Top 10+ Blockchain Technology Companies

Blockchain technology rose to the heights of popularity after the inception of Bitcoin in 2008. Blockchain consists of blocks of unalterable data, which is then time-stamped and operated by an assemblage of computers. These blocks are connected employing the fundamental postulates of cryptography, thereby deriving the name Blockchain. 

It was introduced as the first decentralized point to point automated cash system. Today, however, more and more industries such as financial services, healthcare, government initiatives, etc. are implementing blockchain technology solutions to streamline business models as per their requirements.

Here are the top five advantages of blockchain development services.

1. Reinforced Security:

The blockchain technology solution is an ideal method to ensure a secure record-keeping system. The blockchain application warrant that each transaction is approved before recording the data. The transaction detail is then encrypted and connected to the preceding transaction. The data on a blockchain application is saved over a ‘chain’ of networks rather than a single server, ensuring protection against hacking attempts. Moreover, the blockchain industry prevents any unauthorized actions, such as the addition or removal of certain entries, guaranteeing the legitimacy of the transactions.

2. Improved Transparency:

The decentralized blockchain app enables the access of the documentation to each network, ensuring transparent proceedings. The information on a blockchain network is more precise and consistent since the alteration of any record must be updated through general agreement amongst each participating network. This simplifies the task of assessing each record, analyzing and maintaining the integrity of the data. Moreover, blockchain systems facilitate the analysis of the asset’s journey from inception till the end, streamlining transaction traceability.

3. Time and Cost Efficiency:

Unlike traditional trading procedures, the blockchain development service streamlines and automates the transaction process, reducing the chances of human error and third-party intervention. This increases the speed as well as the efficiency of the transaction. In addition, since multiple members use a single ledger, the excessive cluster is easily cleared. Moreover, organizations can substantially reduce costs by removing 3rd party vendors and middlemen.

Numerous blockchain platforms rose to fame since the inception of a blockchain technology solution. However, we are going to discuss the most prevalent blockchain networks.

1. Ethereum Blockchain

Ethereum was first developed in 2014 by Vitalik Buterin. It is a highly active blockchain platform that is employed to formulate decentralized blockchain applications. Key features of Ethereum Blockchain:

• It is an open-source, cross-industry platform.
• Its algorithm is Proof of Work-based.
• Ethereum developers design the platform.
• It accommodates smart contract functionality.
• It grants a 'permissionless' ledger.

2. Hyperledger

Hyperledger was introduced in 2016 by Linux Foundation. Hyperledger has mainly three variants, Hyperledger Fabric, Hyperledger Iroha, and Hyperledger Sawtooth. All three platforms adopt a modular approach to promote a decentralized blockchain app. Key features of Hyperledger:

• It is a Cross-Industry platform.
• Hyperledger Fabric and Hyperledger Sawtooth work on a pluggable framework algorithm, whereas Hyperledger Iroha employs the Byzantine Fault Tolerant algorithm.
• Like Ethereum Blockchain, Hyperledger supports smart contract functionality.
• Hyperledger Fabric and Hyperledger Iroha grant permissioned ledgers. Hyperledger Sawtooth offers a permissionless ledger.

3. OpenChain

OpenChain is created by the CoinPrism organization. It is ideal for managing digital assets due to its open-source functionality and unified API. This blockchain network also offers additional control to individual systems at a number of levels. Key features of OpenChain:

• It is a private network.
• It is based on the Partitioned Consensus algorithm.
• Administered by Linux Foundation.
• It provides permissioned ledgers.
• OpenChain has smart contract functionality.

Before teaming up with a blockchain development company, it is essential to select a blockchain platform that matches the various features required for the successful running of the project.

1. Permissioned vs. Permissionless:

The decision to choose a permissioned or permissionless interface is influenced by authority allotted to the participation servers. Permissioned platforms are the ideal option for businesses that require individual systems to be authorized before engaging in the chain. In addition, a permissioned blockchain application can accommodate thousands of transactions per second as opposed to permissionless systems.

2. Scalability:

The organization must analyze the scope of expansion in the number of its members and transactions before opting for a blockchain platform. The blockchain channels need to expand with the overall company growth. Moreover, consider the expected intensity of the trades to opt for the right platform. For example, platforms such as Paypal and Visa offer faster transaction results in comparison to Bitcoin and Ethereum.

