Blockchain technology has emerged as one of the most promising technologies to alter organizations after cryptocurrencies acquired significant popularity. Many large and medium-sized businesses seek the assistance of the top blockchain development companies today to stand out in the cutthroat industry. By 2025, the market for blockchain technology is projected to be worth over USD 39 billion, with 56% of all investments coming from only the USA.
As per Forrester, enterprise platforms created by a blockchain development company could transition into production in 2021, and 30% of manufacturers and merchants used blockchain technologies to increase digital trust.
Therefore, the top blockchain development companies will be at the forefront of meeting the demands of the emerging market. Therefore, finding a blockchain development partner is going to become essential even if you run a small or medium-sized enterprise.
Firms Explorer enlists the top blockchain development companies to help you shortlist a firm. Do not forget to consider both your long-term and short-term goals while you assess these firms. That said, let’s dive in to get the best blockchain development company for your business.
A blockchain is an immutable and distributed database that is shared amongst various nodes of a computer network. It essentially acts as a ledger that can store the data digitally. It develops blocks of information; hence the name is blockchain technology. These records are bound together using cryptography. Each of the blocks accommodates the cryptographic hash of the previously used timestamp as well as transaction information. The main idea behind the blockchain is to provide a system of data storage in a way that cannot be altered or hacked. This digital ledger of transactions is duplicated and shared with the entire network of computer systems on the blockchain. Every time a new block is added or a new transaction occurs, its information gets automatically updated in the ledger of each of the participants.
Blockchain technology's unique characteristics can help you improve the existing processes and enable new models in your business. Therefore, hiring a blockchain development company will become pivotal once you read about the advantages of incorporating the technology into your process.
Blockchain technology might have started initially for cryptocurrency. However, now it has grown much wider in its applications. Hence irrespective of your business sector, it is very important for you to know which are the most popular blockchain platforms:-
You may need to consider some publicly traded blockchain companies to choose the most suitable blockchain platform for your business. Consider the following factors to do so -
For sure, finding the best blockchain development company was not a cakewalk for us. But by considering some essential things, you can succeed in this task. Consider the following factors to do so :-
Here are the questions that you may ask yourself before opting for a particular blockchain company:
The time and cost of a blockchain application vary from project to project. Several factors determine the blockchain application's budget and the time required to develop it. Here are the factors that determine overall development cost and time:-
The size of the agency developing blockchain applications can be large, medium, or small. Respectively, its development cost and time can also vary. Small companies or agencies will relatively charge less compared to medium, or large-sized organizations.
Every business has different requirements and those requirements decide the type of blockchain application they require. These requirements can ultimately affect the cost and time required to build a suitable solution.
Since Blockchain technology is still in the initial stage, it is hard to find the right talent pool easily. In addition, the resources involved in blockchain app development also majorly affect the app development cost and time.
The complexity of the application plays a major role in its cost and development time. The mechanism, stack, platform, and UI/UX are factors that play a crucial role in determining its cost.
In general, the time duration of a blockchain application development depends upon the application requirement and technology, and it takes around two to three months to complete execution.
You can cut costs if you outsource the project or hire offshore developers. However, certain risks are involved with this option. The estimated cost for various cases are given below:-
Cost for In-House
Cost for Freelancer
Cost for Agency
The Smart Contract Blockchain Solutions enables users to trade cash, property, shares, or anything important on their own without the involvement of any middleman. It can defy the rules and penalties similar to a customary contract. Through Smart Contracts, the top blockchain development companies directly deal with the client creating a transparent and reliable connection.
This type of Blockchain solution reduces transaction costs and increases the chances of financial gains by providing a fast system. Furthermore, the exchange blockchain platforms are not restricted to one physical location. Therefore, it makes them nearly impossible to hack.
A blockchain wallet is primarily used for reviewing crypto balances and transactions on the blockchain. They can do online trading without involving an arbitrator. Using them, users can easily verify their investments and purchases.
The top blockchain development companies are in demand because of the uses or applications of this agile technology. Below mentioned are the 5 most important applications of Blockchain Technology:-
Blockchain technology is very beneficial to secure government election results or other poll-taking situations. It can promote a transparent and easily accessible process and ultimately ensure unbiased results.
The existing security to prevent digital identity is not up to the mark. Blockchain ensures a secure and transparent digital identity database and eliminates the risk of account hacking and identity theft.
Anyone can view blockchain ledgers. Thus, blockchain technology can be a very effective medium for keeping records of lands or other properties in the real estate industry.
With Blockchain technology, personal medical records can be very effortlessly as well as efficiently managed. Moreover, its transparency will allow doctors to review patients' medical histories easily.
Using blockchain technology in stock trading, one can witness an increase in efficiency in share settlement. In addition, since this technology does not require the involvement of any middleman, the process becomes more trustworthy and transparent. Therefore, you can hire a blockchain development company for stock trading and experience better returns.
Building an in-house team will give you complete access to the developers as well as help you review the process from time to time. But this process will be costly and slow.
On the other hand, if you opt to hire a blockchain development company, you will have the peace of mind of not having to worry about every resource. You just need to find and hire a suitable blockchain development company based on their expertise, knowledge, and past work, and your work is done.
Choosing a suitable Blockchain development company is not a kid’s task. However, if you know what to look for, this task can become super easy. Here are the points you need to look for while hiring an ideal blockchain development company:-
The foremost step is to conclude what you need to build. On the basis of your vision outline, you need to choose between a type from the public or private blockchain development company.
You should be able to tell how much cost you are willing to sacrifice. On the basis of cost, you can shortlist companies that can offer you a complete solution within your budget.
Try to dig into the history of your options by reviewing their past works. You should review their previous projects, the platforms used by them, the size of the database as well as client feedback. All these factors will help you carry out an unbiased evaluation.
Protecting your data privacy should be your major concern while outsourcing the blockchain technology solution. Hence, creating a Non-Disclosure Agreement highlighting all the business ideas or processes you wish to conceal before hiring a company would be advisable. Then, hire a blockchain development company that does not deny signing this contract and is as concerned about your data privacy as you are.
Here is everything you need to know about Blockchain Technology and platforms. Blockchain technology is the future. Let us see how this technology will transform various sectors and form the backdrop to drive this growth.