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The Ultimate Offshore Software Development Guide for CEOs
Offshore software development services emerged for businesses looking to reduce operational costs while having access to a global talent pool. Recently, the US tech job market has been saturated, which resulted in companies looking for more options.
If you want to get ahead of the crowded offshoring market, check out this guide on offshore software development. Learn why it has been considered reliable and profitable among CEOs and stakeholders.

What will you find in this guide:

What is Offshore Software Development?

Benefits of Offshore Software Development

  • Lower Operating Cost
  • Access to Diverse Talent Pool
  • Focus on Core Business Goals

Augmenting Offshore Developers with Your In-House Software Development Team

Finding the Best Offshore Development Company Partners

  • Prioritize Quality Over Quantity/Costs
  • Are They Reliable?
  • Is Their Time Zone Going to be an Issue?
  • English Proficiency

Where Can You Find Offshore Software Developers?

  • Eastern Europe
  • Asia
  • Latin America

How CEOs Manage an Offshore Software Development Team

  • Impart Your Vision
  • Managing Cultural Differences
  • Communicate Effectively
Get the ultimate offshore software development guide for CEOs. Download my ebook.

About ZirconTech:
A trusted partner that helps organizations thrive in their digital transformations. Mobility, Internet of things, artificial intelligence, big data, cloud computing and blockchain technologies.

The world’s financial system is going through a lot of changes today. You must have felt its heat during the crashes of the crypto market, or through the promises of blockchain applications. It’s not new, and it all began almost a decade ago. Most of us were unaware of this ongoing revolution but, there are few, who looked under the hood, and became contributors to this world-changing technology. 


In an interview, Andres Zunino, COO of ZirconTech, told that he and his team were looking for innovative ideas to invest in since 2013, and at the end of 2015, they finally found blockchain, as their worthy candidate. They wanted to build something on top of this emerging technology and chose the blockchain insurance application, which later got presented at a prestigious blockchain competition.


As you may have heard time to time, our current financial infrastructure is “centralized” and has a lot of problems and loopholes in it. There are people who abuse their power, systems that fail from time to time, countless scams, public frauds, and a lot more day-to-day hassles that consumers go through. What if we tell you that we can replace each and every segment of this huge system with blockchain technology, and you will never see such problems ever again!


We have a long way to go but, it is possible. Let us elaborate …


Blockchain Explained


What is Blockchain?


The applications of blockchain can be tricky and difficult to understand, but its underlying concept is pretty simple. According to CB Insightsdefinition, “Blockchain technology offers a way for untrusted parties to reach consensus on a common digital history”.


You might ask, how can I trust this so-called common digital history? What if it has tampered with?


The reason people trust this common ledger is that it lives on the blockchain, which makes it unhackable. This is the beauty of this technology, where it shines the most. It provides immutability, transparency, and, of course, decentralization. 


Nobody can tamper with its data or took over the control because blockchain’s architecture distributes “data and control” over a network of computers (also called nodes). Changing data on one or a few nodes will not affect the entire blockchain, and hence the modified or malicious transaction will not be approved, assuring the integrity of the data. This way, it protects its assets and the credibility of transactions happening all around the world.



In comparison to this decentralized mechanism, centralized storage systems are highly vulnerable because there is a single point of failure. One misconfigured security setting can collapse the databases and the entire system of control. Unlike blockchain, there is no way for us to trust that all the transactions are valid in a centralized infrastructure. We just have to believe that the transaction history is not yet hacked. 


In addition to the inherent security feature that decentralization provides, blockchain uses cryptographic hashing techniques to protect the personal information on the network. Only the right person with a valid private key can access certain associated information, and no one else.


Example Usecase


Let’s take an example to understand how a typical currency transaction takes place:


Say there are two parties, Alice (the sender) and Bob (the receiver).  Both, Alice and Bob, have their respective wallets, and each wallet has 2 keys, one public key, and one private key. 


Supposing that initially both have zero funds in their wallets and Alice wants to send 1 ETH to Bob. To do so, she accesses her wallet using her private key and initializes the funds from, let’s say, the bank. To receive the payment, Bob provides his wallet’s public key to Alice to use as an address. Alice can now initiate the transfer and once the transaction is completed, updated funds get reflected in Bob’s wallet. 


