An Ultimate Guide to Blockchain Development Outsourcing You MUST Read in 2022
As the price of Ethereum, Bitcoin, Dogecoin, Bitcoin, and other cryptocurrencies has evolved dramatically in recent months, blockchain technology has become the focus of significant investments by investors, companies, and governments around the globe because it makes financial transactions more straightforward and secure. While blockchain is typically known for enabling transactions via cryptocurrencies such as Ethereum and Bitcoin, businesses are also starting to explore other ways that blockchain can advance their competitiveness and operations.
“Valued at $3.67 billion back in 2020, a Grandview Research Study concluded that the global blockchain technology market size is expected to evolve at a CAGR of 82.4% from 2021 to 2028, with high profile brands such as Walmart or Pfizer joining smaller companies in developing their own blockchain solutions.”
Blockchain development outsourcing can be a win-win situation if a business does not have the expertise for blockchain product development and it needs to get something to market immediately. This allows companies to reduce blockchain development costs and access field-specific expertise.
This piece of content will discuss how to hire a blockchain development company and the significance of blockchain development outsourcing. So without any pause, let’s get straight into it.
How to Hire a Blockchain Development Company?
Business owners need to hire competent blockchain developers who can help them achieve their goals. In addition, they have to understand blockchain principles and how to implement them in business to drive growth. Thus, hiring a blockchain development company is equivalent to hiring a software development company with specific vital distinctions. Such distinctions will allow companies to find the best blockchain development partner for their projects.
Blockchain developers should possess a specific set of skills and knowledge to develop solutions for decentralized applications or distributed ledger technology. For example:
- Blockchain products
- Smart contract development
- Solidity development services
- IPFS development services
- DeFi development services
- Hyperledger development
- White-label services
- ICP development services
- Cryptocurrency development
- StableCoin development
- DAPPS development services
- NFT marketplace development
What are the Benefits of Blockchain Development Outsourcing?
- Reduced costs: Labor costs are one of the biggest expenses for any business and that is particularly so when the number of available jobs far outweighs the available supply of talent. This means that hiring talent can result in saving up to 70% on employment costs for the same talent and output quality.
- Faster results: Hiring a new in-house developer is no doubt a lengthy process. Not only this, you need to cross your fingers that they will actually accept the job after following that lengthy process. Outsourcing blockchain development sees seasoned providers entrusted with filling positions as quickly as possible, meaning that you no longer have to go through that lengthy process.
- Key competencies: Blockchain development should not be taken for granted. While several companies employ in-house developers, few executives make the mistake of thinking such skill sets are effortlessly transferable to new technology. That’s not the case. Blockchain technology has several unique expectations for the everyday developer to get their heads around in a crash course. It requires a specialized and personal approach, that’s why outsourced blockchain developers are a better long-term option than trying to retain an in-house team.
- The team effect: Recruiting one in-house blockchain developer is a lengthy process. With several organizations starting from scratch with their blockchain development agenda, they have to search for various developers at the same time in a restricted market to stay competitive in this ever-evolving world. Outsourcing blockchain development means organizations can assemble an entire team instantly, including business analysts, project managers, UI/UX designers, developers, and crypto experts.
- Strategic focus: While smart companies appoint an in-house product owner to oversee communication with as well as management of their outsourced team, so much of the minutiae involved with the administration is left to the outsourced provider. Costly and time-consuming factors including office rent, provision of equipment, holidays, and training are not your problem when you outsource, allowing in-country staff to take an arm’s length approach to day-to-day management of the blockchain development team and pay attention to high-priority tasks.
Why Blockchain Development Outsourcing is a No-Brainer?
The average cost for building a functional blockchain application ranges from $15,000 to $60,000. This includes the cost of hiring developers, project managers, quality assurance managers, marketers, and so on. This cost also depends on several other things, such as application features, type of blockchain, a blockchain platform, and other technology stacks.
Furthermore, the cost will differ based on how the team develops your blockchain application. You have the following three options to choose from if you decide to head towards blockchain development outsourcing:
- Hire freelance developers
- Blockchain development outsourcing
- Go with an off-the-shelf software solution
The advantage of blockchain development becomes glaring when your solution is more complex. You get all the specialists you probably require with a dedicated blockchain development company, including blockchain developers, UI/UX designers, testers, project managers, business analysts, and more. A team consisting of all professionals is more beneficial when you need to develop a blockchain solution from scratch. The best thing about blockchain development outsourcing is the cost is relatively low as compared to the in-house development team.
Blockchain Developers At ArhamSoft (Pvt) Ltd
We, at ArhamSoft (Pvt) Ltd help businesses leverage decentralized networks and software solutions built on blockchain technology and introduce a whole new level of immutability, transparency, efficiency, accuracy, and automation into their processes. Our dedicated blockchain experts with deep expertise in this revolutionary technology aim to offer efficient, integrated, and secure solutions for businesses representing different industries. Our wide range of services includes De-Fi solutions, smart contracts, ICO, tokens, crypto exchanges, multichain blockchain development, gamification, NFTs, and more.
- Custom Blockchain Solutions: We develop fully integrated, customized blockchain applications and mobile application integration for multiple industries delivering added scalability and flexibility.
- Smart Contract Development: We develop, deploy and debug smart contracts (Ethereum, BSC, Matic, Solana, Fantom) for businesses, ensuring a highly secured, verified, and seamless exchange of digital assets and information in real-time.
- Digital Currency Exchanges: We build white label cryptocurrency trading platforms with robust features and advanced functionalities to facilitate secure and fast transactions for businesses.
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