Blockchain development outsourcing is the process of finding an external third-party agency to take on the development and management of your blockchain application or project.
Blockchain development outsourcing can be a win-win solution if a business does not have the expertise for blockchain product development and it needs to get something to market quickly. It also allows you to reduce blockchain development costs and get access to field-specific expertise.
ELI5 Blockchain Technology: What is Blockchain?
Let’s first explain in simple terms what blockchain technology is.
Think of blockchain technology as a spreadsheet that is duplicated multiple times across a network of computers. And that network enables regular updates on this spreadsheet. Here, you have the most basic understanding of blockchain.
So basically, five things must happen for a ‘blockchain’ to work:
- A transaction must occur – this could also mean an event such as recording bar codes of a food product.
- Verify transaction – this is a shared task among a network of computers spread across the globe.
- Store transaction records in a block – this gives the transaction or the event the green light so that it can join thousands of others like it.
- Give that block a hash – the verified transaction will get a unique code called a hash as well as the hash of the most recent block added to the blockchain.
- Lastly, the transaction is added to the blockchain for everyone to view — even you. It is what makes blockchain a disruptive technology, as it can securely store information without the need for a central authority.
Blockchain Development Language
Some of the most popular blockchain programming languages for dapp development include:
- Solidity: The only new programming language to write Ethereum based smart contracts.
- C++: There are more blockchain projects developed in C++ than in any other language. Other popular blockchain platforms include Bitcoin, Ripple, Litecoin, Monero, EOS, Stellar, and QTUM.
- Python: Many popular blockchains developed using Python are Ethereum, Hyperledger Fabric, Steem, and NEO.
- Java: Popular blockchain platforms are using Java, such as Ethereum, IOTA, NEM, Hyperledger Fabric, and NEO.
Other notable blockchain development languages include Go, C#, and WebAssembly. However, C#, C++, Java, Python, and Go are the most popular programming languages for blockchain development.
Why do companies outsource blockchain development tasks and projects? Blockchain development outsourcing to a top notch blockchain development company like TokenMinds brings many benefits, but most importantly, it allows companies to:
- Cut down project expenses
- Increase flexibility
- Speed up time-to-market
- Get access to the best blockchain development tools and processes
- Achieve better agility
Blockchain Development Platform
A blockchain development platform allows the development and deployment (hosting) of decentralized applications (dApps).
Listed below are some of the best platforms for building blockchain applications.
Ethereum is arguably the world‘s leading blockchain development platform and is the top choice for most developers. Ethereum has its smart blockchain programming language – Solidity. It is not only helping the standardization but also makes setting up contracts much easier too.
Hyperledger Fabric develops this blockchain infrastructure together with IBM. It facilitates the development of enterprise applications. Blockchain companies prefer building enterprise grade applications using this blockchain platform.
Stellar is an excellent choice for building smart contracts to facilitate international payments/financial services due to superior speed and security features. Stellar is simpler and easier to use than Ethereum but perhaps not suitable for more sophisticated decentralized apps.
Corda is an open source blockchain platform for businesses. Designed initially for the financial sector, Corda is now showing various other uses cases like healthcare, trade finance, supply chain, and government authorities.
Tezos is an open source platform for decentralized assets and applications. Tezos is a smart contract and dApp platform just like Ethereum, Neo, etc., but its self-amending cryptographic mechanism makes it unique from other platforms.
Solana is a high performance blockchain for building scalable blockchain applications. Given its unprecedented scalability and transaction speed, Solana is one of the best choices for a massive decentralized exchange or any other project that needs consistent performance regardless of the network load.
Hedera Hashgraph is a secure, fast, and fair blockchain platform. It can handle hundreds of thousands of transactions per second. It also offers the highest level of security.
Ripple XRP aims at connecting payment providers, digital asset exchanges, banks, and corporate via a blockchain network. XRP is more scalable and faster than other blockchains.
Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks.
Blockchain Development Cost: Why Blockchain Development Outsourcing is a No-Brainer
The average cost for building a functional blockchain application ranges from $15000 to $60000. It includes the cost of hiring developers, project managers, quality assurance managers, marketers, etc. This cost also depends on things, such as app features, complexity, type of blockchain, a blockchain platform, and other technology stacks.
In addition, the cost will differ based on how the team builds your blockchain application. If you decide to outsource your blockchain development, you have at least three options to choose from:
- Blockchain development outsourcing
- Hire freelance developers
- Go with an off-the-shelf software solution
Your choice will depend on the scope of work you need, the type of blockchains solution you’re developing, and your budget. If you’re building a blockchain product for an existing business and you don’t need anything too extravagant or unique, an off-the-shelf solution might be the one for you. Similarly, outsourcing blockchain product development to a freelancer might be worthwhile for a simple app, and the risk factor is low.
But when your solution is more complex, the advantages of blockchain development outsourcing become glaring. With a dedicated blockchain development company, you get all the specialists you may need: blockchain developers, UI/UX designers, testers, including project managers and business analysts. A team consists all professionals is more beneficial when you need to build a blockchain solution from scratch. The cost is also relatively low compared to an in-house development team.
Find Blockchain Developers
If you are planning to develop blockchain solutions for your business, then you will need great developers. You can find blockchain developers who understand blockchain development at TokenMinds.