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Secrets to Hire Blockchain Developers with Great Success

Blockchain is the most advanced technology widely defined for being a decentralized and distributed ledger for recording the provenance of digital assets. Because of its inherent design, the data preserved on Blockchain can’t be modified; it makes Blockchain a legitimate disruptor for the data-sensitive business sectors like cybersecurity, payments, healthcare, airspace, defense etc. Virtually any type of data can be traded and monitored on a professionally managed Blockchain network to reduce risk and costs involved in data management. To have a sustainable technically advanced Blockchain network, businesses need to hire Blockchain developer.

Importance of Blockchain Developer

Importance of Blockchain Developer

Everything will be tokenized and connected by a blockchain one day. Fred Ehrsam

Getting accurate information swiftly through multiple channels is a critical need of businesses. The speed of information receiving, its accuracy, and its secure access management write the success stories for the businesses. The mid to large size businesses rely on Blockchain because the information received is immediate, shared, and transparent. The stored information on an immutable ledger can be accessed only by allowed network members. Blockchain strengthens trust, security, and transparency in sharing data-driven information. The top Blockchain benefits that make it a necessity for the businesses to hire a Blockchain developer are-

  • triangle arrow Enhanced security: Blockchain significantly changes and secures the way to access critical information
  • triangle arrow Instant traceability: Documented provenance of data asset helps to provide proof
  • triangle arrow Greater transparency: The data and transactions are recorded in multiple locations identically
  • triangle arrow Increased efficiency: Streamlined data sharing processes improves efficiencies at different levels
  • triangle arrow Improved speed: Quick and anytime access to documented data assets helps to deliver the products/services faster
  • triangle arrow Increased automation: Pre-specified conditions drives in better automation for transactions

Applications of Blockchain Technology for Business Performance Boost

Applications of Blockchain Technology for Business Performance Boost

Why Blockchain has become so much popular in the recent couple of years? Over the years, Blockchain has evolved much more than just being the network for crypto currency backup management. As of today, Blockchain technology is being used to improve business performance in many verticals-

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International Payments: Blockchain solution provides an excellent way to efficiently and securely develop a tamper-proof log of sensitive activities. In April 2018, Banco Santander launched Blockchain-based money transfer service- the world's first. It reduced the number of intermediaries to faster the financial transactions.

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Capital Markets: Faster clearing, quick settlement, consolidated audit, and operational improvements are the key improvements noticed by the big players of capital market. For example, Axoni launched a distributed ledger network to managing swap equity transactions.

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Trade Financing: Slow financial assistance or support often breaks the ongoing smooth processes to harm the growth of businesses. Introduction of Blockchain technology simplifies trade financing by keeping the liquidity in financial resources

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Money Laundering Protection: Blockchain solutions empower businesses for encrypted record keeping that supports "Know Your Customer (KYC) policy; it effectively protects against possibilities of money laundering.

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Insurance settlement: It is the most adopted Blockchain solution. It helps the insurance companies to settle the insurance claims faster eliminating invalid claims. For example, OpenIDL automates insurance regulatory reporting along with streamlining the compliance requirements.

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Insurance settlement: It is the most adopted Blockchain solution. It helps the insurance companies to settle the insurance claims faster eliminating invalid claims. For example, OpenIDL automates insurance regulatory reporting along with streamlining the compliance requirements.

Role of Blockchain Development Company

Role of Blockchain Development Company

To have a dependable support for Blockchain network development and management, business approach to Blockchain development companies. The leading Blockchain development companies offer customized Blockchain solutions with different scope. Businesses can hire a dedicated Blockchain developer also for their small or intermittent needs. Hiring a freelance Blockchain developer is also a growing trend that cuts the cost of Blockchain implementation further. The more in common Blockchain support services offered by a specialist Blockchain development company or an experienced freelance Blockchain developer are-

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Blockchain solutions development to help the businesses in implementing the Blockchain solution in day-to-day operations

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Blockchain security and compliance management

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Blockchain consulting to identify cost-effective opportunities where new value can be added

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‘Smart Contract’ writing for managing the authorized and secure transactions

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Blockchain operations support

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Blockchain ledgers and transaction monitoring and management

Types of Blockchain Networks

Types of Blockchain Networks

There is significant difference between Bitcoin and Blockchain? Bitcoin, an unregulated digital currency, uses Blockchain technology to make transaction ledgers. Blockchain platform is driven by next generation technology -Hyperledger.

The continuous advancement in Blockchain technology facilitates the users to choose a preferred Blockchain network out of many options available. Blockchain components can be deployed in public clouds, on-premises, and in hybrid cloud based architectures. Each Blockchain network has its pros and cons; therefore, hiring a Blockchain developer with experience in Blockchain consulting is preferred. The most used types of Blockchain network are-

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Consortium Blockchain Network: The numbers of enterprises share the responsibilities for maintaining a Blockchain network; generally, all the participants are allowed to access the information with pre-defined limits

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Public Blockchain Network: Anyone can participate in Blockchain. With certain limitations, it is good for Blockchain enterprise use cases

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Private Blockchain network: In this decentralized peer-to-peer network, only one organization manages the network; it can be hosted on a premises infrastructure

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Permission Blockchain Network: This Blockchain model puts restrictions over permission to access the network; the willing participants need a permission to access the Blockchain network

Top Recruiters for Blockchain Developers

Top Recruiters for Blockchain Developers

The technically advanced working of Blockchain network strengthens the trust of businesses in Blockchain. How a Blockchain network works? There are three important phases of Blockchain working that foster the trust of businesses- 

  • triangle arrow Each transaction is recorded as “data block”
  • triangle arrow Data blocks build a chain for quick access of particular information in specific segment
  • triangle arrow Transactions in Blockchain are linked and blocked in an irreversible chain

The top business sectors hiring Blockchain developers and Blockchain development companies are healthcare, government, retail, manufacturing, insurance, media, advertising, oil and gas, supply chain, travel and transportation, etc.

Blockchain Developer Salary: How Much You Pay For Blockchain Deployment

Blockchain Developer Salary: How Much You Pay For Blockchain Deployment

Blockchain development is one of the top-growing job market. The Blockchain developer jobs are increasing at @ 2,000 to -6,000% per year. As Blockchain is relatively a new technology with increasing acceptance and deployment in diverse business sectors, the certified skills for Blockchain development offers mammoth growth opportunities with comparatively less competition. The Blockchain developer salary is 50-100% higher than that of other software developers. As per Glassdoor report, the average Blockchain developer salary is Rs. 6,77,282/year in India.

To conclude, a Blockchain developer with certified skills and a couple of years of experience is a good candidate for different job roles like Blockchain solution architect, Blockchain project manager, Blockchain UX designer, Blockchain quality engineer, Blockchain legal consultant, etc.

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