Blockchain technology is moving to the center point of modern technology arena owing to the fast-growing trend of internet of things (IoT) technology that has already started to change the way we do business and the way we live. Billions of devices connected through the internet pose serious challenges and security threats for the businesses as well as for the end-users. Blockchain technology is emerging as a savior against security threats and data integrity. A huge ratio of the companies is trying to hire blockchain developers to benefit from the features and capabilities of this technology.
The time is not far away when every blockchain developer company will prefer to have either an on-premises or a remote blockchain developer in its software development team. Let’s have a look at the blockchain technology and the major benefits of having a blockchain developer in any team.
What Is Blockchain Developer Technology?
Blockchain was the technology behind bitcoin cryptocurrency, which was introduced by Satoshi Nakamoto in January 2009. The basic idea of this technology is to create a block of digital information and then stored in the shape of a chain on a public and distributed network. The block of digital information consists of the details of the transactions strongly encrypted or hashed so that the data remains secure, verifiable, and unaltered.
The blockchain technology stores distributed ledger of information stored on thousands of computers of a public network in which the information is stored chronologically and linearly. So, it is very difficult to modify information of one block without affecting the other blocks. Owing to the linearity and hash capabilities blockchain technology is considered as the most secure technology in the marketplace.
Importance of a Blockchain Developer
According to the Statista forecast, the market value of blockchain technology is expected to reach $23.3 billion by 2023 from just $1.2 billion in 2018. The growth rate of blockchain technology is phenomenally exponential. Software development companies have a huge demand for blockchain developer jobs to fill through blockchain outsource and other forms of hiring. This increasing demand for a blockchain developer has increased the blockchain developer salary globally.
Banking and finance are the core sectors where the blockchain technology has already made deep inroads. All government sectors such as utility services, lands, revenue, voting, and other sectors are showing great interest in adopting this futuristic technology. Internet of things is also opening up a new arena for the effective use of blockchain technology.
According to the PwC FinTech Report, more than 90% of the payment companies and 77% of FinTech companies want to adopt blockchain technology by 2020. In such circumstances, how to hire blockchain developers will be a bigger concerned for the software development as well as for the FinTech companies in coming years.
8 Major Benefits of Having a Blockchain Developer in Your Team
The benefits of having a blockchain developer in your team would help you make most of this prospective technology in all business processes of your company. Blockchain technology has revolutionized the financial and banking sectors with the implementation of smart contracts, digital currencies, securities, and record keeping.
Let’s have a look at the top 8 benefits of having a blockchain developer in your team to tap the capabilities of this technology in your way.
#1 Better Quality of Projects
The successful completion of a software project requires numerous technical and management skills from the requirement assessment through the implementation of the project. You need full insight into all aspects of the project. Modern software projects are highly influenced by the blockchain and its related technologies. According to the Standish Group Report, more than 61% of large company projects are challenged, while this ratio for small companies is above 50%. These challenged-projects are caused by many changes, reworks, and loss of project focus. If you have a blockchain developer in your team, you would be in a great position to achieve a better quality of software project. As we know, the software quality is not single time stuff, but it is a continuous approach to achieve the best results.
#2 Confidence of Clients
The major challenges for the successful completion of a software development project include on-time delivery, on-budget completion, and the desired quality. All these things can be achieved when you have the right team of developers that have in-depth knowledge of all modern technologies. A large number of projects need blockchain technology skills, which are comparatively rare in the marketplace. If you have an expert blockchain developer in your team you can win the confidence of your client by offering the service and value that they are looking for.
#3 Better Use of Technology
Almost all kinds of industries and sectors are shifting their focus from other competitor technology to blockchain technology due to its numerous features and capabilities. A highly skilled and dedicated blockchain developer in your team will be able to use the features and capabilities of this prospective technology more effectively and efficiently. Better use of newer technology like blockchain, you need a dedicated and highly skilled developer in your team always so that you can get the right help at the right point of time in the development projects.
#4 Better Project Estimates
As we know, the software development market is fiercely competitive nowadays. You need to quote a right price, time duration, and quality of the software, which is only possible when you have insight into the technical aspects of the technologies used in those projects like blockchain and others. A large number of projects go over-budget, over-time, and under-quality. Blockchain developers will help you estimate all of the major components of a successful project more accurately. This will create a good impact on your team productivity.
#5 Timely Technical Support
The software development projects are fully under the influence of continuous development and continuous implementation commonly referred to as CD/CI development. In this development, the software is continuously developed, tested, implemented, monitored, and revamped. This entire cycle is very fast in an AGILE software development methodology. So, you need a dedicated blockchain developer to get the timely technical support when you need without any delay.
#6 Reduced Development Cost
A highly skilled team powered by blockchain technology developers would reduce the delays in project planning, testing, and development. Thus, your team efficiency improves and subsequently the productivity of your team. Improved efficiency and productivity will reduce the development cost for your company.
#7 Reduced Intermediaries and Reworks
Majority of the modern projects, especially in finance, banking, government, and utility services are heavily influenced by blockchain technology. If you implement the technology correctly and effectively, you won’t require any intermediaries such as modifications, frequent changes, malfunctioning, and serious bugs. These all components badly impact the cost, time and quality. So, a blockchain developer would help your reduced intermediaries.
#8 Great User Experience
All of the above positive factors result in the great user experience of your customer. Thus, you not only improve your business prospects but also you increase the reputation and brand value in the marketplace by improving project success ratio.
Blockchain technology is one of the most cruising technologies in the modern software development ecosystem owing to its strong security and decentralized control capabilities. It was introduced for the cryptocurrency, but it has become a vital technology for all other domains of businesses. Having a blockchain developer in your team has become very vital for creating a great quality of your software product and run your projects more efficiently and effectively. With the help of having a dedicated blockchain developer, you can decrease development cost, delivery time duration, and increase customer satisfaction.
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