Evaluating Blockchain Providers: How to Select the Best Vendor

June 13, 2022 Sahil

As bitcoin faded from the news, blockchain solution providers breathed a sigh of relief and shifted their focus from marketing to development. The business is rapidly evolving, and the demand for blockchain developers is increasing. Hiring a specialised technical team, on the other hand, may prove difficult for certain businesses. According to Gartner, the corporate value-add of blockchain could reach $176 billion in 2025 and $3.1 trillion in 2030. But how can one go about selecting the best blockchain vendor?

Who are the Blockchain Service Providers?

Blockchain service providers have distributed systems professionals who provide comprehensive blockchain solutions for your company’s business verticals. Outsourcing and outstaffing are widespread practices corporations use in their search for the best tech personnel. The outsourcing work model has demonstrated its efficiency over time by delegating complex and specialised duties to licensed and reputable professionals.

Selecting a suitable vendor for top Blockchain Technology Companies in USA may differ from hiring other software engineers. Because the industry is still relatively new, many businesses lack subject-matter expertise and are just starting with blockchain development.

1. Expertise: Determine whether or not the organisation has the necessary expertise.

Begin by conducting research. Learn more about your possible providers’ backgrounds, experiences, and case studies in your chosen field. Learn more about the features and tools used to create the solution. Ascertain that your possible development partners possess the requisite knowledge and awareness of the ecosystem as a whole.

2. Blockchain solution providers’ tools and technology

Aside from proficiency in appropriate programming languages such as Java, Python, Go, C++, Javascript, and Rust, the top blockchain providers must also be knowledgeable in the tools and technology required to construct blockchain goods. Ethereum, Parity, Hyperledger projects, EOS, R3 Corda, and Stellar are the most well-known and widely used.

All of them are covered by excellent blockchain service providers. It enables them to handpick the best solution from various technical stack options. If the blockchain provider uses fewer tools, the upkeep of the architecture — all those intelligent contacts, DApps, plugins, and core updates — may become unmanageable later.

A skilled developer must know and understand dependable platforms and frameworks for blockchain development in addition to the tools and technologies mentioned. Some of them include Amazon Web Services, IBM Blockchain Platform, Oracle Autonomous Blockchain Cloud Service, Azure Blockchain Workbench, and Google Cloud Platform.

3. Determine which engagement models are most effective for you.

Match your project’s requirements and budget to the blockchain provider’s cooperation model that is best appropriate for your business.

If you’re unsure whether a distributed system suits your company, you can start by looking into it. Get the most out of your investment by holding a Proof-of-Concept workshop to test a solution and engage more people as needed.

The dedicated team model is a long-term commitment that includes a team of at least 3-to 5 blockchain solution providers, a monthly charge, and a flexible ramp-up and ramp-down schedule. Proceed to this option only if you clearly understand your business goals and blockchain proves to be a fundamental answer. This method will allow you to construct the solution and adapt it to the volume of work.

Team Extension is an option if you already have a team and a product but require blockchain expertise from a third party. The customer, who maintains the structure of his in-house project, is usually in charge of comprehensive team management.

Complete Managed Service is the final engagement model in which blockchain suppliers take responsibility for the whole life cycle of project development. Large corporations typically use this strategy to support, build, run, and maintain projects.

Top Blockchain Service Providers

Choosing the correct blockchain solution provider, despite multiple ratings of top blockchain solution providers, is difficult. Nonetheless, apparent leaders can be found. For a long time, IBM has supported an enterprise-grade Hyperledger Fabric platform, assisting businesses in their adoption. The NEM Foundation, for example, is well-known for advising governments and providing developers with a versatile multi-language platform.

To be among the top, blockchain service providers must have an active office in your region, such as the United States, the European Union, Asia, etc. Pay attention to how committed your possible software development partner is to developing your blockchain-based solution. Many firms try to take advantage of the excitement about blockchain, just as they do with the huge need for qualified blockchain providers.

Not every project should be developed on the blockchain, and just because you have the option to use it doesn’t guarantee it’s the most outstanding solution for your product or organization. A classic centralized solution with robust cryptography and security can sometimes be just as effective as constructing a committed piece of blockchain software. So don’t rush into a choice; instead, collaborate with your dedicated blockchain service provider to see if the partnership is a good fit for you. Begin with a small project, such as research, an MVP, or a proof-of-concept workshop. It will allow you to learn about the process and best practices, understand the outstaffing team’s dynamics and communication style, and, most importantly, assess their competencies and capacity to deliver.

Blockchain Service Providers’ Future

Finding the proper blockchain supplier may be time-consuming and pricey. Keep in mind that your potential provider must have a thorough understanding of blockchain basics and the expertise, strategy, and experience you require for your project. It’s easier said than done, and the industry’s recent cooling has demonstrated how only a few specialists can deliver on the promises. Another technology that is the same as blockchain is NFT. Hire NFT Marketplace Development Company for the best development of your Business on NFT.

So, when selecting the best blockchain services, take your time and make an informed decision. Please contact our Blockchain Lab team or stop by our office for further information. You’re always welcome to visit.