In this process, there is a small gas fee involved. That means, to transfer exactly 1 ETH to Bob, Alice needs to pay some extra fee on top of the principal amount. This fee is necessary to power the blockchain network. It serves as an incentive for the miners who use their computational power to validate transactions.


Mining and its Mechanism


Mining is the process of adding new coins into circulation and it is also important for the maintenance and development of the blockchain ledger. Miners provide their enormous computational power to solve an abstract mathematical equation, a cryptographic hash generated by each transaction. For every valid transaction that is solved, a new block is added to the blockchain. The hash value of this freshly generated block is dependent on the hash value of its previous block and the details of the transaction. This is called the “proof-of-work” mechanism, on which most of the famous cryptocurrencies operate, like Bitcoin, Ethereum, etc …


So as you can see, in the whole process, there is no centralized entity involved who is making the decisions. It is a self-sustaining system that can power the entire financial system of the planet.


Cryptocurrencies: The Bloodline of Decentralized Applications



According to Investopedia, a cryptocurrency, as the name suggests, is a cryptographically secured virtual/digital currency that is impossible to counterfeit or double spend. Usually, it is based on blockchain technology, which is simply a distributed ledger. No government or central authority has controls over it, and it is famous for its portability, transparency, and inflation resistance quality.


There are different types of cryptocurrencies present in the market, bitcoin being the most famous among all. Bitcoin is considered the father of all cryptocurrencies and every other variant comes under the category of “Altcoins”. Combinedly, the value of all cryptocurrencies adds up to 1.5 trillion dollars (USD), where BTC captures more than ⅗ of the market.


So let’s have a look at the top cryptocurrencies in the market:-


Bitcoin


Back in 2009, a mysterious person with the pseudonym, “Satoshi Nakamoto”, released a whitepaper containing a revolutionizing concept, which later resulted in the creation of Bitcoin. That whitepaper came with the promise of lower transaction fees than the traditional payment gateways which were controlled by the banks and huge private organizations. It offered a decentralized solution to the banking that nobody controls, an incorruptible infrastructure, that can power the global financial markets.


Consequently, Bitcoin became super popular and it triggered the development of hundreds of other cryptocurrencies. Today, it is often abbreviated as BTC in the trading markets and referred to as “digital gold”.


Ethereum


Like Bitcoin, it is also a blockchain platform, with the associated currency called Ether (or ETH). Currently, It is also working on the proof-of-work concept and they’re planning to shift it to a proof-of-stake mechanism in later 2022. The new version will be called Ethereum 2.0. 


This blockchain is famous among decentralized application developers because it allows them to deploy smart contracts using the Solidity programming language. In terms of market value, it is around 266.83 Billion dollars in capital, right next to Bitcoin. Most of the tokens that you see on the exchanges are built on top of Ethereum, which powers a variety of DApps (Decentralized Applications) in the industry.


Stablecoins


Stablecoins is a category of cryptocurrency that aims to provide a stable market price on the exchanges. Unlike their other volatile counterparts, they are backed by some reserved assets, called collateralization, so their value is derived from an external reference. For example, a stablecoin can be pegged with the US Dollar, or with some commodity like gold.


Examples of Stablecoins include, 


  • Tether (USDT)
  • Binance USD (BUSD)
  • True USD (TUSD)
  • Paxos Standard (PAX), also knows as PAX Gold

Altcoins


The term, Altcoin, refers to every cryptocurrency other than Bitcoin. It is a combination of 2 words, “Alt” and “Coin”. Stablecoins, utility tokens, security tokens, etc…, all come under this category. 


Collectively, Altcoins captures around 2/5th of the total cryptocurrency market, with more than 9000 variants listed on the exchanges. As of March 2021, ETH and BNB had the largest market capitalization and they’re still growing. This term will most probably refer to the mining-based cryptocurrencies only, in the future, as we move towards other than proof-of-work-based technologies.


How to become a Blockchain Company?



Implementing Smart Contracts


Smart Contracts are the programs that are deployed on the blockchain network. They get executed when some predetermined conditions are met, for example, to automate a legal agreement or a financial transaction. Smart contracts are being popularly used in certain Voting Systems, Financial Services, Healthcare, etc …


Since they don’t need any intermediary, malpractices by third parties can be avoided and the whole process can be automated, saving a lot of business hours. Apart from that, all the documents are backed up automatically and the strong encryption of the blockchain algorithm takes care of the safety from any kind of infiltration.


