will determine the type of services to expect. Regardless of your budget, ensure you choose a quality focused blockchain development company. Such an entity delivers result-driven solutions. Many projects with a limited budget tend to focus on finding a cheap company. If you only focus on price, you may harm the final performance of the project. Here are parameters to consider when estimating the quality of service by a specific firm:

  • Team of developers: Each blockchain development company has a team. The team delivers the solution of the firm. You need to meet the team and access the knowledge and experience of each member. Blockchain technology needs a dynamic team with various skills. So, whether you need a smart contract developer or an IT specialist, ensure that the team has multiple specialists.
  • Portfolio: A company’s previous work can give you a hint of the quality of their services. A blockchain development company with a solid portfolio is your best bet. Having a lofty website without a portfolio of previous work is for sure a red flag. So, ask for the list of blockchain development services that the company delivered.
  • Reviews from former clients: Testimonies of previous clients are helpful. Raving reviews from previous clients show that the company offers high-quality solutions. In contrast, negative testimonies imply that the firm’s services are of low quality. And it would be wise if you give such a firm a wide berth. Are you looking for a blockchain development firm with great reviews? If yes, choose TokenMinds is your best bet.

Ability to follow latest trends

Blockchain technology is in its infancy. Most businesses are experimenting with the technology. They want to discover how they can get optimal benefits from it. With this in mind, it’s critical to choose a trustworthy development partner. Such a company keeps abreast of all the latest developments in the industry. The best blockchain development companies catch up with the latest industry trends and innovations. This way, you’ll develop a blockchain application that helps you to be ahead in the industry.

Assess whether their contract conditions match with your business model

Some companies, especially startups, may find blockchain technologies expensive. In fact, if you’re on a tight budget, you can still develop blockchain applications. You can do that by requesting your chosen firm to create a contract suitable for your model.

Thus, an excellent blockchain development company offers customized services. After sharing your vision and goals, an experienced blockchain developer can create a customized solution. And the solution will meet the needs of your project.

If you’re unable to meet the cost for the whole project, you can still have a contract with a firm. A flexible company can opt to charge you a specific rate of profit. This implies that you’ll share your profits to meet the cost.

Consider the blockchain development company’s security and customer support

An excellent blockchain development company provides 24/7 customer service. During and after the implementation, you need a team that understands what is a smart contract and the need to protect it.

Each business requires a safe system. And that’s the reason many businesses are choosing blockchain with encryption technology. But, heavy transactions on the blockchain can pose challenges. So, the firm you hire must assure you of total safety.

An excellent developer provides various security choices, such as two-factor authentication (2FA). It helps to inquire about the type of safety filters the company uses. This gives you a clue on what to expect on security from the developer.

Check the type of technology the blockchain development company uses

Although blockchain operates on a similar overarching philosophy, they differ in functionality. For instance, Ethereum and Ripple are blockchain-based technologies with divergent roles. While Ethereum focuses on smart contracts, Ripple is a token transmitting technology. Do you aim to conduct cross-border transactions? Then you should hire a blockchain development company that develops Ripple technology.

In decentralized ecosystems, many businesses prefer smart contract based technologies. Are you trying to get a thorough idea of ‘what is smart contract’? A smart contract is a self-executing contract that helps to facilitate transactions between two parties. TokenMinds offers customized smart contract services. A smart contract developer helps create a robust solution to implement smart contract in your business.

Due Diligence

The screening procedure comes once you identify a few potential blockchain developments firms. Here, a two-validation procedure consisting of DYOR and external validation can help you.

  • DYOR: Do your own research (DYOR) is a technique that you can use to understand many things about the company. These range from the firm’s platform through employees’ backgrounds to customer portfolios. DYOR helps you to make an informed choice when hiring a company. Through it, you can understand a company that’s committed to offering blockchain development services. The procedure enables you to understand the specific service each company offers. For example, if you’re looking for cryptocurrency wallet development solutions, you should determine whether the company in question provides them.
  • External validation: Once you’re through with a DYOR, the next step is to seek external validation. You can do this by contacting two or more previous clients of the smart contract developer. It helps you to know the views of previous clients about a blockchain company. Such clients are willing to offer views about the quality of services the company offers.

Think long term

Due to a low budget, many startups tend to go for cheap short-term developers. While this is understandable, it’s vital to acknowledge the fact that cheap can be expensive. If you accept a mediocre job, you’ll at some point need to redo it. Revamping a complete project is a costly affair that you may need to avoid. So, having a long-term view when selecting blockchain development services is vital. An ideal development firm can offer extra services, such as marketing your services. So, a blockchain marketing agency is a perfect choice.

Determine the vision of your project

Before you start looking for a blockchain development company, it’s vital to map out your vision. Take time to understand decentralized technology. Also, know how it can assist your business. A clear vision of your project helps you to discuss it with developers.

Select a blockchain development company that offers consultation services

Some developers lack the time to offer consultation services to their clients. Some are only interested in executing the idea that the customers have.

Developing a blockchain project is a technical field that requires in-depth knowledge. Knowledge sharing happens between project owners and developers. It’s, thus, critical to hire a firm that offers consultation services. Such services can inspire and hence, improve your blockchain ideas. So, it would be best if you found out whether the company you want to choose offers consultation services. And a blockchain marketing agency can be your best as it offers various services.

Ability to meet the deadline

Blockchain technology is evolving each moment and there are all time newcomers joining the crypto industry. If you want to launch a project, you may wish to do it fast to avoid any delay. The company you choose must be time-sensitive and strive to meet your deadlines.

Consider the experience of the blockchain development company

The experience of the development company is an essential factor for you to consider. An experienced company has been in the market for quite some time. And such a company has a portfolio and enjoys raving reviews from clients.

Conclusion

Blockchain technology has many benefits for businesses. You can enjoy these if you hire the right blockchain development company. But choosing such a company is a difficult task since the technology is new. Luckily, this article has shed light on some of the critical factors that you should consider. Going through it can help you choose the right blockchain developer.

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