Globally, blockchain technology has acquired significant appeal due to its inherent transparency, immutability, decentralization, and traceability properties. From companies to startups, banks to governments, everyone has committed resources and invested money to comprehend how blockchain technology might usher in a paradigm change in computing.
By definition, blockchain is more robust and secure than centralized alternatives due to its decentralized and distributed ledger approach.
By now, the majority of organizations should be aware of the possibilities and advantages of blockchain technology – decentralization, security, immutability, and smart contracts, to name a few. All of this is already resulting in the emergence of new business models and the disruption of whole sectors. The majority of Fortune 500 companies, or at least a fair part of them, are already experimenting with the technology.
However, like with any developing technology, the market has a finite supply of talent/expertise. Whether you’re a startup, a corporation, or an entrepreneur with an idea, finding top-notch blockchain development and consulting skills may be extremely challenging. How should this problem be approached? In this post, we’ll attempt to guide you through the blockchain path by providing some dos and don’ts for picking a blockchain development and consulting business as a partner.
Today, the crypto industry is home to a plethora of blockchain development firms that provide end-to-end blockchain services designed to accelerate your business’s growth. However, deciding which one is the best is a difficult task. As such, it is suggested that you conduct adequate research before picking up the right one. Before choosing a blockchain development firm, you need to consider a few factors.
Step 1- Long Term Planning
So you’ve got a concept, a budget, and perhaps even a decent team in place; all you need now is an Upwork freelancer to create a lot of smart contracts, correct? Wrong. When it comes to selecting a technical blockchain developer, cheap and quick often transforms into sluggish and costly technical developers. The last thing you demand is for the original developer to produce a shoddy job that would require extensive rework or – even worse – leave mid-project.
Having a long-term perspective is critical when selecting the proper blockchain development or consulting company. In an ideal world, a firm would seek a team capable of completing the project from start to finish (including non-blockchain technical work) and providing ongoing support.
Step 2- Sourcing
How should one go about locating and selecting prospective Blockchain development firms? Especially in a new environment that is somewhat unknown to them. Of course, the perfect situation would be for a connection to suggest you to a reputable consulting firm with whom they have previously worked effectively. However, that is a luxury few can afford. Assume we begin from scratch. What happens now?
A nice place to start would be sites like LeewayHertz, who are technology service providers. Another area to check is through numerous internet lists highlighting the “Top Blockchain Development Companies.” While LeewayHertz has been recognized as one of the best development and consulting firms in several rankings, most recently by Tech Reviewer, it makes sense to review at least a few published lists for the sake of neutrality.
Step 3- Due Diligence
Okay, now that we’ve found a few possible blockchain development firms, what’s next? What should the screening procedure be in order to ensure that we make the best possible choice? It might be prudent to develop a two-step validation procedure consisting of the following steps: 1. External Validation 2.DYOR (Do Your Own Research).
Conduct independent research. This covers everything from the firm’s website to its client portfolio to the firm’s founders and even individual workers’ LinkedIn profiles. A gleaming website devoid of a genuine customer portfolio is meaningless, isn’t it? Similarly, if a blockchain consulting firm’s personnel has little to no online presence, it’s typically a major red signal. Pro tip: Look for blockchain-focused companies. If a technology business advertises itself as capable of developing anything from websites to mobile apps to smart contracts, that is a huge attracting feature for selecting a blockchain development company.
Look for external validation on a proactive basis. The easiest method to establish this is to contact two or three clients of the development firm and get comments.
Adhering to these three stages should result in the establishment of at least one significant blockchain consulting and development firm. From then, it’s mostly a question of communication, budget analysis, and strategy.