ICOs: Initial Coin Offering


ICO is the new IPO, but with much less hassle.


The term ICO stands for “Initial Coin Offering”. It is similar to a real-world IPO (Initial Public Offering) of the company but, it happens entirely on a blockchain network. It is mainly used by technical people for raising funds for decentralized projects that have some potential in the future.


In the interview, Andres Zunino briefly pointed out his initial struggles as, 


“We needed to dedicate a lot of effort to research, test, and develop competencies. We are happy with the point reached today thanks to the initial funding, the support from the Research and Innovation Agency in Uruguay, and all the dedicated effort”


Today, several startups are opting for ICOs for fundraising, instead of sharing a piece of their company with venture capitalists. Launching an ICO requires only two things: a spectacular announcement, and a digital campaign. In return for the money that is invested, the blockchain company provides utility tokens, that can be used in the future for using their decentralized service.


NFTs: Non-Fungible Tokens


NFT stands for Non-Fungible Token. In layman’s terms, non-fungibility means unique and irreplaceable. Unlike a normal currency, which is fungible, NFTs derive their value from their uniqueness and scarcity in the market.


All the currencies that you see in the market are fungible, including Bitcoin, Ether, etc… Theoretically, a 10 dollar bill in my pocket is equivalent to a 10 dollar bill in your pocket. This is called being fungible. But in the case of NFT, an original digital asset, say any artwork, cannot be replaced by a replica of the same, despite being exactly identical. NFTs provide a stamp of originality that cannot be corrupted.


You would not pay the same price for a Mona Lisa’s duplicate, as you would pay for the original one, however real it may look. Would you?


If you want an in-depth understanding of NFTs, we highly recommend this article.



Blockchain-based ID Protection


Today, blockchain technology has made Self-Sovereign Identity (SSI) possible. The ideology behind this is to give control to the individuals over the usage of their identity. This means you can register yourself, with the accurate details, on an unalterable decentralized database and use the generated unique identity hash to represent yourself online. In comparison to the centralized identity management systems, it is much more secure and reliable. This technology has the potential to completely change the way how we interact with different online services.


DeFi: Decentralized Finance


Decentralized Finance refers to a new financial system that is transparent and gives control to the user over his/her accounts. It provides you with the option to interact with the global markets using alternate currencies, instead of using government-issued fiat. As of now, tens of billions of dollars have been pumped into it via cryptocurrencies and it’s still growing. Anyone with an internet connection can use these services, and no one can deny access to them or choke your payments. No human errors are possible in these self-sustaining systems, which makes them much faster than their traditional counterparts.


Fact: A group of crypto-enthusiasts in Argentina used DeFi to escape inflation.


Associated risks with Crypto


Extremely Volatile Market Prices


If you have been crypto-trading for some time, then you know what we’re talking about. There is great instability in the prices of crypto due to its unregulated nature, which makes them extremely high-risk investment tools. You need to understand it deeply before jumping into the sea of crypto. Currently, the market sentiment for cryptocurrencies is very uncertain, which leads to sharp and unexpected price movements frequently. 


To keep your portfolio in crypto, you need a strong risk appetite.


Vulnerable Smart Contracts


Smart contracts are self-executing, unalterable, autonomous programs that live on the blockchain networks. In the land of decentralized applications, smart contracts give birth to the philosophy, “Code is Law”. But, is it a good thing or a bad thing? If there is a vulnerability or loophole in a smart contract, then exploiting it is acceptable or not? Is it any different from the situation where a lawyer bends the law to suit his client? It’s an ongoing debate in the crypto community with no clear answer.


Smart contracts that power DApps are difficult, or sometimes impossible, to change once they’re deployed on the network. So if any mistakes are made, then you’ll have to deploy it again before it’s too late. That’s why rigorous testing of all the external functions of a contract is quintessential.


On 20th July 2016, the original Ethereum Blockchain Network was hacked due to a small vulnerability in a smart contract, which enabled hackers to siphon off almost 33% of the funds to a subsidiary account. To restore all the funds, the Ethereum community hard-forked a new branch and essentially had to split Ethereum into two. The original Ethereum continued as “Ethereum Classic”, whereas the new, unhacked, branch is now called “Ethereum”.



