Your Own Blockchain. Stage 2: DIY or Outsource?
CryptoBit News Today2 min read
According to some reports, nearly 60% of major corporations are focusing on blockchain technologies. And the technology is expected to become a major component of the capital markets system by 2025. Many Fortune 500 companies and global banks are racing ahead with blockchain solutions. Talented blockchain developers are hard to come by.
And that talent gap is projected to persist until at least 2025. According to LinkedIn's research, blockchain development was proclaimed to be the most demanded skill for 2020. Yet few robust development tools exist, and a lack of standardization makes blockchain projects hard to approach and evaluate in terms of investment, time and resources.
The skills gap
When users decide to build their own long-term blockchain solutions, either through outsourcing or with internal teams, they can, in theory, get developers dedicated to giving them 100% satisfaction.
However, because the blocks housing smart contracts cannot be altered, standard Software Development Life Cycle (SDLC) frameworks followed by software engineers face conflicts. Consequently, conventional SDLC models are not suitable for applications that rely on blockchain-enabled smart contracts.
Smart IT CTO Michael Astashkevich stated, "Not every developer will have the skills to match the many challenges that need to be addressed." To reach their targets, these businesses must acquire top-tier blockchain developers, highlighting the need to contract with a competent blockchain development firm.
Evaluate the IT divide
To find a suitable blockchain development partner, companies have to consider their specific needs and whether the prospective vendor can meet them. Blockchain technology is built on a foundation of programming languages such as JavaScript, C++ and Perl. A good blockchain development firm should have deep expertise in those and more.
The firm should also show a sophisticated understanding of several programming techniques specific to blockchain, such as Cryptography, The Ethereum Virtual Machine, and data security. After confirming a potential partner's technical expertise, a company must evaluate whether the vendor has the ability to develop a blockchain application that suits their specific business needs, and as Denis Shugaev, Head of Business Development at Smart IT notes, a reliable technology partner can make or break your project.
The insider secrets
Outsourced hiring generally relies on several standard business setups, such as dedicated teams, captive units, fixed-price arrangements, or the Accelerate BOT model. Through outsourcing, commercially viable blockchain platforms can be built faster through remote work.
A primary benefit of outsourcing blockchain work involves what is known as the bus factor.
A company can address this constraint by using an Agile Fixed price approach. This creates room for changes during the development of the application.
