How to Hire Blockchain Developers in 2023

The rise of blockchain technology has brought about significant disorders and transformations across various industries. Over the past five years, blockchain has emerged as a trigger for change in industries such as Fintech and Banking are reaping the biggest benefits. As the potential of blockchain technology continues to capture industries, the demand for skilled blockchain developers is on the rise. In fact, recent reports indicate that the demand for blockchain roles grew by an impressive 118% last year, according to Indeed.com.
The increasing interest in blockchain solutions is also reflected in the projected worldwide spending on blockchain technology, which is set to extend significantly. Blockchain's exceptional security measures for transaction execution and data storage, as well as its ability to provide transparency and accountability, are too attractive for businesses. As more activities move online and an estimated 50 billion Internet of Things (IoT) devices are expected to be in use by 2030, the demand for blockchain technology and, subsequently, the need for companies to hire a blockchain developer will continue to grow rapidly.
According to Grand View Research, the global blockchain technology market is forecasted to expand at a compound annual growth rate (CAGR) of nearly 88%. This staggering growth in the blockchain is expected to lead to an increase in global GDP of US$1.76 trillion, representing 1.4% of global GDP by 2030, as highlighted in PwC's "Time for Trust" report.

In today's world, blockchain technology has emerged as a trigger for transformative change, not only within the finance sector but also across supply chains, healthcare, and retail industries. As the adoption of blockchain continues to achieve speed globally, the demand for talented engineers in this field has reached unprecedented heights, offering a wealth of career opportunities.
One of the key reasons for the sharp increase in demand for blockchain programmers is the development of large business projects. Starting from the proof of concept stages in 2017, these projects progressed to pilot projects in 2018 and ultimately evolved into full-fledged production systems in 2019 and 2020.
In order to analyze valuable insights, let's delve into the statistical data. According to the Blockchain Market Report 2023 , the global blockchain market is projected to reach a staggering $99.37 billion by 2027. Additionally, the Digital Asset 2022 Outlook - The Block Research demonstrates that the total market capitalization of cryptocurrencies reached $2 trillion in May 2021. Moreover, Galaxy Digital Research (2021) highlights that from 2014 to 2021, a significant amount of investment, totalling $57.6 billion, has been poured into the blockchain industry. 2021 saw significant growth as venture capitalists alone invested a staggering $33.8 billion in blockchain startups.

The Blockchain Job Report for 2022 also states that as of February 2022, there were over 10,000 digital currencies in existence. It is no surprise that the creation of blockchain applications has become one of the most sought-after services, leading to a growing demand for professional developers.
In summary, for those who are eager to embark on this field, now is the perfect moment for businesses to take the opportunity and bolster their development teams with skilled blockchain engineers. However, selecting the right candidate is not always an obvious task. Read on to discover the essential factors to consider when hiring in this field.

Finding experienced blockchain developers for hire can be challenging, given the relative newness of the technology. When considering how to hire blockchain developers, it's important to identify the skills and qualities necessary for developing and maintaining secure and efficient software systems. Let's explore the essential skills that candidates should possess.

Relevant Experience
Look for a blockchain app development partner with practical experience in building decentralized applications, smart contracts, and other blockchain-powered solutions.

Collaboration skills
Blockchain app development is a collaborative process that involves working with teams of developers, designers, and stakeholders. Strong communication and collaboration skills are essential.

Problem-solving skills
Blockchain development often requires creative problem-solving and the ability to think outside the box. Look for blockchain developers who have experience finding solutions to complicated problems.

Adaptability
The blockchain landscape is rapidly developing, so it's important to hire blockchain programmers who are adaptable and ready to continuously learn and improve with the technology.

Niche expertise
Trustworthy blockchain development teams should have extensive experience in building solutions for specific industries such as healthcare, supply chain, or finance.

Understanding of security
Security is paramount in blockchain development. Hire blockchain professionals who have specific knowledge of security best practices and experience implementing security resolutions.

When it comes to technical skills, consider the following:

Top 5 Blockchain Skills

Here, we present an illustrative selection of the top 6 of them:
Cryptography
Proficiency in encryption and security skills is crucial for enabling secure cryptocurrency transactions within a blockchain network.

Data Structures
A strong grasp of data structures is essential for building blockchains and handling various data formats.

Smart Contracts Familiarity with principles and skills related to smart contract creation is vital for many blockchain business models.

Аrchitecture Ensure the developer has a deep understanding of how blockchain functions, including consensus mechanisms, distributed ledgers, and cryptographic hash functions.

Сomputer Programming
A solid understanding of programming languages like C, Java, JavaScript, Python, Ruby, Solidity, Rust, Vyper or others is necessary for developing diverse blockchain solutions.

Web Development
If you require blockchain app development, ensure the potential developer has knowledge of web app development tools and can design, develop, and write code for web applications.

By considering these factors, you can hire a blockchain developer who will contribute to your business's success in the decentralized technology world. Now that you are aware of the essential blockchain developer skills, let's explore who is better to hire.