Lost Cold Storage


The term, Cold Storage, refers to the offline crypto wallet that is not connected or dependent on an internet connection. This protects it from all kinds of cyberattacks, hacks, and vulnerabilities that a normal online digital wallet possesses. But, its prime advantage is also its worst disadvantage. There have been several cases in the past, that you might’ve heard of, where the owner has lost large sums of crypto in his/her cold storage which now worth millions of dollars.


Government Restrictions


Without a doubt, we’re in the middle of a crypto-revolution and most of the countries acknowledge this fact. Today, governments all around the world are working on “regulating” the usage of cryptocurrencies and making and modifying constitutional laws for this new financial system. The pros of this technology outweigh the cons, hence, accepting this change is their best move.


But unfortunately, there are countries like Iran, Bolivia, North Macedonia, etc… that do not see the good side of implementing cryptocurrencies. They have restricted its usage and declared it illegal in their jurisdiction. Hence the development of Blockchain technology is difficult, if not impossible, in those parts of the world. And for blockchain-based companies, it presents a new challenge when they try to go global.


Why should you care about this transformation?


The world is transforming rapidly, faster than ever. Businesses and organizations are automating their transactions with blockchain networks, and rebuilding their services in a decentralized manner. 


Andres describes the usage of blockchain technology  as, “Dramatically simplifies financial processes, being a self-maintained network that substantially increases the security and efficiency of transactions.”


This dramatic shift towards crypto is due to the increase in public awareness. People now know about all the benefits that decentralization provides and why it’s necessary. If your business does not adapt according to this changing digital landscape, it will soon be ex-communicated and vanished.



In the interview also, Andres mentioned the increasing awareness over there as:


“In Uruguay, the blockchain movement really started this year [2017], because several people started to talk about it and because IBM is pushing a lot the IBM Hyperledger blockchain services.”


On the personal level, he and his team started contributing ever before that: Andres said, “it was Alejandro who started the Blockchain meetups in Montevideo in 2015”!


The rate of social adoption and technological advancements in this field are exponential and the future applications of blockchain are beyond our imagination. If implemented correctly, it provides you with impenetrable security and an inherent data backup system. You can leverage other DeFi services and present new and exciting features to your customers. You can sell utility tokens or security tokens that can help you in fundraising and power your platform. 


With so many things going on, one thing is absolutely certain, that blockchain isn’t going anywhere soon. Either welcome it with open arms or be left out.


How to incorporate a blockchain-based solution into your existing infrastructure?


Adding new payment gateways for crypto


There are numerous crypto payment gateways out there, but BTC is still considered and accepted as the standard form of receiving payment. There are several bitcoin payment gateways in the market, like Coinbase, Coingate, CoinsBank, etc …, that provide you with all the integration facilities that you’ll need. 


By adding these payment gateways, you can attract new customer segments that prefer cryptocurrencies over fiat. Also, if you happen to provide a sensitive service, where confidentiality is the key, then integration of such crypto payment gateways is the perfect choice for you.



Creating Smart contracts


We know, that for most businesses, automating everything with smart contracts is near impossible. It is also true that not everything can be automated through smart contracts. But, there are areas in any organization that can benefit from such automation. Like several legal aspects that follow a fixed standard procedure, or business logic that can be encoded for faster execution. To develop and deploy smart contracts within your blockchain company, coders and business experts must join their hands and work together.


In regards to the success of smart contracts, Andres believes in the power of Ethereum, since it is the most popular blockchain network where smart contracts are deployed. 


“As long as the community continues to develop in Ethereum, it will be required ethers so that the smart contracts can be executed by the nodes, and therefore will have demand.”


Conclusion


Throughout the article, we explained blockchain, how it works, what are its application, what are the risks involved, and how you can incorporate blockchain solutions into your existing business infrastructure. We also saw that Andres and his team were talking about this revolution long before it became trendy in the eyes of the commonwealth. In the realm of technology, first movers always get the advantage, but it’s not too late. Now it’s up to you to use this information and create something valuable.


YOU CAN BE INTERESTED IN THESE ARTICLES TOO:
1. Benefits of Notarization with Blockchain
2. Smart Contracts with blockchain: Monax success story
3. Smart contracts with blockchain: Clause.io business case

About ZirconTech: A trusted partner that helps organizations thrive in their digital transformations. Mobility, Internet of things, artificial intelligence, big data, cloud computing and blockchain technologies.

