Blockchain is an emerging distributed ledger technology that is changing the way we do our business. Its potential is forcing organizations across different industries to explore and develop it for augmenting business excellence. Blockchain has emerged as the first technology that combines the potential of

• Peer-to-peer communication networks
• Public-key cryptography
• Encryption mechanisms
• Distributed consensus mechanisms
• As a result, it
• Eliminates uncertainty
• Establishes trust
• Provides data validation with high certainty

Instead of hiring freelance developers, outsourcing your requirements to an established blockchain development partner can significantly reduce the burden of accurate assessment, development, and execution

However, choosing the latter also specifies the necessity to hire the right development company that can rightly meet your expectations. You may consider the following aspects to assess a few potential candidates from the line-up

Relevant technical know-how, skills, and experience (for instance, proficiency in a specific language) to understand and execute your priorities and tech stack requirements

Proven track record, review of similar work completed for other clients, and capability to work at breakneck speeds and on schedule

Demonstrable competence in programming languages like Solidity, Go, Java, C++, Solidity, Python, Hyperledger Fabric, and more.

The ability to create MVBs (minimum viable blockchains), BPoCs (Blockchain proof-of-concept), and full-fledged enterprise solutions.

Types of project management methodologies, such as agile, lean, or iterative, and processes to manage sudden requirement changes and enhancements

Their approach to handling various sorts of crises that may occur during and after the development and services for dedicated support and maintenance post-product launch

The dedicated website of the blockchain development company, time flexibility, skills, and expertise of developers by interviewing them, the pricing model, and more

Generally, a responsible blockchain development company does the following to ensure effective project development monitoring.

Assigns a project manager as a point of contact for effective communication based on the requirements

Provides daily task updates by developers, progress demonstrations, and communication to ensure assessment of activities and progress

Developers conduct sprint planning meetings to allocate tasks and resources depending on the set priorities. 

Cost of a commercial blockchain project development

Unfortunately, there is not a single clear-cut answer to this. Due to being a feature-dependent technology, the cost of developing a custom project with blockchain technology may vary as per project requirements, generally starting from $5,000 and going as high as $200,000.

Cost of a crypto exchange, wallet, and cryptocurrency development

Depending on various technical project requirements, developing a crypto exchange platform, crypto wallet, or cryptocurrency can cost from $5,000 up to $50,000 as per varying technical requirements.