Best Blockchain Development Company — How to Choose?
Blockchain was initially developed around the 1990s as a productive way for storing and securing digital information. Blockchain can be explained as an open ledger which can be accessed at once by multiple parties. As a part of the primary benefits, blockchain records information which is hard to change barring any sort of agreement from all the involved parties. Every new record that gets stored by blockchain becomes a block with a special identifying hash. The process of linking such blocks into a giant chain of records is called blockchain.
Blockchain technology basically aids in verifying and tracing several step transactions that requires verification and traceability. Blockchain technology is capable of providing secured transactions, reducing compliances and also speeding up data transfer processing. Blockchain technology also helps in managing contracts as well as auditing of an original product. Apart from the protection and non-tampering aspects, there are also several other views on the reasons to develop blockchain technology for your business.
Reasons to develop Blockchain for business
The blockchain technology is an online distributed ledger which is primarily designed for supporting cryptocurrencies. However, blockchain technology has much more potential than just supporting digital currencies since it allows virtual information to be distributed but entirely prohibits it from being copied. Some of the primary reasons to develop blockchain for business are:
- Enhanced Security: The blockchain itself is essentially a completely decentralized technology since it does not depend on any kind of central authority for verifying transactions. Blockchain technology makes data tampering almost computationally impossible and it is great for processing secured transactions.
- Greater Transparency: Because of its decentralized nature, there is a very less chance of corruption. In addition to that, it is very much hard to control by any kind of central authority. Entire information all along the blockchain will be open for everyone to see and it makes it easier for businesses to enhance transparency.
- Instant Transaction traceability: Blockchain makes it relatively easier for businesses to track their history of purchase along the entire supply chain. This is considered as one of the best advantages of blockchain. Since all information is available on the distributed ledger, companies can run time-stamped audits for tracing the origin of the used materials in production.
- Increased Efficiency and Speed: The involvement of blockchain brings an enhanced level of efficiency for businesses which allows them to cut out the middleman. Just like multiple sources carry out verification, blockchain technology eliminates the need for intermediaries.
The above mentioned are some of the crucial reasons to incorporate blockchain technology into your business. Having said all that, the current business sectors have already incorporated blockchain technology into their applications. Let us take a glance at some of the business sectors where blockchain technology is already in use.
Blockchain Applications in business sectors
Ever since its introduction, blockchain technology has managed to alter the perception of multiple business sectors in terms of security and anonymity. In that regard, the below given business sectors are some of the exclusive businesses who have adapted blockchain technology for seamless working. They are:
- Crypto exchange: Several companies over the past few years have begun to offer decentralized cryptocurrency exchanges. With the usage of blockchain the monetary transfers will be less expensive and faster than going with the existing money transfer services.
- Lending: Lenders can make use of blockchain for executing collateralized loans using smart contracts. Smart contracts built over blockchain enables certain events to trigger automatically like service payment, margin calls, loan repayment and collateral releases.
- Insurance: A great deal of transparency can be provided for customers as well as insurance providers when blockchain and smart contracts are brought into the insurance working methods. Claims recorded on blockchain would prevent customers from making duplicate claims for the same event.
- Money transfers: When it comes to cross-border transactions, the process is relatively slow and quite expensive. However, money transfers including blockchain can be less expensive and faster than utilizing the existing money transfer services. This is simply because when blockchain is involved, the money transfer is done within minutes.
- Real estate: There will be a lot of paperwork involved in real estate as it includes data, ownership details, complete transfer deeds as well as titles for the new owners. Involvement of blockchain technology for recording real estate transactions can provide a reliable and accessible means of verification along with ownership transfers.
- Voting: When personal information is stored on a blockchain, it puts the people just one step away from voting using the blockchain technology. By introducing blockchain technology, we can absolutely make sure that nobody votes more than once and it would also decrease the cost of running an election substantially.