CIRCULAR ECONOMY AND HAZARDOUS WASTE: THE ECUADORIAN ASSOCIATION OF LUBRICANTS (APEL) IMPLEMENTS SMART CONTRACTS

Aware that used lubricants are waste considered dangerous at a global level and that their disposal generates negative impacts on the environment, the companies of the Ecuadorian Association of Lubricants -APEL launched in April 2021 a program for the collection and comprehensive management of this waste. APEL turned to SUSCRIBO and the use of smart digital contracts to quickly formalize its commitments with suppliers and customers and automate tasks.

The program, called RECOIL (www.recoil.ec), which also includes the collection of containers, meets the “Instructions for the Comprehensive Management of Used Lubricating Oils and Containers” issued by the Ministry of the Environment and with the Ecuadorian Environmental Code.

RECOIL supposes the financing of environmental actions by incorporating an economic value called ECOVALOR, in the invoices for each gallon of lubricant sold by the participants in the Program. Each month, on the basis of official information that the companies in the sector report to the National Hydrocarbons Authority, RECOIL will settle, invoice and charge each participant the total ECOVALOR that corresponds to pay, which will finance the collection and management of the waste in question throughout the Ecuadorian territory.

To achieve the launch of its Program, APEL resorted to SUBSCRIBO and the use of smart digital contracts to quickly formalize its commitments with suppliers and customers and automate tasks.

Between March 03 and 12, APEL signed adhesion contracts with all the companies that participate in the RECOIL program, that is, 18 digital contracts in 9 days, something unthinkable in the use of traditional paper contracts.

Likewise, it signed a cooperation agreement with the main used lubricant management company in the country, BIOFACTOR, so that it can carry out the management of collection-land transport, temporary storage and treatment of waste. In addition, APEL hired SAMBITO, a leading company in environmental services consulting and technology for the development of SAAS that allows RECOIL to integrate the entire chain of management of used oils and packaging, in accordance with the traceability requirements contained in the applicable regulations.

With MONAX (www.monax.io) technology, marketed by SUSCRIBO (www.suscribo.com), APEL – RECOIL perfected the contracts in which it launches its circular economy model in the lubricants sector in 2021. The contracts signed with BIOFACTOR, SAMBITO and all the companies in the sector, like the other contracts to be signed, are therefore using a unique combination of blockchain technology and process modeling, to give security, transparency, analytics and above all life to the contracts integrating with other business processes. Initially, this consists of the automatic calculation of the ECOVALOR to be settled by each company, based on the volume of its commercialization reported to the authority, as well as the automatic production of invoices and their subsequent collection. In addition to this, each contract includes notices, milestones for the fulfillment of obligations and notifications.

For the first time in the history of the region, as perhaps the world, a circular economy model on hazardous waste is formalized so quickly and is managed through smart contracts, allowing cutting of costs, time and physical contact in contractual processes and of business.

This work is derived from SUSCRIBO-Contratos Digitales and ZirconTech strategic alliance to work on developing smart contract solutions in Latin America (https://zircon.tech/blog/smart-contract-alliance/).

About APEL:

The Ecuadorian Association of Lubricants -APEL- is a non-profit corporation that represents importing, producing and exporting lubricant companies domiciled in Ecuador. Among the brands represented in APEL are world leaders such as Castrol, Valvoline, Havoline, Texaco, Terpel, General Motors, Golden Bear, Kendall, PDV (Citgo in USA), Total, Caterpillar. In addition to supplying more than 90% of the Ecuadorian market, APEL companies export to the region, so their corporate leadership has international projection.

On the smart digital contracting functionalities capitalized by APEL:

Both the participants of the RECOIL program as well as BIOFACTOR and SAMBITO will have at their disposal 24 hours a day the attached documents and signed contracts, safely archived in the blockchain, they will obtain key analytics on compliance with contractual obligations, they will receive notices and notifications about key dates such as billing, payments, renewal, termination and even the schedule of activities, to ensure compliance and avoid delays in managing paper contracts. In other words, each time a clause programmed in the contract must be complied with, the parties will receive an email as a reminder for its effective implementation. In a second phase, automation will be gradually added to the digital contracts already signed until the ECOVALOR report and monthly settlement trigger billing and collections without human intervention. This second phase should be completed by December 2021.

