The world had gone bonkers in the year 2009; when Satoshi Nakamoto introduced the concept of Bitcoin. Blockchain, the technology behind the infamous Bitcoin, was prima facie responsible for the emergence of cryptocurrencies. But, it has various applications in different domains as well viz. healthcare, supply chain, insurance, banking, etc. creating a mad run in the market to hire Blockchain developer. A Blockchain is a cryptographically chained collection of records or blocks with a unique capability of immutability to provide transparency as the transactions cannot be modified once written. The core implementation takes place on the most powerful and widely available network of the world, aka the Internet. It records transactions in a chained manner, as the name suggests.
Blockchain – An Overview
Bitcoin is a widely used example of the use of Blockchain technology. It is also known to facilitate anonymous and shady transactions without any governmental intervention. Let us try to understand the working of Bitcoin.
Suppose a person wants A to send Bitcoins to another person B. We need to know the wallet id of the person to whom we want to send the Bitcoin. This transaction is supposed to reduce an amount x from A’s Bitcoin wallet and adds x to B’s wallet balance. Many of these kinds of transactions are grouped to form a block. These blocks are attached to an already existing publicly available list forming a Blockchain. The transactions are secure and immutable i.e. permanently stored in the Blockchain. Storing the data permanently ensures traceability and avoids dubious transactions.
In the absence of a regulator, some people in the Blockchain take the onus of authorizing transactions. These people, called Bitcoin miners, upload the details of the approved transactions on a public ledger available with all the Blockchain users. Due to this reason, it is also called to have a distributed database. In the case of a centralized database, the authority to update the ledger remains with a party, often called the trusted third-party e.g. bank. The miners need to solve a complex mathematical problem to claim the transaction fee and Bitcoin as a reward. This process is called mining and is the only way to generate new Bitcoins. More computing power ensures a faster solution to the mathematical problem. The process then adds this new block to the existing chain of blocks. The entire process of block approval and updating takes place in 10 minutes creating an updated Blockchain. It ensures security due to the presence of multiple copies of the database, permanent data, and the time limit. This means a hacker is supposed to have computing power more than the entire network’s computing power and he needs to hack multiple copies of the database within 10 minutes to pose any kind of threat to the system.
The enormous potential advantages offered by Blockchain opened up new avenues for various industries. Finding a Blockchain developer isn’t a difficult task, but finding the one fitting the bill is a tedious task. The blog post offers tips to hire a Blockchain developer as per our requirements.
Select a Seasoned Campaigner
Selecting a Blockchain developer having expertise in your sector is a must as there are applications of Blockchain in almost every sector be it Logistics, Healthcare, Insurance, or Banking. Every Blockchain developer may not be proficient in all the domains. It is prolific to hire a blockchain developer in india only if he has projects of your domain under his belt.
Choose Players not the Team
Looking at the technical skills of the Blockchain developers is a must while selecting a Blockchain development company as it is the developers who are going to work on the project. However prominent the company is, do not forget to check the technical expertise and domain knowledge of the developers in the venture.
Online Scrutiny is a must
Going through the website of the potential Blockchain development company is an essential step to hire a Blockchain developer. It is crucial to cross-check the past projects flaunted by the company. Taking the feedback of old clients can fetch you a lot of information about the professionalism and punctuality of the company in the mix. If you are planning to hire blockchain developer online for the project, the inspection should be more thorough.
The Minimum is not Always Optimum
Opting for a company that quotes a minimum price is not always the correct choice, especially when you hire blockchain developer for your needs. A more rational approach would be to finalize your budget and searching for a Blockchain development company that can match your requirements in the decided budget.
While finalising a Blockchain development company, one should pick a company that aligns with its vision and is persistent in achieving the objectives of the client company. It is an evolving technology wherein multiple companies are in the foray, so one should carefully analyse the expertise and experience in the relevant domain. One should not fall into the trap of inexpensive here. Rather, the skills of technical developers and the previous clients’ feedback are more important.
Frequently Asked Questions (FAQ)
Q1. What are the advantages of having a Blockchain-based solution?
Ans: Security, Transparency, Efficiency, Non-immutability, Traceability, etc. are the major benefits of a Blockchain based solution.
Q2. What are the costs involved in a Blockchain-based project?
Ans: The cost depends on the type of business e.g. a social media project would cost anywhere from $60 to $150 thousands and a full-fledged cab aggregator system would cost around $100 thousand
Q3. Is it preferable to hire a separate company for Blockchain support and maintenance?
Ans: It is always better to hire the same company that developed the Blockchain system as a new company would first have to understand the technicalities of the system.
Q4. Is the Blockchain applicable in my sector?
Ans: There are various use cases of Blockchain in sectors like the Health sector, Real estate, Finance, Banking, Supply chain, Insurance, Music, Retail, etc.