Whether you’re looking to launch a token or digital coin, build a block chain app, or implement a DLT-based solution for your business, you need the advice of an expert in the industry. In general, business leaders at large associate block chain with crypto currencies. Although the two terms are related, there’s more to the distributed ledger technology than meets the eye.
There are thousands of block chain consultants out there, but only a small percentage truly understand the underlying benefits. In general, that small percentage are current or retired software developers looking to help others implement solutions that can take a business to the next level.
The costs involved for hiring a block chain expert
Before making any decisions, it is important to assess the type of block chain expert you need. There are consultants who know the technology from a business perspective - the trends, the factors influencing the market, the trading aspect, etc. And there are consultants with technical know-how - block chain developers, programmers, and coders.
After assessing your need to hire a block chain expert, settle on a budget that you’re willing to spend. As for the costs involved, the following parameters apply: location, experience level, availability, and project complexity.
Average hourly rates to have in mind
According to a study done by Code mentor, independent block chain developers charge anywhere between $80 and $100 per hour. In general, the greater the experience the higher the price per hour. However, it’s not a standard rule. Most developers are willing to negotiate the price if the project is interesting, long-term, and stable.
Another way of getting a competitive offer is to pay the developer upfront at least 30% of the total of hours estimated. Just make sure to check your freelancer’s reputation and get a contract signed beforehand to be sure they can be trusted to do the work on time.
Get a competitive price package when hiring from different countries
If you’re looking for a competitive price package, it’s worth mentioning that, based on geographical location, block chain consultants and developers can either charge more or less. Recruitment platform, You Team, gathered some data on the price charged by developers in different countries. It turns out that, in the United States, block chain experts can easily charge up to $200 per hour.
In Western European countries, the price is slightly decreased to $150 per hour. And in Eastern Europe, businesses can hope to find a competent block chain consultant for $80 per hour. If the budget you have at hand is limited, the most convenient price package is offered by teams and providers in Asia. In India, for example, you can expect to pay an average of $50 per hour for a highly skilled block chain consultant.
Block chain experience matters the most
The differences mentioned above are directly linked to every country’s economic system. However, there’s no way of putting a price on experience. A block chain consultant in the US who charges $200/hour can be just as experienced as one from India, who charges $50/hour. But before making a choice, make sure to look at the following criteria:
- Programming or consulting experience in the block chain industry
- Coding/programming languages commonly used in block chain-based products and platforms
- Past block chain-based projects completed
- Reputation (e.g. reviews and feedback on freelancing platforms, references from past employers)
If you’re looking to hire a block chain manager, the price can easily exceed $150/hour. However, the most expensive type of experts are strategists. In developed countries, block chain strategists may request to be paid up to $400/hour.
Hiring the right block chain consultant is easier said than done. Hands-on experience matters just as much as soft skills. Also, it can be challenging to hire just one person if you’re looking to scale your business. Before getting started, assess priorities carefully. Budget, timeline, business objectives, KPIs, should come before making the final hire.
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