Blockchain is an innovation that allows secure, fast, and decentralized transactions that have never been possible before. Recently, the news about cryptocurrency has taken over nearly all of the media. The potential influence of blockchain technology on the global economy is huge, beyond all doubt. Statista reports that the size of the worldwide blockchain technology market will grow from $375 million in 2017 to $2312.5 million by 2021.
The need for blockchain development is growing faster than the IT-market can meet it. Numerous companies working in the financial sector understand that they need to implement this innovative technology before their competitors do. Whether a company needs to implement blockchain technology or launch an ICO, it always comes to the need for relevant expertise. Very often they cannot implement it themselves due to the lack of specific skills and resources, needed for the implementation of blockchain technology. Finding a local blockchain development company is often mission impossible. That’s when turning to outsourcing can be the best choice for your business: you get a skilled team with the right skills to work on your project and you can continue working on your priority tasks while they do their job. What’s more, outsourcing blockchain development (which is a very expensive technology to implement) can save you a significant part of your budget as well.
Ukraine is well-known for its skilled and talented developers that made the country the most popular outsourcing destination in Europe. What’s more, outsourcing your project to Ukraine is cost-reasonable as well. Now, what about blockchain here? Cryptocurrency market receives much attention in Ukraine as well as elsewhere in the world. Ukraine took up the blockchain trend eagerly, and developers across the country conduct researches of development of blockchain in different spheres of economy. Question is, can Ukraine become the world cryptocurrency capital? Is Ukraine a good choice for the development and implementation of projects, based on blockchain? And if the answers to the previous two questions are positive, how much will it cost to integrate blockchain technology into your application in Ukraine? Read on to find out the answers.
When it comes to legislation, many countries haven’t adopted a certain legal status of the cryptocurrency so far. Though the majority chooses to remain neutral in regards to it, some countries choose to prohibit cryptocurrency. In Ukraine, cryptocurrency is not forbidden by the law but is not recognized by it as a currency either. The legal status of cryptocurrency in this country is to be determined in the nearest future. Even though the state level stores cannot accept payments in cryptocurrency, numerous entrepreneurs in Ukraine are now investing into the mining of cryptocurrency eagerly. In fact, Ukraine was among the pioneering countries that took up the bitcoin mania back in 2013.
Cryptocurrency mining is rather popular in Ukraine. Numerous IT-companies in this country recently started providing blockchain development services to keep up with the booming trend and to contribute to its expansion. Apart from the large IT-companies, small existing and emerging startups are working at applying the most challenging blockchain solutions.
Blockchain community of Ukraine is very strong too. Last October, Ukraine Blockchain & Bitcoin Conference took place for the 4th time in Kyiv already. Among the participants of the conference, there were blockchain developers, entrepreneurs, and experts in legislation. Investors and startup authors who have practical experience of participating in ICO were special guests of this year’s event.
Education sector doesn’t lag behind either. Blockchain is already included in the academic program of five technical universities in Kharkiv. They established a partnership with Distributed Lab to launch blockchain courses. This will increase the blockchain awareness of the young generation and help Ukraine get a strong blockchain expertise.
Learn how much it will cost to implement blockchain technology into your project in Ukraine in the full version of the article on MLSDev blog.
