How to evaluate a blockchain development company
Blockchain came into being in 2008 as the distributed ledger behind bitcoin transactions. In the intervening years and to date, the technology has been deployed in many industries. Its rapid development has grabbed the attention of many entrepreneurs who are figuring out how to implement the technology to improve their operations. Some of the perks of blockchain technology include immutability, irreversible transactions, and lower transaction costs. Blockchain is still evolving and lacks developers with the skills required. So, hiring the best blockchain development company in the market, like TokenMinds, has a bearing on the success of your project. Here, we share tips for evaluating a blockchain development company.
Assess their past projects
Any experienced company has a portfolio of work that it has delivered to various clients. It's essential to request the company you're evaluating to share with you its portfolio. You can assess the quality of work through past projects and determine whether the developer can meet your needs. Companies that lack previous work samples may be young in the industry and lack the skills to offer high-quality services.
Find out about what the team can do
Developers in the blockchain industry must possess vast technology skills related to the field. You need to inquire about the programming language the developer applies and the frameworks the team uses. Also, find out about the size of projects they can manage. Complex blockchain projects need a team with various professionals who can coordinate to develop them. Companies that focus on startups may lack the expertise to deliver sophisticated blockchain projects.
Following the latest industry trends
These days many businesses are trying to experiment with blockchain. When evaluating a blockchain development company to hire, it’s the key to assess whether it follows the latest trends and innovations in the industry. Hiring a team that’s up to date with the latest developments and innovations in the industry can help you create a high-quality project.
Each business has peculiar needs that require specific solutions. So, a blockchain development firm should deliver bespoke solutions that meet the needs of various projects. If the available platforms don’t fit your needs, you should determine whether the company provides customized services.
Evaluate third-party reviews
Due to technology, it’s possible to find the views of various individuals about a specific blockchain developer. Platforms like GitHub, Bitcointalk, and LinkedIn contain many objective reviews about a development company you intend to hire. The best company has raving reviews from previous clients. On the other hand, a preponderance of negative reviews indicates that the company lacks the experience and skills to deliver high-quality blockchain projects.
Security and customer support services
Each business requires a secure blockchain solution that protects its data from hackers. Although blockchain integrates encryption technologies, huge transactions can sometimes overwhelm the security aspects. Thus, the company you're evaluating should guarantee you a consistent, secure system. At the minimum, the company should integrate two-factor authentication (2FA) and multi-signature elements.
In addition, the company should have a reliable customer support service that’s ready to handle any issues you may encounter.
‘Thirteen companies dealing with cryptocurrency and blockchain tech received a total of 43 vulnerability reports in the period between February 13 and March 13, as per bug reports submitted to vulnerability disclosure platform Hacker One.’
Assess their pricing and contract conditions
Each blockchain development firm has different prices for its services. It would help to find out whether your company of choice can match your budget and offer the best solutions. It's important to request a quotation that captures details of various services and their prices.
The company you choose should be flexible in accepting various options of payments. If your budget is tight, the developer should evaluate your objectives and develop a contract to fit your needs. For example, suppose you lack the money to pay for the entire project. In that case, the company can develop a contract that enables you to share a specific percentage of your profit once the project is operational.
Examine the team’s experience
The company you're assessing should showcase its team's skills on the pages of its platform. You can also check social networking sites, like LinkedIn, for more information on each member's experience.
Smart contract Development
Smart contracts have become an integral aspect of blockchain development solutions. The team you hire should understand how to develop virtual contracts that can accelerate your transactions. Before you hire the company, evaluate the type of smart contracts it develops to determine if they meet your needs.
Evaluating a blockchain development company to hire can be a challenging task. With many developers emerging in the industry, it can be a tall order to decide the right company to work with. Here, we’ve shared actionable tips and tricks to use to evaluate the best company you can hire in the market.