If you are considering building a Blockchain development team from scratch, you may be wondering about the best approach to take. Let's look at the advantages and disadvantages of a blockchain developer job and its types:

In-house Blockchain development teams:
Building a local Blockchain development team can provide your business with more control over the development process, especially for long-term projects. The advantage of such a type of hiring is their full-time availability and commitment to your project. Additionally, they can integrate quickly into your company, sharing your corporate culture and values. 
However, this approach requires significant investments, including office space, equipment costs, software expenses, training, salaries, taxes, and operational charges. Another disadvantage is the limitation of finding developers in your region.

Blockchain development company:
Collaborating with a dedicated Blockchain development company can be a win-win situation, especially if you lack the expertise for blockchain product development. By partnering with a company, you gain access to a ready-made team with the necessary tech stack for your project. Platforms like Clutch.co or GoodFirms can help you find suitable providers and provide access to verified testimonials. 

Well-structured teams and streamlined processes lead to substantial time and cost savings. With this approach, there is minimal need for redesigning functionality, reducing the risk of major vulnerabilities in the project. Leveraging existing solutions to avoid reinventing the wheel, saving valuable time and preventing costly trial-and-error processes. This approach ensures that your project is launched on time and remains up-to-date, avoiding delays that could render it outdated in the fast-paced world of technology.

However, working with an overseas team may involve challenges such as time differences and communication issues. Selecting professionals from a similar culture and with similar values can help mitigate these challenges. While the cost of maintaining a team from a company may be higher compared to freelance options, you save on legal, taxation, and social package expenses, as well as office, hardware, and software costs.

Freelance Blockchain developers:
Freelance platforms like Upwork and Fiverr offer a pool of available Blockchain developers for hire. However, finding the right professional through these platforms can be time-consuming. Freelance Blockchain developers are suitable for short-term projects, where you need specific expertise and pay only for the work done. 

Keep in mind that working with freelancers may involve a lack of control and potential communication issues. However, if you find a reliable specialist, you can expect quality work at a lower cost. One advantage of hiring freelancers is also the ability to find developers with specific tech stacks regardless of their location.

All blockchain developer jobs have their own advantages and features.  Evaluate your project requirements, budget, and long-term goals to make an informed decision. Whichever you choose, it's important to match their skills and experience with the needs of your project.

At Peiko, we have a well-defined process for creating blockchain projects. Our approach involves several essential steps, including market analysis, interface development, software development, testing, and deployment. Needless to say, our commitment to excellent communication sets us apart. We understand the importance of promptly responding to our customers, ensuring that their needs are never overlooked. Our focus is not just on writing code, but on building lasting relationships and ensuring our customers' success. By following these steps, we ensure the successful implementation of blockchain solutions for our clients.

Now, let's take a closer look at some of the cases where Peiko has demonstrated its expertise and delivered successful outcomes for our clients. These real-life examples showcase our ability to effectively use blockchain technology and provide innovative solutions to various industries.

We would like to showcase the Quan2um case as an excellent example of our work. Quan2um is a reliable cryptocurrency exchange facilitating seamless buying and selling of popular cryptocurrencies such as Bitcoin, Bitcoin Additional, and various altcoins.

The Peiko team was entrusted with the mission of developing a cutting-edge trading platform that enables traders to monitor real-time market conditions. Simultaneously, the pre-built solution aimed to maintain pair prices within the average market range while ensuring market liquidity and swift currency transactions. A paramount consideration was the utmost security and safeguarding of user funds. To further bolster the platform, a native cryptocurrency called BTCA was introduced, requiring effective promotion strategies and assistance. 

A comprehensive resource management system with customizable settings was implemented, allowing effortless role management and streamlined control over coins and trading pairs. A pivotal component of the project was the implementation of a robust matching system for user bids, accommodating various types of orders for both buying and selling. As the final step, the website was meticulously indexed by search engines, enhancing its visibility and accessibility.

For a comprehensive understanding of the project, we invite you to explore the complete case study, which provides detailed insights and further information on our successful collaboration with Quan2um.
Let us introduce you TopUp case, another notable example of a successful blockchain project developed at Peiko. Introducing TopUp Balance, an innovative service that revolutionizes mobile operator account replenishment and digital product sales using cryptocurrency.

TopUp Balance is an online platform designed to meet the needs of global travellers, ensuring seamless connectivity and simplifying their lives. With this user-friendly website, customers can easily recharge their mobile accounts or purchase desired services from anywhere in the world, using either cryptocurrency or fiat currency.
Our team tackled the challenge of integrating fiat and crypto wallets, enabling multilingual support, and developing a universal admin panel for streamlined functionality management.

For an in-depth understanding of the project, we invite you to explore the detailed case study, which provides comprehensive insights into our collaboration.

We sincerely hope that this article has provided you with valuable insights to help you make informed decisions when hiring professionals for your blockchain projects. It is evident that trust in blockchain technology is on the rise. Long-term investments in blockchain projects are increasing and are expected to continue growing in the near future.

Consequently, the demand for such specialists is also increasing for companies hiring blockchain developers. According to the Upwork Skills Index Q1 data, the demand for these professionals has quadrupled since 2017, and they now account for 55% of all job vacancies in this field. Currently, there are 14 vacancies for every blockchain developer, highlighting the high demand for their expertise.

If you are interested in integrating blockchain into your business and are seeking а top-notch blockchain development company, feel free to contact the Peiko team. We look forward to the possibility of working together in the future.