References:

Ecuador promotes a circular economy model for its used lubricating oils – RECOIL

https://www.ambiente.gob.ec/ecuador-impulsa-un-modelo-de-economia-circular-para-sus-aceites-lubricantes-usados-recoil/

‘RECOIL’, FIRST CIRCULAR ECONOMY INITIATIVE FOR AUTOMOTIVE OILS IN ECUADOR

https://gycomunicaciones.blogspot.com/2021/04/recoil-primera-iniciativa-de-economia.html

First circular economy initiative for automotive oils in Ecuador

https://entretenidosec.com/primera-iniciativa-de-economia-circular-para-aceites-automotrices-en-ecuador/

SUSCRIBO-Contratos Digitales and ZirconTech announce a strategic alliance to work on developing smart contract solutions in Latin America.

https://zircon.tech/blog/smart-contract-alliance/

About ZirconTech: A trusted partner that helps organizations thrive in their digital transformations. Mobility, Internet of things, artificial intelligence, big data, cloud computing and blockchain technologies.

NFT; NFT meaning; non fungible tokens; what are nfts; NFT explained

Although the first NFT was created and shown to the world by Kevin McCoy and Anil Dash on May 3, 2014, at a conference at the New Museum in New York City, NFTs have recently obtained notoriety because they are becoming an attractive way to buy and sell assets as digital artwork. Since November 2017, an incredible 174 million dollars has been spent on NFT.

A group of experts thinks they’re a bubble that will pop, but others believe NFTs are changing the way people are investing and that they are here to stay. There are many questions about NFT, and we will analyze this fantastic world in this article.

What Are NFTs?

Non-fungible tokens (NFTs) are digital assets representing real-world objects like photos, videos, audio, in-game items, and many other types of digital files. They can be bought, sold online, and they are usually encoded with the same underlying software as many cryptocurrencies.

Unlike most digital creations that are almost always infinite in supply, NFTs are usually one of a kind or one of a minimal run and have unique identifying codes. NFTs allow buyers to own the original item, and they contain built-in authentication, which serves as proof of ownership. Sometimes those “digital rights” value relatively more than the item itself.

YOU CAN BE INTERESTED IN THESE ARTICLES TOO:
1. Benefits of Notarization with Blockchain
2. Smart Contracts with blockchain: Monax success story
3. Smart contracts with blockchain: Clause.io business case

How NFT Works?

Non-Fungible Tokens (NFTs) are single tokens encrypted on the blockchain network. NFTs function like cryptographic tokens, but unlike cryptocurrencies such as Bitcoin, NFTs are not interchangeable or not fungible. The most crucial feature of NFTs is that they certify unique and proprietary assets that cannot be changed.

NFTs use Blockchain infrastructure to manage digital storage of any kind of visual, audio, or written works. Most of them are part of the Ethereum blockchain that supports NFTs. We can say that an NFT is unique because it is tied to the token. NFTs have metadata processed through an algorithm that computes a unique string of letters and numbers called the “cryptographic hash function.” 

Examples of NFTs

The scope of the NFT covers anything that is unique and requires demonstrable ownership. Although the NFT world is relatively new, today can find different kinds of examples of NFTs such as:

Unique Digital Artwork

Foundation helps creators to auction their unique digital artwork as NFTs on the Ethereum blockchain. With their bids, collectors feed a new system of value for online expression. NFTs are helping artists, musicians, and all kinds of digital creators to invent a new cultural paradigm. 

The Future of Collectible Sneakers

The X Evolutions is a next-gen sneakers studio creating the future of collectible sneakers for the metaverse. It is a project by RTFKT studios created in collaboration with the Artist MGXS. This design is unique and will never be made again. The Sneaker will be “hypercrafted” by the expert RTFKT team with premium leather and materials.

A Fully Decentralized Virtual World 

DAO stands for “Decentralized Autonomous Organization,” and it is the first fully decentralized virtual world. Thanks to the NFT technology, users can control these virtual spaces. Through the DAO, the community will propose and vote on policy updates. Users are in control of the policies designed to determine how the world behaves.

What Is the Point of an NFT?

NFTs are getting very popular in the art world because an NFT allows the buyer to own the original item. It contains built-in authentication, which serves as proof of ownership. These kinds of features are very valuable for both artists and collectors. 

