The blockchain technology has the power to disrupt many industries. Turning its potential into widespread adoption in the real world is more arduous. As we approach, blockchain development in 2024 will be faced with crucial challenges in terms of technical, regulatory and business issues. Here you can find guidance on where to hire blockchain developers in USA.

challenges that blockchain development in 2024 will face.

1. Scalability

Blockchain platforms are still limited by their inability to scale. Even the most advanced public blockchains, like Ethereum, can only process between 10 and 20 transactions per second. It is far from the thousands of transactions processed per second By payment giants such as Visa and Mastercard.

To adopt blockchain technology, consumers and businesses must scale dramatically from its current throughput levels. Various solutions, such as sharding and sidechains, are being developed to increase scalability. The critical challenge will be to move these solutions from testing into live production.

2. Privacy vs. Transparency

Public blockchains, like Bitcoin and Ethereum, operate assuming that pseudonymous interaction is allowed. Transparency of data and transactions is achieved while personal identities are protected. Total transparency of transaction flows is not possible when dealing with sensitive data such as trade secrets or personal information.

The challenge of balancing businesses’ privacy with the openness of public Blockchains will be technological and regulatory. Solutions such as zero-knowledge proofs and private/permissioned Blockchains are being explored to overcome this.

3. Interoperability

Interoperability is needed to allow different blockchain platforms to communicate. Diverse blockchain ecosystems, such as Hyperledger and Corda, are currently in place. They are isolated and siloed.

Interoperability allows for atomic swaps, asset transfers and data exchange between otherwise incompatible blockchains. Platforms require common standards and protocols for inter-chain data and communication.

4. Smart Contract Security

Smart contracts are scripts that execute themselves and encode business logic onto a blockchain. They are prone to many vulnerabilities, which can result in attacks, data leaks or loss of funds. Between 2012 and 2022, hacks on smart contracts platforms led to more than $10 Billion in losses.

To prevent exploits, robust methods of formally testing, auditing and verifying intelligent contracts are needed. Security can be improved by using tools combining static and dynamic analysis for smart contracts bytecode before deployment.

5. A poor end-user experience

Blockchain platforms must become more user-friendly to attract mainstream consumers. The user experience of cryptocurrency wallets must be improved, and users’ complexity should be minimized. Platform interfaces must abstract technical intricacies from the user and provide intuitive interaction.

Many blockchain apps currently have horrible end-user experiences, which confuse novice users. Designing decentralized apps and intelligent contracts for the consumer market must incorporate usability principles.

6. Lack of Talent

A shortage of qualified blockchain developers is an issue. LinkedIn data shows that blockchain developer job openings are up over 600% from 2017, but skilled talent only grows by a fraction. The demand for blockchain solutions will increase, and finding expert developers will be a significant bottleneck.

While companies must hire external firms specializing in blockchain development, they should also invest in training their internal teams. Partnerships with foundational blockchain organizations and protocols can facilitate talent development.

7. Uncertainty about compliance and regulations

The government policy on blockchain technology is still fragmented and uncertain. Clarification is needed on complex legal issues relating to cryptocurrencies, data ownership, privacy and decentralization. Globally, there are also conflicting regulations that hinder development and adoption.

Legal certainty will be provided to developers, investors and enterprises by more explicit compliance guidelines. Better regulatory clarity will pave the path for institutional adoption in finance, healthcare, and other sectors.

8. Multi-standards and toolsets

There are several blockchain platforms, each with its frameworks and tools. Hyperledger uses Go, while Ethereum relies on Solidity. Tezos is based on the Michelson language. There are always new platform-specific development tools.

This fragmentation confuses the developer community and causes a talent shortage for specific platforms. The lack of standardization makes it difficult to switch between blockchain platforms. Consolidating around a set of common standards and tools can streamline development efforts.

9. Real World Data Integration

Blockchain applications can add value by integrating and establishing trust in real-world data such as IoT streams or healthcare records. Connecting off-chain data with blockchain platforms remains technically challenging.

You must seamlessly integrate data from enterprise backends, software systems, APIs and web services into smart contracts and blockchain transactions. Standardized oracles allow for trusted data to flow into blockchain ecosystems.

10. Inadequate Enterprise Tools

Enterprise developers require higher-level tools and frameworks for app development while core protocol development is ongoing. These tools will abstract low-level blockchain complexity and allow mainstream developers to focus on rapid app development.

Creating integrated developer environments, middleware, and reusable components is necessary to accelerate enterprise blockchain development. Adoption will require a vibrant tooling environment that caters to different vertical domains.

How to Hire Blockchain Experts in the USA

Blockchain development in 2024 Companies need to hire experts in blockchain engineering to overcome these challenges and create world-class blockchain solutions. Given the current shortage, it isn’t easy to find enough skilled blockchain developers. Here are some tips for sourcing and hiring top blockchain developers in USA:

Understanding Project Requirements

To begin, you must thoroughly understand the blockchain solution that you will develop, including the technology requirements and architecture.This will allow you to assess the technical skills required in your blockchain development team.

Compensation for Market Competitiveness

Blockchain developers’ salaries have risen due to supply-demand dynamics. Compensation should be at least as high or higher than salaries paid by technology companies and blockchain startups to attract the best talent.

Highlights Long-Term Growth

Blockchain developers motivated by their careers and wanting to work with the latest technology will always be attracted to employers with a high experience level. Demonstrate how the role fits with the developer’s long-term ambitions.

Source from Blockchain Communities

Developer communities and forums like StackOverflow, GitHub and Reddit can be great resources for finding experienced blockchain developers interested in exciting projects.

Get Referrals From Within

Referrals can lead to high-quality candidates. Ask your internal teams and partners if any blockchain developers seek new job opportunities.

Blockchain Development Firms

When you partner with blockchain developers, you gain access to teams of blockchain engineers they have thoroughly vetted. These companies stay up-to-date with the latest technology and tools.

Promote your employer brand.

The engineering culture, the challenge and compensation are essential factors for top developers. Employer value propositions on Glassdoor can help you attract top talent.

Interview for Hands-on Skills

When vetting candidates thoroughly, ensure they have hands-on experience in languages such as Solidity and Go, protocols such as Ethereum and Hyperledger Fabric, and tools such as Web3.js, Truffle, etc. Look for architects who are familiar with the design of end-to-end solutions.

Businesses can create world-class teams by adopting a proactive recruiting strategy and a development partnership approach.

Read Also: 4 Skillsets to Check Before You Hire Android Developers