Blockchain has become a buzzword in the digital world of today.
The level of security and ease of transaction that the blockchain offers are the main reasons for its increasing adoption by businesses.
Not only the banking sector but also businesses in other industries are relying on blockchain technology to enhance and streamline their business operations.
For this reason, the need for blockchain developers is increasing.
When it comes to hiring blockchain developers, the cost involved is a matter of concern for businesses.
Before knowing about the blockchain developer hiring cost, it is vital to have a fundamental idea about blockchain developers.
An Introduction to Blockchain Development
Blockchain refers to a digital ledger of transactions that are recorded and distributed across computer networks.
The technology stores digital information in such a way that it is difficult to alter or hack.
Blockchain development deals with the design and development of blockchain systems and apps.
Blockchain apps help in resolving different problems of businesses and create new opportunities. Therefore, businesses look for blockchain developers.
Roles of Blockchain Developers
Blockchain developers are professionals who are proficient in the development of blockchain apps.
They deal with the different activities and technologies relating to blockchains, such as blockchain protocols, smart contracts, and more.
The blockchain developers design, develop, and deploy different blockchain solutions.
They also help in the maintenance of decentralized blockchain applications and networks.
Moreover, they also test the blockchain applications to ensure optimum security of data.
Top Reasons to Hire Blockchain developers Remotely
In recent times, more and more organizations hire blockchain developers remotely.
There are a number of reasons to do so.
Let’s take a look at some of the prominent reasons.
- Reduces Cost of Hiring
One of the main reasons is the blockchain developer cost associated with hiring.
Hiring remote developers proves to be a more cost-effective option in comparison to full-time developers.
Remote hiring allows businesses to save more costs and ensure greater profits.
- Offers Access to More Talent
Hiring full-time employees locally come with its own limitations.
It provides you with access to a relatively smaller number of skilled blockchain developers.
However, hiring blockchain developers remotely offers you access to a wider talent base.
It allows you to hire the best developers suitable for your project from a large pool of talented developers.
This, in turn, can help in increasing the productivity of your business.
Steps to Hire the Blockchain Developers Remotely
Now that you know the benefits of hiring blockchain developers remotely, the next thing to know is the right steps.
Before you know the blockchain developer hiring cost, it is essential for you to know the steps of hiring the developer.
Here are the important steps you need to follow to hire blockchain developers remotely in a budget-friendly manner.
Let’s dive in!
- Identify Blockchain Business Strategy
When you want to hire a blockchain developer remotely, the first thing to consider is your blockchain business strategy.
It will help you hire the right developers for your blockchain development project.
Ideally, there are two types of strategies available for every business.
First, you can opt to build your own unique blockchain technology.
Second, you can choose to develop soft applications on an already existing blockchain technology.
In case you want to build your own blockchain technology, you need to hire blockchain developers with technical skills and creativity.
The developer must have experience and expertise in developing and deploying blockchain applications.
However, if you want to build soft applications, you need to hire blockchain developers who have a complete understanding of distributed ledgers.
Hiring a Java blockchain developer can also serve your purpose.
- Choose the Right Platform
When it comes to hiring a blockchain developer remotely, you have plenty of options.
There are several platforms where you can find and hire blockchain developers.
Some of the most popular platforms include Upwork, LinkedIn, Reddit, Toptal, and We Work Remotely.
Each of the platforms comes with unique benefits.
On the basis of the specific requirements of your business, you can choose the right hiring platform.
- Consider the Skills of the Blockchain Developers
When you want to develop innovative blockchain applications, hiring only a skilled blockchain developer is important.
So, you must look at the skills possessed by the blockchain developer.
Make sure that the developer you hire has the core skills essential for the development of impressive blockchain applications.
Some of the important skills include understanding computer programming, smart contracts, data structure, and architecture.
These are some of the vital skills that the blockchain developer must have.
- Check the Portfolio of the Blockchain Developer
Knowing about the skills of a blockchain developer is not sufficient.
To hire the best developer, it is important for you to know about their experience and expertise.
For this, you can consider taking a look at the portfolio.
A glance at the projects that the developer has worked on can provide you with a lot of information.
It can give an idea about the creativity, technical skills, and work quality of the developer.
It can make it easier for you to hire the right developer.
- Evaluate the Security and Encryption Knowledge of the Developer
Crypto is at the core of blockchain technology.
When hiring a blockchain developer remotely, it is important to ensure that they have a strong understanding of crypto.
The developer must be familiar with TLS and SSL.
Moreover, the developer must also be able to implement security features in the blockchain application.
The Cost of Hiring a Blockchain Developer Remotely
When it comes to the cost of hiring a blockchain developer remotely, it varies somewhere between $5000 to $200,000.
In recent times, the number of blockchain developers charging on an hourly basis has increased.
On average, blockchain developers charge about $81 to $100 per hour.
With the rise in the demand for blockchain developers, the blockchain developer cost may increase even more.
However, the blockchain developer hiring cost depends on a number of factors.
Here are some of the main factors that affect the cost of hiring.
- Experience Level
The experience of the blockchain developer is one of the prominent factors that affect the cost of hiring.
The blockchain developer with 5 years of experience will not charge the same as a developer having only 2 years of experience.
The higher the experience level of the blockchain developer, the more is the cost of hiring.
Depending on your specific blockchain development project, you need to decide the level of experience the developer must have.
This will ultimately decide the hiring cost.
The location where the blockchain developer is also situated matters.
The hourly charges of blockchain developers vary from region to region.
For instance, the hourly rate of developers in India is $40 to $50, while that of developers in the USA varies between $100 to $200.
Moreover, the cost of hiring also depends on the demand for developers in that region.
The locations where there is high demand for blockchain developers, the cost will be more compared to that in lower demanded regions.
- Complexity and Type of Blockchain Application
The complexity and type of blockchain app you want to develop also affect the hiring blockchain developer cost.
The more complex the app that you want to build, the higher will be the hiring cost.
It is because the blockchain developer will invest more skills and efforts to build your application, therefore, charge more.
On the basis of the type of application you want to develop, the cost will also differ.
- Time Duration
The time duration is another important factor that determines the cost of hiring a blockchain developer remotely.
Most people have a perception that hiring professionals for a short duration will cost them less.
However, it is actually just the reverse.
Hiring a blockchain developer for the long term can provide you with better cost savings.
As the developers have work security in case of long-term projects, you have the option to negotiate the costs.
However, that is not the case in short-term projects.
As the blockchain developer does not have work security, they may charge high.
This, in turn, can increase your cost of hiring.
The demand for blockchain technology is increasing like never before. In order to develop a blockchain application, it is important to hire the right blockchain developer. With the rise in remote working, the trend of hiring blockchain developers remotely has increased. Hiring the right blockchain developer may seem to be a challenging task at first. However, knowing the right steps and strategy can make it easy for you. Now that you know the hiring steps, it is time to implement them for your business.
Moreover, having an idea about the hiring cost of blockchain developers is also equally important. Depending on the experience, skills, and location, the hiring cost will differ. Make sure to consider the unique requirements of your blockchain development project and hire the right developer. With the right blockchain developer, building your app becomes relatively simple and easy. Hire a suitable blockchain developer remotely and ensure optimum success for your business.