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 developers. 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 workings 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 add 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 to 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 who fits 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 hiring 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 a 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 a blockchain developer for your needs. A more rational approach would be to finalize your budget and search for a Blockchain development company that can match your requirements in the decided budget.
Potential Benefits of Integrating Blockchain into Websites
Blockchain’s decentralized nature and cryptographic features make it highly resistant to hacking and fraud. User data and transactions can be secured through blockchain-based encryption.
Blockchain enables transparent, tamper-proof records of transactions and data, fostering trust among users.
Smart contracts, self-executing code stored on the blockchain, can automate processes, reducing the need for intermediaries and minimizing errors.
By eliminating intermediaries and automating processes, blockchain can lead to cost savings in various operations.
Users can have more control over their data and digital assets, enhancing privacy and ownership rights.
Now that we understand the basics, let’s explore the steps to choose the best blockchain developer and solutions partner for your website.
Assessing Your Project Requirements
The first step in finding the right blockchain developer is to assess your project’s requirements thoroughly and then seek a blockchain development company. Start by defining your website’s objectives and functionalities. Identify the specific features and use cases you intend to implement using blockchain technology. Consider factors such as:
Type of Blockchain:
Decide whether you need a public blockchain like Ethereum or a private blockchain tailored to your specific needs.
- Smart Contracts:
Determine if your website will incorporate smart contracts for automation.
If your project involves digital assets or tokens, clarify their use and management.
Consider the potential for future growth and scalability requirements. Budget considerations are also critical at this stage. Establish a clear budget range for your blockchain development project. For achieving the goals which have been decided proper allocation of resources is necessary.
Researching and Shortlisting for Blockchain Developers
The work of shortlisting the best app developers should begin as soon as you have the right idea for your project in mind. Here are some effective ways to find candidates:
Explore online platforms like LinkedIn, Upwork, and freelance websites where developers showcase their skills and experience. Look for developers with a strong blockchain technology background.
Engage with blockchain communities and forums where developers actively participate. To find blockchain experts there are many websites available in which one of which is Github.
Seek recommendations from colleagues, friends, or business associates who may have worked with blockchain developers or solutions partners in the past.
Blockchain Events and Conferences:
Attend blockchain-related events, conferences, and meetups. These gatherings are ideal for networking with potential partners and developers.
Visit the websites of companies specializing in blockchain development and solutions. Review their portfolios and client testimonials to assess their expertise.
Evaluating Developer Expertise
Evaluating the expertise of potential blockchain developers is crucial to making an informed choice:
Before hiring anyone, you should keep in mind their experience. experience in this field means how many projects they have completed of the same and how many years they are connected with the field as well.
Review their portfolio of blockchain projects. Look for projects that align with your objectives and requirements. Pay attention to the complexity and scale of projects they’ve undertaken.
Check if the developer holds relevant certifications in blockchain technology. Certifications from reputable institutions demonstrate a commitment to continuous learning and professional development.
Request references from previous clients or employers. Reach out to these references to gather insights into the developer’s skills, work ethic, and ability to deliver results.
Blockchain development often involves complex problem-solving. Assess the developer’s ability to tackle challenges and provide innovative solutions.
Communication and Collaboration
Effective communication and collaboration are essential when working with a blockchain developer. Consider the following aspects:
Ensure the developer can communicate effectively in a language you’re comfortable with. Clear communication is vital to convey project requirements and expectations accurately.
Look for a developer who adopts a collaborative approach. They should be open to feedback, willing to share progress updates, and responsive to your inquiries.
Discuss the developer’s project management processes. Establish timelines, milestones, and communication channels to keep the project on track.
emphasize the importance of documentation. A developer who maintains clear and organized documentation is more likely to deliver a well-structured and maintainable solution.
Cost Analysis and Budgeting
Effective budgeting is a critical aspect of choosing the best blockchain developer and solutions partner for your website. Blockchain development projects can involve various expenses, and understanding these costs is essential to make informed decisions. Here’s a detailed breakdown of cost analysis and budgeting considerations:
The primary expense is the fees charged by blockchain developers or development teams. Costs may vary as per the different factors such as location, expertise, and number of years of experience in that field. Experienced developers may charge higher rates.
