5 Tips to Select the Right Blockchain Development Partner
Blockchain has ‘connective intelligence’ that weaves the entire world without an intermediate fabric. We have seen blockchain’s meteoric rise from bitcoin enabler to a purveyor of trust. This highly promising technology has captured the attention of many innovative startups and legacy organizations.
Both global market leaders and new startups leave no stone unturned to implement blockchain-powered solutions. However, many organizations lack the ability to do so.
Let’s say, you have a blockchain project in mind. You have outlined the complete product roadmap for development. However, moving into development can be challenging on various levels.
As an early adopter, you may find some hurdles in implementing blockchain solutions. Perhaps your tech-team lacks the subject matter experience or, they may lack the bandwidth or internal resources to build it.
Whatever the reason, many enterprises are forging partnerships with technology-focused companies for blockchain solution and services. One reason, of course, is blockchain’s growing popularity.
They are competing for professional blockchain development service providers.
Finding the right blockchain development partner can be costly, time-consuming and frustrating. After all, it is difficult to evaluate the relative merits of various blockchain development companies. The stakes are high, and one wrong choice can quickly derail your project.
It is essential to find the right people with precise skill-sets that matches your organization needs and meets your blockchain project objectives.
The company you partner with must demonstrate solid competency in most technical languages such as Java, C++, Solidity, Python, and Hyperledger Fabric. They must have the ability to create minimum viable blockchains, smart contracts, or related products. Lack of expertise in any one of these can affect the functionality or security of your product.
To begin, here are some quick tips that can help you decide what a great blockchain development partner would be like:
1. Technical Skills and Experience
It is crucial to validate technical skills and experience of a blockchain development company. Here's what you should consider:
- Check their experiences in developing blockchain projects
- Ask about their coding standards and good practices
- Assess the technical expertise and skills of blockchain architects of the company
- Review similar work that they've done for other customers
Software development projects are complex. Things are likely to get even more complicated with blockchain technology. That’s why it’s important to pick a firm having a proven track record of developing blockchain products.
Ensure that your potential partner has relative experience and skills to understand your priorities and tech stack requirements. For instance, if your team is using agile methodology, your partner should also use the same methodology. This brings agility to quickly pivot if things don’t go according to plan.
Hire someone who can work at breakneck speeds and on a schedule, so you don’t suffer from missed deadlines, frustrations and unpleasantness.
2. Availability and Commitment
It is very rare that your product development roadmap and the expected development time will be 100% aligned.
Projects often veer off because of unforeseen technical problems, functional dependency, or the lack of coordination among cross-functional teams. Before you hire anyone, ensure that they understand your product requirements clearly and must adapt to the solution they develop.
Get a clear idea on the key areas of development like:
- Ask about their project management methodologies
- Talk about how they will handle changes and enhancements
- Discuss about their approach on the crises that may occur
- Confer about support and maintenance they provide post product launch
Finally, if you don’t want to be left scrambling after the product goes live, hire someone that you can retain for bug fixes, regular maintenance and upgrades.
3. Dedicated Support Services
For enterprises, simply developing a blockchain application isn't enough. Applications need continual support and maintenance even after successful deployment. Consider choosing your product development partner who also focuses on providing an ecosystem of support services from development support to system health monitoring and data storing.
Evaluate their support services such as:
- Their curated knowledge on blockchain technology
- Core components and developer tools
- Cloud hosting supports
- Live technical support
- Real-time bug fixes
The objective behind dedicated support services is to help you be free from trivial activities so that you can focus on growing your business.
4. Assess The Pricing Model
Different companies carry different pricing models based on their project’s core value. You can evaluate the pricing model of the potential development partner according to your project requirements.
Mainly, there are two types of pricing model:
- Variable Rate Pricing Model
- Fixed Rate Pricing Model
You can opt for variable pricing model, if you need additional or customized services. However, if you are tight on your budget, then the fixed price model might be the best choice for you. With this model, you pay a fixed price for your product development. The 'Fixed Price Model' also called the 'Agile Fixed Price Model' allows more flexibility during development. This is because the developer utilizes the agile development methodology, which inherently allows for changes along product development.
5. Dedicated Team
If your project demands an ongoing availability of developers, or if you have multiple projects, this may be the most suitable model for you. Under the Dedicated Team model, the development company assigns a dedicated team that works solely on the unique requirements of your project.
The advantages of this model are:
- Extension to your existing inhouse IT or development team
- Flexible interaction during changes of requirements
- Fast-Paced Development Cycle
On a closing note, it is very important to ensure that the vision of partnering companies is aligned. It is crucial to seek a company that understands your needs and relentlessly pursues the achievement of your objectives. If you are on the lookout for professionals with real, proven experience in blockchain products development, call us on +1-609-245-0971 or email us on firstname.lastname@example.org.
Cygnet Infotech is a CMMi level 3 and is ISO 27001:2013 and ISO 9001:2008 certified, 18 year old global technology provider enabling ISVs & enterprises through emerging technology, software engineering, technology consulting, SAP Implementation, advisory & maintenance services. It’s proven 18-year track record boasts of successfully delivered 1400+ valuable software solutions to its diverse clientele across the globe using a global delivery model.View All Posts