Creating blockchain products is no different than creating any other software solution, but it requires different levels of subject matter expertise. This results in an expertise gap between those involved in providing blockchain development services. According to some reports, nearly 60% of corporations plan to invest in blockchain technologies. Meanwhile, many Fortune 500 companies and world banks are already looking to implement blockchain-based solutions, yet talent is still scarce.
Shortage of Blockchain Talent
Statistics indicate that, on average, there are 14 jobs for every professional blockchain developer. It’s a startling number for those seeking to build in-house teams.
In addition to cryptocurrencies, blockchain is rapidly moving into various industries, including healthcare, insurance, and data sharing. Also, reports state that technology will become a major part of the capital market system by 2025. Unfortunately, many companies that have jumped ahead to build internal teams without considering outsourcing, statistics and business challenges tell a different story.
It is anticipated that the blockchain talent gap is pretty likely to remain unfilled by 2025. In fact, it may take much longer than that. This is a serious issue, and it is one of the main factors why launching an internal team may involve substantial financial and organizational risks.
In this article, we’ll explore the reasons why blockchain outsourcing could be a better choice for your emerging or existing business.
Blockchain Development: In-House Team Vs Outsourcing
The blockchain skills gap, as mentioned previously, is primarily due to the complexity of the development process.
In-house teams are generally capable of dealing with general software solutions, but a number of companies find that they are not capable of dealing with cutting-edge blockchain development. It can be time-consuming and expensive to train and recruit more employees who are familiar with the technology. In any case, that does not mean your business should hire the first blockchain development company available.
To achieve desired results, it is important to use a strategy that will not hurt your finances. If budget is your top concern, hiring new employees and creating an in-house department may just be too expensive. In brief, there is nothing wrong with using blockchain development services.
Why Should You Consider Using Blockchain Development Services?
It is generally true that an in-house blockchain development team can face many of the same problems that are plaguing so many other industries. Lack of expertise, workforce retention, investment costs, dependency, and recruitment difficulties are just some of the many challenges.
As demand for employees for blockchain developers has skyrocketed, it’s also important to note that creating in-house teams may negatively affect employee retention. Another problem is that many experts do not want to settle. Furthermore, the future development of internal projects is at risk of long hold-ups. In addition, frequent personnel changes can create frustration and uncertainty.
Bearing the talent gap in mind, outsourcing stands out as an affordable and more effective solution that will quickly deliver results.
Benefits of Outsourcing Blockchain Application Development
Many types and sizes of businesses have already benefited from outsourcing and proved that it is a cost-effective process. Particularly in narrow markets where good specialists are often hard to find.
Blockchain is a rapidly developing area that still lacks enough developers with sound technical knowledge and years of industry experience. Outsourcing is a smart option if you are having trouble finding blockchain specialists.
With a reliable outsourcing blockchain development company, you will find a team of experienced developers with a variety of skills who are capable of carrying out various tasks. Let’s look at the advantages and potential weaknesses of outsourcing blockchain development.
Streamline & Optimize Development Processes
It is one of the biggest advantages of acquiring blockchain development services. Outsourcing developers take care of all the development processes, including the associated business processes. The young company lacks this by definition since they are newly created and have no pre-set processes.
Better Time to Market Index
Hiring a blockchain outsourcing company has another big and important benefit. Outsourced agencies usually provide clients with a ready-to-go, highly experienced team without having to go through time-consuming recruitment processes. This helps make the process faster and more efficient for the client. As a result, your vision can be delivered to the market much faster and more easily.
Scale Workforce Quickly & Easily
When a situation calls for a fast or temporary expansion of your blockchain development team, you need not worry about hiring additional experts. Outsourcing companies like Hexa Origin Technologies, typically have specialists with a wide range of skills and experience. So you can seamlessly delegate an additional task to them, which is not the case if you simply do it yourself within your organization.
One of the essential benefits of outsourcing development is that it can be used by any type of company, from an established company to a new startup company.
Hiring external specialists is often less expensive rather than building your own in-house team. Also, if there is an unusual problem, your company can react faster and more effectively since they have more practical experience.
Outsourcing your blockchain development will provide a higher Time to Market (TTM) index and save you time in hiring a team and managing it. When you outsource, you get an experienced and tightly-knit team that can take on your project. When building an in-house team, you will have to invest your time in exhausting headhunting processes.
Access Great Tools & Technologies
Outsourcing companies often deal with projects in different industries. As a result, a blockchain developer can offer a wide range of skills and technologies. To be sure the company knows how to handle your project, you can also check its portfolio and see similar cases.
Is Outsourcing an Ideal Solution?
All of the benefits of outsourcing are very impressive, but finding the right team will take some time for every company.
Many companies simply see you as one of their clients, perform their duties, and move on. To outsource blockchain development, your business must define its objectives and hire a professional and dedicated external team of blockchain developers like Hexa Origin Technologies.
When deciding whether to buy or develop digital products, Dietlzer’s law and technical debt should be considered. Both of those concepts offer insight into why one-time-buy solutions should be avoided. They are relevant when developing blockchain applications remotely.
As it is stated in Dietzler’s Law, consumers will always strive to get what they really want when they buy products. Approximately 80% of what they really want is simple and easily attainable. There might be 10% of it that’s feasible but difficult and costly, but the rest may be nearly impossible.
On the other hand, when users decide to develop a long-term solution either through outsourcing or in-house, they can have dedicated developers who will strive to give them 100% satisfaction.
The idea of technological debt further supports this. Basically, it highlights the costs involved with inexpensive, fast, and short-term solutions. While in-house development can pose major challenges, outsourcing could also be detrimental to your business unless you can find a firm that will provide the right solution based on your needs.
Let us know if you agree with this or not.