The complexity of your blockchain project impacts costs. Projects requiring advanced features like smart contracts, tokenization, or complex consensus mechanisms may be more expensive.
Calculate development costs based on the estimated number of hours required for development. Developers typically charge by the hour or project milestone.
If you’re building on a public blockchain network like Ethereum, consider the gas fees required for transactions and smart contract execution. Private blockchains may have infrastructure costs associated with node setup and maintenance.
Hosting and Cloud Services:
Hosting and cloud services are necessary for deploying blockchain applications. Costs depend on the hosting provider, server resources, and data storage needs.
Legal and Compliance Costs:
- Legal Counsel: Engaging legal counsel is essential for navigating regulatory requirements and ensuring compliance with local and international laws. Legal fees can vary based on the complexity of compliance issues.
- Regulatory Expenses: Depending on your project’s nature and jurisdiction, you may incur expenses related to regulatory compliance, licenses, or permits.
- Bug Fixes: Be prepared for potential bug fixes and post-launch updates. Budget for ongoing testing and development to address any issues that may arise after deployment.
- Documentation and Support: Consider the costs associated with documenting your blockchain project, including user guides, API documentation, and technical specifications. Customer Support: If your blockchain solution requires ongoing customer support, allocate funds for a support team or helpdesk services.
- Marketing and Adoption: To promote your blockchain-integrated website, budget for marketing activities such as advertising, content creation, and community engagement.
- User Adoption: Encouraging users to adopt your blockchain-based features may involve incentives or rewards, so factor these costs into your budget.
- Contingency and Reserve: It’s advisable to set aside a contingency fund to address unforeseen challenges or changes in project scope. Contingency funds act as a safety net to prevent budget overruns.
- Reserve for Scaling: If your blockchain project gains rapid adoption and requires scaling, allocate a reserve budget for scaling up infrastructure and resources.
- Post-Launch Maintenance: Blockchain solutions require ongoing maintenance and updates to ensure security and performance. Budget for regular maintenance activities.
- Total Project Budget: Calculate the total budget by summing up all the estimated costs mentioned above. Be thorough in your calculations and consider potential fluctuations in costs due to market dynamics and unexpected challenges.
- Payment Structure: Determine the payment structure for your blockchain developer and solutions partner. Some developers may require upfront payments, while others may work on a milestone-based payment schedule. Ensure payment terms align with your project timeline and budget.
Why Choose Nevina for Blockchain App Development?
Developing a blockchain app is meticulous work to perform. It requires expert and professional developers who are certified and experienced and can help you develop an app according to you. We are the best blockchain app development company which you can trust for excellent services. The main reasons for selecting our company are:
- Rich experience – We have years of experience and are always ready to cope with new technologies and challenges to overcome. We have developed applications using blockchain technology, and we have experts who are experienced in developing applications based on blockchain.
- NDA – We provide a facility for signing an agreement known as a “Non-Disclosure Agreement(NDA)”, through which clients can trust us to keep their data private with us. It is not compulsory to sign the agreement, but if a client wants to, we can sign it.
- Responsive support – Our expert developers are proactive and give support to clients 24/7.
We provide a reasonable cost for app development. Nevina Infotech is the company on which you can rely for blockchain app development.
We provide a reasonable cost for app development. Nevina Infotech is the company on which you can rely for blockchain app development.
While finalizing 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 analyze 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 (FAQs)
What are the advantages of having a Blockchain-based solution?
Security, Transparency, Efficiency, Non-immutability, Traceability, etc. are the major benefits of a Blockchain-based solution.
What are the costs involved in a Blockchain-based project?
The cost depends on the type of business e.g. a social media project would cost anywhere from $60 to $150 thousand and a full-fledged cab aggregator system would cost around $100 thousand.
Is it preferable to hire a separate company for Blockchain support and maintenance?
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.
Is the Blockchain applicable in my sector?
There are various use cases of Blockchain in sectors like the Health sector, Real estate, Finance, Banking, Supply chain, Insurance, Music, Retail, etc.
How to choose the best Blockchain development company?
Blockchain is one of the most popular growing technologies at the present time. To choose the best Blockchain development company can be found using a search engine, job portal, or official website of the companies. Nevina Infotech is the leading blockchain development company that you can hire.