Blockchain has come a long way, penetrating various industries and becoming an essential technology for many solutions. Companies around the world are exploring new possibilities offered by blockchain and coming up with ways to improve their operations with its help.
If you want to start working on a blockchain project, you will be faced with a huge decision right from the start — whether to hire an in-house team or outsource your project to a blockchain development company.
Let’s take a look at both approaches.
Hiring an In-House Team
Being a blockchain developer nowadays means having an opportunity to choose jobs, as there are approximately 14x more job openings than there are developers. Therefore, the first issue you might have to face when creating a team of your own is selecting highly skilled professionals and offering them a position with better working conditions and better pay than other companies. That’s why having such a team can be very time-consuming and expensive.
Even if you manage to find adequate professionals, some of them might not have experience in working on the kinds of projects you need, so additional training might be required.
Moreover, you would need to obtain all the necessary tools and technology in order to give your team everything they need to start developing your blockchain project. This, too, comes with a price you must be willing to pay.
Finally, an in-house development team is a risky investment as it would be the first time that the people you hired are working together.
On the other hand, having an in-house team gives you more control. You’d always know what the team has been up to, and you’d be able to provide immediate instructions and feedback on their work.
Outsourcing Your Blockchain Project
It seems that outsourcing your project to a blockchain company might be the more logical step at the moment.
First of all, there’s the financial aspect. Simply put, you wouldn’t have to spend a fortune on wages for your team, as outsourcing companies typically offer more competitive prices.
Moreover, there’s no need to buy technology and tools, since those are already owned by the company offering to develop your blockchain product.
You would also avoid the tiresome process of choosing the right people to work on your blockchain project. Instead, you’d have a team of professionals who are ready to understand, develop and grow your product based on blockchain technology.
Finally, if you choose the right company, you will be able to take a look at their previous projects. In other words, you will be able to determine their level of expertise and their ability to complete your project successfully.
However, there are also a couple of downsides to working with an outsourcing company.
First of all, you’ll not be able to have complete control over all the processes related to your project. Many outsourcing companies will try to brief you on what they are doing, but you’ll not be able to check up on them whenever you like. There are many things that prevent you from doing that, such as time-zone differences and physical distances.
The second obstacle is the language barrier. Although the majority of outsourcing companies only hire workers who are fluent in English, things still tend to get lost in translation, which can create unnecessary challenges along the way.
Final Thoughts: Outsourcing All the Way
The industry that revolves around blockchain technology is evolving very fast, and if you want to get the most out of it, you need to act fast and catch the train while it’s still speeding up.
Since time is one of the essential factors in this race, it’s always better to work with a professional team that has experience in creating blockchain projects than hiring an in-house team. By saving time, you’ll also save money you would spend on creating and training a team.
To sum up, if you like to have complete control over your project and you don’t mind spending a lot of time and money on your blockchain development idea, feel free to hire an in-house team. However, you should understand that this comes with numerous risks.
That’s why outsourcing is currently the best and safest option.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s own and do not necessarily reflect those of CoinMarketCap.
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Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.