Since the minting artist is always listed as the original owner of the digital artwork linked to the NFT, it provides clear and unique evidence of ownership and authorship by the artist. It is essential to clarify that minting authenticates an item on Ethereum’s blockchain by assigning a token like a digital record.

Fungible And Non-Fungible Tokens

The comparison between Fungible Vs. Non-Fungible Token is a critical aspect that can define the future of the blockchain ecosystem. NFTs provide a clear improvement over fungible tokens in terms of security and immutability. 

As a new technology, ordinary users may have difficulty trusting NFTs, although they have a broader acceptance in the blockchain ecosystem with prominent arts and gaming applications. 

The Different between Fungible And Non-Fungible Tokens

For fungible tokens such as Bitcoin, fungibility is scripted in the code of the cryptocurrency. A fungible good is standardized, and the units of fungible goods don’t have any uniqueness.

In contrast, NFT features unique features that indicate restrictions for replacing or exchanging it with an identical token. Therefore, NFTs serve as a unique token variant without any interchangeability with other tokens. 

NFTs are different from cryptocurrencies because they don’t have any inherent value, and they receive discounts from the assets or goods represented by them. 

What Are Fungible Tokens?

One of the most known types of tokens is fungible tokens. Cryptocurrencies like Bitcoin are fungible tokens, which means that each cryptocurrency unit is the same as any other. For a token to be helpful as a currency, it needs to be indistinguishable from the other tokens in the same ecosystem.

For example, Bitcoins aren’t more valuable or rarer than others. If you own one unit of Bitcoin, it doesn’t matter which exact Bitcoin you own. These tokens are interchangeable and indistinguishable like regular government-issued money. 

What Are Non-Fungible Tokens?

The other most known types of tokens are non-fungible tokens. Non-fungible means that each token is unique, and there’s no standard value for a token. Each token represents unique, distinct ownership information. So you can’t necessarily exchange one token for another equally. 

Non-fungible tokens are adequate when we need to prove ownership or identity. They belong to a completely different protocol for their creation than fungible tokens. Non-fungible tokens are different from their fungible counterparts, even on the basis of the source code. For instance, in Ethereum, fungible tokens follow the protocols ERC-20, while non-fungible tokens follow ERC-721. 

NFT and the Ethereum Blockchain

Non-Fungible Tokens (NFTs) are tokens secured by blockchains such as Ethereum, they can only have one official owner at a time, and no one can modify the record of ownership. Users can use NTFs to represent ownership of unique items like pieces of art, collectibles, and even real estate. 

NFTs are powered by smart contracts on the blockchain. They provide content creators more power than ever before, and they are a way to represent any kind of unique digital artwork.

The Internet of Assets

One of the significant problems on the internet today is that as everything becomes more and more digital, there’s a need to identify physical things like uniqueness and proof of ownership. NFTs can solve this kind of problem by giving the user tools to represent ownership of unique items. 

Today, a copy of a file, like a .mp3 or .jpg, is the same as the original. But as NFTs are digitally unique and no two NFTs are the same, users can generate ownership for different files without the possibility of copying or plagiarism.

Another example is that today the ownership records of digital items are stored on servers controlled by institutions. But with the use of non-fungible tokens, every NFT must have an owner, and it is indeed a public record and very simple for anyone to verify.

Are NFTs Only on Ethereum?

The NFT market value tripled in 2020, reaching more than $250 million, and there has been increased interest in using NFTs In 2021. NFTs are now being used to commodify digital assets in art, sports, music, and other mass-market items. 

Most NFTs are part of the Ethereum blockchain, but other blockchains can implement their versions of NFTs. Blockchains like Tezos and Flow have their standards when it comes to supporting NFTs. Each of these works to ensure that the digital item represented is authentically unique. 

What Is a Digital Collectible?

NFT identifies a one-of-a-kind item that only exists in the digital world and a new form of digital collectible that is making the online world go wild. Recently digital artists, musicians, and even food franchises have sold NFTs for millions of dollars.

Unlike real-world originals, which need to be verified by an auction house or expert, ownership and authenticity of NFTs are public and provable thanks to the blockchain, the same technology that powers cryptocurrencies.

