How To Choose The Best Blockchain Project For Your Business
If youâre a business owner, or work for a major corporation that wants to tap into the blockchain, youâve got two options. Develop your own technology, or work with an established brand.
Of course, building your very own bespoke blockchain service is going to be costly and time consuming, youâll need to recruit a whole new time and spend an awful lot of time doing extensive technical research yourself. Therefore, the latter option is no doubt going to be most attractive to the majority of firms who are looking into exploring the blockchain.
How do you go about finding the right project?
Well, research. The internet is full of information about different cryptocurrency and blockchain projects, in order to find out which is best for you, you need to do your own research, obviously. However, there is a first step that needs to be taken; you need to decide exactly what product you want to build on the blockchain.
Donât just explore blockchain technology because its trendy, you should only look towards building upon the blockchain if you have a product that can benefit from it. For example, why build a data storage solution if your business mainly deals with ecommerce and handles few customer records? Instead, maybe a loyalty rewards system would be more appropriate?
Thomas William has written a post on Hackernoon that discusses this idea somewhat. In an article titled 19 Top Blockchain Development Companies, William discusses 4 steps that need to be undertaken in order to successfully choose the right blockchain technology company, according to William:
- âDetermine the type of outsourcing vendor: offshore, onshore or nearshore.â
- âCheck your provider location: USA, Europe, Asia etc. At the first look, it may not appear that important. But note that service cost and quality depend on it.â
- âCheck out services, technologies and programming languages the company offers.â
Once youâve decided on your company or project, you need to get them to sell themselves to you. Find out how they can help you, look at how they can work with your prototype and see if they can better their ideas.
Exploring blockchain technology is a very attractive prospect. The blockchain can provide many companies and firms a new arm and will inject them into the inevitable blockchain future. Even so though, this is not something that should be rushed into. With so many options out there, itâs a bit of a minefield. Therefore, if itâs something you do want to explore, much like with cryptocurrency investment, DO YOUR RESEARCH.
Know your options, know your limits and know your potential, that way, the blockchain can and will help you.
Hackernoon - Thomas William
- âLook at clientsâ reviews and previous projects. A good sign is when the company has experience of implementing an application in similar fields.â