3. Adaptability and Availability:

Each business has multiple pre-existing technologies in place. However, while incorporating a blockchain framework, the decision-makers must consider its versatility with such systems. Besides, organizations must examine the current trends and accessibility of the platform. Select the blockchain system that can be developed using a programming language that the Blockchain Platform’s SDK supports.

4. Support and Security:

Businesses must ensure the type of post-integration support offered by the blockchain platform. The platform association must be accessible and active. Inquire whether the firm provides timely feedback and resolution in case of a technical malfunction. Before selecting a platform, check out whether the system is deployment-ready or is still in the experimental phase. Furthermore, ensure the codes of the platform are peer-review tested across numerous use cases. 

5. Cost:

Several blockchain platforms do not charge transaction fees. Whereas, systems such as EOSIO or Ethereum costs cryptocurrency for every transaction. Furthermore, Ethereum has a static pricing model as opposed to EOSIO. Therefore, being clear about the charges and tolls imposed, organizations can factor into the total investment of the project.

The expert team of researchers at GoodFirms conducted a blockchain development research based on the in-depth data provided by 50+ blockchain development companies.

Time:

The time taken to implement a blockchain project depends upon various factors such as the location of the client company and the blockchain development service provider company, the type of platform, required features, as well as the tools and technologies used by the blockchain development company. According to the survey, a straightforward project can be delivered within 1 to 2 months’ time. A blockchain development solution with moderate complexity is generally ready between 2 to 4 months. Whereas, a complicated system, all-encompassing an extensive network of users and limitless transactions can take 6 months to complete.

Cost: 

The cost of developing a blockchain app can cost somewhere between the range of $10K to $300K. This may seem like an extremely wide range, however, the cost depends upon the type of blockchain development services required by the business. The cost may decrease if an organization builds a Distributed App with the help of a public blockchain network as opposed to creating a completely customized blockchain solution. Moreover, the cost also depends on infrastructure, data structures, SDK, encryption, framework, storage space, P2P network, and other such factors. In addition, the skill, expertise, location, and team size of the blockchain development agency plays a major part in deciding the cost of the blockchain application.

1. Smart Contract:

The Smart Contract is an ingenious method for making a transaction or deciding upon the terms and conditions in a contract between two fractions without the intervention of a third-party. For instance, consider a crowdfunding project - a person with an idea or a venture can directly receive funding from the supporters via top smart contract blockchain without middlemen such as the government or the banking sector slashing any amount as transaction charges or taxes. Moreover, due to the distributed blockchain network, each transaction is validated by the entire network ensuring that there is no fraudulent conduct. This promotes direct dealing with the clientele creating a transparent, trustworthy relationship.

2. Exchange: 

Cryptocurrency trading is at the peak of fame today. The top blockchain developers offer a  decentralized, immutable, pseudonymous platform that offers high-level transaction security while simplifying and speeding up the bidding process. The peer-to-peer solution also eliminates brokers, thereby reducing transaction costs. Furthermore, having a fast system means that businesses can conduct countless transactions in a fraction of time thereby increasing the chances of financial gains in the stock market. Blockchain technology is also apt to automate the post-trade events by streamlining real-time settlements, supply chain optimization, etc.

3. Blockchain Wallet Development: 

Blockchain wallets are ideal for online trading without incorporating an arbitrator. The top crypto wallet development companies supply automated KYC verification methods that aid individuals in avoiding money laundering & frauds. Cryptocurrency also proves to be an asset during inflation since its value doesn’t change drastically. Blockchain wallets contain detailed information about each and every transaction allowing users to monitor their investments and purchases. It is also capable of accommodating multiple currencies making it a flexible choice.

1. Elections:

The top blockchain development companies are working on projects that will secure the results of any poll-taking situations such as government elections, the board of director polls, customer surveys, etc. It will promote a transparent and easily accessible process. Blockchain app can further prevent the system from the hackers and ensure the integrity of the results.

2. Identity Management:

With the world going digital, most transactions and payments take place on the online forum. However, to date, the number of account hacking and identity theft cases is on the rise. Introducing a blockchain technology solution can eliminate this by creating a safe and clear digital identity database.