- Healthcare: Storing medical records over blockchain enables doctors and medical professionals to get updated as well as accurate information on their patients. This will reassure that patients who are seeing several doctors get the best possible care. In addition to that, it can also speed up the system for getting hold of medical records and ensuring more timely treatment in a few cases.
- Non-fungible tokens: Non-fungible tokens are generally regarded as a way of owning the rights to digital art. As blockchain does not allow data from existing in multiple places, using NFT on blockchain ensures that only a single copy of digital art exists. NFTs are very versatile and they are certainly a way for conveying ownership of anything that can be represented by data.
- Supply chain: The usage of blockchain technology for tracking items as they move along logistics or supply chain can bear multiple advantages. It initially provides seamless communication between partners as they are connected on a secured public ledger. This simply means that supply chain partners and logistics can work hand-in-hand with a great deal of trust.
- Internet of Things: The Internet of Things(IoT) is focused on making our lives easier but it carries that threat of third parties accessing some vital systems. To solve this hurdle, blockchain technology was introduced into the Internet of Things. Blockchain technology is capable of providing a great deal of security by storing passwords over a decentralized network instead of a centralized server.
These are the multiple applications that involve blockchain technology into the business sectors. However, the quality of the blockchain technology and the underlying smart contracts will be purely based on the designer or the coder. In that regard, the below given are the parameters which will be required for choosing the best blockchain development company.
Choosing best blockchain development company
Even though blockchain technology has a large scale of applications in which they can play a major role, it would all be for nothing if the smart contract operating inside the blockchain is not written with sufficient quality. In that regard, the below listed are some of the detailed ways to choose the best blockchain development company. They are:
- Quality of the company: First and foremost, the quality of the development company is very much important. This is only because the overall quality of the blockchain will determine the type of service expected. Irrespective of the budget, always make sure to choose a highly focused team of developers.
- Check their ability to follow updated market trends: The current digital space is actively experimenting and updating with blockchain technologies for getting the maximum possible benefits. This is the main reason for having a professional developing team who are up to date in the blockchain industry. Therefore, always ensure that the chosen company follows the upcoming trends in the IT ecosystem.
- Evaluate if their project matches your business model: Before picking out a developer team, ensure that the preferred blockchain company is capable of developing contracts that will suit your business model. Make sure to hand over the reins to a developing team which can understand and provide solutions for your requirement.
- Analyze security and customer support of the company: It doesn’t matter the type of domain, make sure that the chosen company can provide constant security as well as round the clock customer support.
- Double check the technology used by the company: Despite blockchain operating over a similar philosophy, they differ in executing functionality. Hence, make sure that the company uses the latest and the most suitable technology for designing your business model.
- Involve a team of elite professionals for development: A software will only be as good as the creator. Therefore, deploy a team of highly skilled designers for executing your business model design.
- Prefer a long term solution provider for your project: Whenever you are about to make a huge decision based on your business, be very positive that it must be applicable for the long run. This is because a long term vision is always appreciated and crucial for the success of the project.
- Check testimonials: Know the past performances and reviews about the company through rifling the past client testimonials. You will get a clear idea about the working procedure of any company when you analyze the customer’s opinions about it.
- Deadline meeting ability: Always ensure that the company to whom you’re approaching is capable of completing the provided work within the given deadline. In the field of technology, completing the work within the desired timeline is very crucial.
- Refer to the company cost: Before handing over the reins, check and compare the cost charged by the company for undertaking your project. During the process of starting a business, being budget conscious is very much crucial.
Final thoughts
These are all the parameters that will be required or verified upon for developing your blockchain based business model. All the mentioned aspects are some of the crucial elements associated with designing a blockchain based business model. Since there are more entrepreneurs showing interest in the blockchain ecosystem in recent times, there is more demand for a quality development service provider. However, do proper research and provide control to one of the best blockchain development companies in the crypto ecosystem. Having a world renowned team of blockchain developers will provide you with a technical advantage over your competitors.
