Blockchain adoption rates across diverse industries continued to grow throughout 2020. According to Deloitte’s “Global Blockchain Survey Report – 2020” an increasing number of leaders have prioritized blockchain as a top-five strategic move. A few years back, blockchain was considered as an experimentative disruptive technology. However, now it is being viewed as a true agent of growth.
Interestingly, Deloitte’s survey shows that 41% of the respondents have already brought blockchain into production in 2020. The hard fact is that every organization dreaming to make it big with blockchain technology might not achieve the set goal. Why is that so?
According to a study conducted by the China Academy of Information and Communication Technology (CAICT), the evolution curve of blockchain projects is high. Unfortunately, by 2019 almost 92% of these blockchain projects had failed. Most of these projects lacked originality and evolution methodologies and made lousy claims. However, one common reason for project failure was – lousy product development.
Either the user platforms lacked intuitiveness or they suffered due to cybersecurity vulnerabilities. Thus, it becomes really important to pick a blockchain development company that ensures a top-notch product is rolled-out into this highly-competitive market.
Here are some top tips that will help you decide your blockchain development company.
Blockchain is a rapidly evolving technology. What is trending today might become obsolete tomorrow. A company might have the best stack of blockchain developers in the town but are they capable of shaping the complete project. Thus, you must ask for domain-specific consultation services to brainstorm how the final product must look and feel like.
Any blockchain product must start with the development of a minimal viable product (MVP). Once it suits your requirements, further development must proceed in an agile manner. This is because your requirements might change as per the market changes. So, the blockchain solutions development company must agree to collaborate in a manner where the requirements and solutions evolve.
Let us say you desire to develop a cryptocurrency exchange. You must make sure the blockchain development company you are planning to engage with holds experience in that particular domain. This plays a vital role in product development. Primarily, it ensures the user interfaces are intuitive and the users’ learning curve is not steep. This is a make-or-break criteria when your product floats in the market.
Hiring a team that is handling multiple projects at a time is not a good idea. This might save you a couple of bucks but this could put your product in a tight spot. Shared teams tend to miss deadlines, miss requirements, and might not test the product thoroughly due to time constraints. Thus, it is very important to have a dedicated team of developers, testers, and quality analysts to ensure that the end product is bug-free.
When any blockchain product goes live, even after rigorous testing it might encounter some borderline cases in production. Make sure you always discuss with the blockchain solution development company the kind of after-production support they provide. In addition, discuss how they plan to fix real-time bugs, and are they ready to provide live technical support? Such a support system protects your reputation once the product is rolled-out.
Considering the pricing of the final product while choosing a blockchain development company is crucial. Different companies offer primarily two types of pricing models. You can choose between a fixed model and a variable pricing model. While choosing between the two, you need to be extra careful. This is because, with a fixed pricing model, you might end up compromising on the product features. On the contrary, with a variable model, the product might end up costing you a fortune. The best way out is to have a precise statement of work and a very clear price estimate.
On a closing note, pick a development partner only after you assess it on the above-given parameters. This will ensure your vision is aligned with their capabilities.
If you are seeking a reliable blockchain solutions development company, bring an end to your search with Antier Solutions. We offer complete blockchain development solutions – from use-case identification to development and deployment.
Connect with our subject matter experts to share your blockchain development needs or schedule a free demo of our blockchain projects.