You’re all ready to begin your decentralized blockchain project — but how do you know which blockchain technology service provider is right for you?
Before the advent of blockchain, businesses could not secure and validate ownership of digital assets or verify transactions in a public yet secure manner. Enter blockchain — the first technology that uses a decentralized network to manage and secure data transactions.
Interest in blockchain technology has continued to increase over the years as demand for decentralized blockchain apps has increased worldwide. Both projects and enterprises are investing in constructing proof-of-concepts (POCs) to building full-fledged running products and systems.
The question for both startups and enterprises is the same — how do you select the right blockchain technology company for you?
The difficulty here is compounded by the constant changes and upgrades respectively in the industry and within the technology itself. Indeed it is a challenge to find the ideal team who can convert your business ideas into a working application. Especially for many startups, a successful POC product can make or break a project.
However, before we even begin breaking down the different factors to consider, here is one very important point to note. And that is, to make sure the blockchain solution you envision, will solve a real-world problem that isn’t already solved well with existing technology.
Why, you may ask. Because blockchain will invariably be more expensive than a central system since you will need a network of nodes to process rather than just one central processor.
Still need a blockchain solution for your project? Then here goes.
Factors Impacting your Choice of Blockchain Technology Provider
1. Team
Who is the team behind? What skills and credentials do they possess in the industry? A background check on the core developer team is in order here. 2018 and 2019 saw numerous blockchain startups shut down with many attributing their failure to lack of satisfactory delivery on the technology. You would not want to form part of that statistic.
2. Service Solutions
Basically, blockchain tech companies help businesses to build a cryptographic ledger that can transform their business operations and bring transparency to the ecosystem. Depending on project needs, the blockchain system architecture needs to be extensible and scalable to configure to business requirements. Can they customize solutions and provide end-to-end development? Are there also turnkey SaaS (Software-as-a-Service) options available? Do they provide good customer service and support?
3. Security
In today’s digital world, countless hackers and cyber criminals are on the loose. Cyber attacks can result in heavy losses for companies, especially in the case of crypto exchanges, where large amounts of funds can be stolen. Even if you are not an exchange, confidential data from your organization can be stolen, damaging customer confidence and your reputation. Make sure that risk control and security systems can be adequately set up.
4. Past Success
Past success is an indication of the required experience and know-how that can lead to future success so definitely look into the tech provider’s history of past clients. See how many blockchain projects they have completed, how many they are currently servicing and if they can provide case studies and referrals. No one wants to pay to be a guinea pig experiment.
5. Cost
Ultimately, when blockchain is implemented in your system, it should bring about increased security, lower costs and higher efficiencies. Weigh these requirements against the solutions on offer. This is a feature-dependent decision that can only be made after reviewing in detail your unique use case, whether your project is transaction intensive etc.
6. Ecosystem
With the advance of technologies, a vast array of capabilities and sources of competitive advantage can be accessed within technology ecosystems. Can your project leverage other apps, developer tools and additional capabilities to benefit from the network effect?
ChainUP Technology
ChainUP is one such blockchain technology service provider that ticks these boxes. If you’re interested in finding out more, check out the rest that I contributed here.
