Blockchain is unstoppable. It is only a matter of time until all of the organizations and individuals across the globe adopt this opportunity into their project.
Based on the experts’ opinions, by the year 2025, the adoption and implementation of blockchain will be more significant in all aspects of our lives.
With over 13 years we have been alongside the Bitcoin and blockchain solution, we can easily see how this can be relevant to many industries and niches. Obviously, we can see that the blockchain solution has intruded on the sectors of the economy earlier than other niches. But it didn’t take a long time until it came to the other niches like supply chain, technology, IT, health, agriculture, and many more.
If you are one of those who embrace blockchain technology, the first thing you want to do to implement it into your business is to find the right developer who can help you to go for the project.
The most recent surveys showed that outsourcing is becoming more common in every industry.
Chances are you cannot find the best software company that is ready to help you with blockchain technology. But it does not mean that you cannot find your best partner for your project. Hiring a company for your upcoming blockchain project is almost the same as hiring software engineering services for a particular software.
But you will want to make sure that you hire a company that has extensive experience in the particular niche. There are differences in the requirements and characteristics when browsing around the available options for you. The first thing you can see is the solid experiences and expertise that a company has. For instance, INC4 has been focusing on blockchain-related solutions for over a decade. These numerous years are something that the other companies do not have.
Here are the factors that you need to consider when choosing the blockchain development team for your upcoming project.
It is the very first factor to keep in mind. Not all platforms are created equal. It requires extensive research to decide on where you will be hosting your platform. Building a blockchain solution is not a simple task to do.
You will need a platform where you can deploy your blockchain-based app. The developers will help you to see the available resources that you have.
There are few options that you can take.
One of them is to host the infrastructure by yourself.
In this case, you will need to prepare the dedicated resources to sustain and manage the blockchain system. It gives you full control over setting and configuring the blockchain. But it requires a massive amount of money, time, as well as resources. For most SMEs, small to midsize businesses, as well as startups, this can be out of option. If resources and time are your concern, you won’t need to use this solution.
The other way is through the Blockchain-as-a-service. In this case, the blockchain solution is already available. For instance, Microsoft Azure has BaaS offerings for you so that you don’t need to build the blockchain from the scratch.
The blockchain platform is a start. What next, then? Your solution will also need the code that contributes to the blockchain.
It is where the decentralized concept applies. When there is no banker, brokerage, or another third party in the transactions, the platform replaces them with the smart contracts.
The developers will write the code to make such great smart contracts that can facilitate the transactions in your blockchain-based apps.
One of the most popular platforms is Ethereum. Through the blockchain platform, the developers will create smart contracts meticulously. It is tedious work that requires much time and effort to finish.
No blockchain platform is one-size-fits-for-all. The project owners will also need to handle the integrations with the technology stack in good synergy. In this case, Ehtereum BaaS comes with a wide array of technologies. Thanks to the updated community, you will find a lot of relevant solutions on this platform.
Security is always paramount. The security aspect of the blockchain platform is related to network security. Using the blockchain requires the keys connected with the blockchain software or applications. Those keys are sensitive so that you must store them in the safest place possible.
There are some solutions that you can take when you want to secure these keys.
The first one is hardware security. If you have ever used a hardware wallet of Bitcoin or other cryptocurrency, you know that it is hard to get tampered with or manipulated. the physical hardware devices will save the secret keys for you. When there is an attempted breach, you will get noticed quickly so that you can take quick action to handle the matter.
The second stuff is cloud-based security models. The secret management tools do not only come to the hardware. If you are not up to the physical hardware solution, you could use the Cloud-based service instead.
There are some common concerns that you’d need to consider before proceeding with your next project. These concerns commonly come from potential users. For instance, one cannot store the crypto in the company.
If you are using the private permissioned network, it won’t pose a problem since you are accessing it in the private domains.
The privacy that you need in the app
Besides security, privacy is such an important factor for the clients. If the app holds the private information of the users such as full names, home addresses, etc, you need to consider having a private network. It is because you want to protect the private information of your app users. It will promote your business transparency and trust levels.
How far will you go?
You might have an authentic objective. But what about the milestones you will want to achieve? Are you planning for scalability as well?
You need to think about the possibilities that the number of app users will increase from time to time. Then the transactions will also increase. And when these parameters do, it is important to be ready to scale up.