3. Land Registration

Blockchain ledgers are publicly-accessible, which makes an extremely efficient mode of record-keeping. A revolutionary project is the property title registration process. The real estate industry faces countless cases of fraudulent transactions due to the lack of a proper database system. This has urged a list of blockchain companies towards blockchain land registry projects.

4. Healthcare:

The best blockchain companies are exploring ways to provide a decentralized and secure platform for exchanging and handling personal medical records. An open platform will allow medical practitioners to view the entire medical history of their patients easily. This will enable them to provide quick treatment in case of an emergency.

5. Logistics:

Blockchain development companies are looking to enhance the way global logistics works.  A decentralized supply chain method will not only automate the traceability of the goods but also increase the authenticity of financial transactions. Moreover, the blockchain system can eliminate unnecessary manual practices, thereby minimizing logging errors.

Decide whether you wish to build an in-house team of blockchain developers or outsource your project to an established blockchain technology company. Having an internal team will offer you complete access to the developers as well as the on-going process. However, it is time-consuming and expensive since you have to invest in the infrastructural setup as well as the recruitment process. Contrarily, outsourcing gives you the freedom from nitpicking every single developer for the project. You simply hire a blockchain development agency, and they deliver you the product. Moreover, you save a substantial cost on the workspace, as well as investing in the latest tools and technologies. Finally, pick the top blockchain developers after evaluating their expertise, knowledge, and professional social media accounts such as Linkedin profiles to assess their quality.

Discovering the best blockchain developer can be an immensely time-consuming and overwhelming process. Check out the following tips in order to hire the best blockchain development company:

1. Requirements:

Developing a blockchain application is a tedious task, even so, is explaining your exact needs to the blockchain development company. To be able to outline your vision clearly, you need to conclude what you need to build. Decide whether you are seeking a public or private blockchain development services. Define the scale of the project as well as the time and money you are willing to invest. This will help you identify the type of blockchain consulting services you would need along with the size of the team.

2. Budget:

After analyzing the features you wish to incorporate in your blockchain application, review the amount you are willing to invest in the project. Once you have a clear idea about how much you are ready to spend, request the shortlisted blockchain companies to send a detailed quotation. The goal is to identify a candidate that offers a complete solution within your budget. A certified blockchain development company proposes varying pricing models on the basis of multiple characteristics, like time duration and the difficulty level of the project. You may coordinate meetings with the team to negotiate the charges.

3. Work Profile:

Review the past work of the shortlisted companies. Inquire in detail, about the previous projects - what was the use case, the blockchain platform used, the size of database offers, as well as the feedback of the client. You may also probe whether the blockchain consulting service provider hit a snag during the project and how they tackled it. You may also request references of their previous clients and connect with them to comprehend their firsthand experience. Besides, do not forget to check out autonomous review and rating platforms such as GoodFirms to get an unbiased evaluation.

4. NDA:

Protecting your business idea and the data is a crucial aspect while outsourcing to a blockchain development company. Create a rough draft highlighting all the vital data and processes you wish to keep a secret in a Non-Disclosure Agreement. The top blockchain developer may request to add or edit a few clauses, however, if they outright deny signing the contract, consider it a red sign. The agreement must also outline the "all-inclusive" cost of the project to protect you from any deliberate deception or miscommunication.

To develop an ideal blockchain technology solution, business owners must invest in the best blockchain development company. GoodFirms helps prospective clients in this quest by listing down the best blockchain development companies worldwide.

The quintessential blockchain developers that made it to the list of top blockchain development service providers in GoodFirms' research are classified based on GoodFirms established research methodology which evaluates the participants on various qualitative and quantitative factors. This highlighted list of the best blockchain companies has been identified based on their blockchain development skills and expertise, market penetration, and experience in delivering customized blockchain solutions. The other valuable parameter considered by the research team is the valuable feedback and recommendation offered by genuine clients.

After a thorough analysis, our team of expert researchers deduced that the above-mentioned list of top blockchain technology companies provides unmatched blockchain technology solutions to meet the requirements of their clients from all across the globe. The esteemed companies possess a team of skilled blockchain developers that are up-to-date with the changing tools and technologies. The above list of blockchain companies then employs these tools to create customized blockchain solutions to help their client gain a competitive edge in the market.

If you think your blockchain development company possesses the streak and deserves a spot in our 'Research' section, register in GoodFirms to participate in the upcoming research process.