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Blockchain has empowered global companies and startups alike to reimagine future growth and agile business practices. Business experts are invariably cheering on its tremendous potential to disrupt markets. Global players are forging partnerships with blockchain technology service providers to reap the benefits of this booming technology.

Currently, even technology companies with blockchain product ideas find their implementation riddled with challenges. This shortcoming is mainly on account of insufficient bandwidth (domain experts), lack of subject matter expertise, or experience. To triumph this challenge, companies hire expert blockchain developers or outsource it to an experienced blockchain company.

On the other side, blockchain development service providers are mushrooming. Each one with distinctive services and merits. In such a scenario, finding the right blockchain provider can be a daunting task. After all, it is hard to evaluate a vendor specializing in a domain that is fairly new to the business world. And the cost of any error in judgment can lead to overwhelming consequences. To spare you the exhaustive ‘trial and error’ exercise, we have listed down a few things that you should consider before zeroing in on your blockchain technology partner.

Evaluate the Technical Expertise

The software industry evolves by the minute. It takes no time for things to turn complex. Ergo, you have to put in a little research to understand the technical prowess and experience of the prospective blockchain services company.

Here’s a quick checklist to help you validate things –

  • Review their experience in blockchain projects
  • Understand their coding standards and processes
  • How skilled are their blockchain architects
  • Check out their work in your industry

Basically, identify whether the vendor’s accelerating, scaling, adapting, and persisting capabilities collectively contribute to a robust solution-implementation approach.

Commitment towards Completion

A successful project heavily relies on the organization’s preparedness against unexpected technical issues, communication between the associated teams, and functional dependencies. Underperformance amongst any of these parameters impacts the project’s roadmap to success. Be clear about your project development timelines and the vendor’s delivery capabilities.

It will help a great deal to know the below things beforehand –

  • Understand their project management ecosystem
  • How do they deal with changes and upgrades
  • Ask about their crisis management mechanism
  • Post product launch maintenance and support

Reliability of Support Services

When it comes to blockchain services, the development of the application is not all. Active support for post-launch maintenance, monitoring, and data storage is also required.  Your organization can focus on the bigger goals if your vendor provides dedicated support services.

Evaluate your blockchain services partner for –

  • Their domain knowledge about blockchain technologies
  • Core competencies V/s support services
  • Availability of Live technical support
  • How is their hosting support structure
  • Reliability for real-time bug fixes

Compare the Pricing Model

You will discover various pricing strategies from blockchain service providers. The key deciding factors of the pricing strategy are the scope of the project, customization requirements, and the vendor’s geographical orientation. Leading global companies collaborate with low-cost country (LCC) vendors to maximize profits.

Generally, blockchain service providers offer two kinds of pricing models

  • Variable Rate Pricing Model
  • Fixed-Rate Pricing Model

The variable pricing model is ideal for companies with high-volume projects and bigger budgets. This is because the need for customization and enhancement is critical for such projects. The fixed-rate pricing model is a good fit for enterprises with mid-to-low budgets. In this model, you pay a fixed amount for the entire product development project. It gives you the required flexibility to make changes in the blockchain application.

Availability of a Dedicated Team

Dedicated resources/team is ideal for companies who are engaged in multiple projects. For such requirements, blockchain development companies assign a dedicated team for your projects.

What difference would a dedicated team do to your project –

  • Accelerate the development process
  • Add-on strength to your core IT team
  • More flexibility for modifications

To summarize things, go for a blockchain partner that complements your goals, shares your vision, and suits your budget. If you are looking for a blockchain development partner who has a global experience and a proven track record in blockchain technology, Reach Us Here


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