We need to keep in mind that NFTs can also lose their value. There are marketplaces If you want to check out some NFT’s. OpenSea is one of the biggest online marketplaces for them.

NFTs and Their Value

The value of a particular NFT can be calculated differently depending on the asset that the NFT represents. Therefore, investors can use this framework to evaluate if an NFT is worth investing in, and developers can consider different ways to increase the value of NFTs to bring users and investors. The main point of all this is that NFTs create multiple new ways for values to be created for both developers and asset owners.

Another critical point of this new NFT Era is that any creator can tokenize its work to sell it as an NFT. But the recent extraordinary interest in NFTs has been fed by headlines of multi-million-dollar sales. For instance, an animated Nyan Cat GIF ─a 2011 meme of a flying pop-tart cat─  was sold at auction for $587,000 in cryptocurrency last 19 February.

Why Buy NFT?

Miami-based art collector Pablo Rodriguez-Fraile told Insider that “People have long used art to store value. Crypto extends easily into digital art. It is just a more modern approach to investing in art and using it like someone would use gold or bitcoin.”

Fraile thinks about NFT as a product of the tech boom that was accelerated by the pandemic. Although, younger generations would have eventually pushed it anyway. 

The recent NTFs multi-million dollar sales have captured the spotlight and produced a gold rush for many artists in the music industry. But from the buyer’s point of view, they can be motivated to buy NFTs because it provides a different connection to the creator that hasn’t existed till the moment with any other art form.

How to invest in NFTs?

Users can do whatever they want with NFTs, just like physical goods. But unlike material goods, NFTs have exciting new attributes such as uniqueness, scarceness, usability across multiple applications, and they can be managed with all the programmability of digital assets.

OpenSea, Mintable, and Raible are among the leading marketplace to buy, sell, and discover exclusive new digital assets. OpenSea is building an open digital economy for new digital goods such as Non-Fungible Tokens or NFTs. 

Founded in 2017, OpenSea has 113K users, 477K collections, 15.3M NFTs, and over $354 million in trading volume. They are the first and largest marketplace for user-owned digital goods, including digital art, collectibles, gaming items, domain names, and other securely backed blockchain technology assets.

NFTs and Smart Contracts

Mark Cuban is an American successful entrepreneur and investor that has found many ways to invest in NFTs. He said he is excited about the Smart Contracts contained in NFTs. This means that a creator can get royalties when an NFT is resold, which Cuban describes as a “game-changer.”

Since the launch of the Ethereum blockchain in 2015, the term “Smart Contract” has been applied explicitly toward the notion of operation that takes place on a blockchain. Smart Contracts are sometimes called self-executing contracts. They are programs that are stored on the Ethereum blockchain ledger, and that will execute the clauses automatically. 

Cuban believes that the collectible NFTs we’re witnessing now is only the beginning. There’s plenty of business applications that have yet to unfold. NFTs could be an exciting way to collect when you’re a collector. NFTs are improving all the time the way users buy, store, and display.

Which Is the Most Expensive NFT Ever Sold?

2021 will be remembered as the year in which NFT comes to public knowledge. This is because the crypto community has shown great excitement to invest in NFTs such as images, collectibles, songs, GIFs, and even Memes. We are witnessing the creation of a brand new form of digital assets industry in the last few months.

Michael Joseph Winkelmann, known as Beeple, is an American digital artist known for creating clever works with social and political commentary and using pop culture figures as references. Beeple was not that much popular until last year, but he had recently sold one of the most expensive NFT artwork on the market. 

“Everydays: the First 5000 Days.”  is a massive compilation of the first 5000 digital arts by Beeple that had been sold by the astonishing sum of  $69.3 million in an auction that took place at Christie’s. Although the bidding started at $100, it is incredible that it soon raised and was sold at $69.3 million. 

The Future of Art & Entertainment with NFT

The actual NFT ecosystem is vast, diverse, and is constantly growing. Christie’s partnership with Beeple is one of many examples of a company branching out from traditional to more innovative markets as Non-Fungible Tokens are gradually going mainstream. 

As NFTs are revolutionizing how artists sell and trade their work, these creators show how brands can enter the world of decentralization of NFTs. Right now, a significant number of new businesses are finding innovative uses for NFTs in many different areas such as art marketplaces, virtual worlds, decentralized finance, NFTs for physical collectibles, and many others.

What Brands Need To Know about NFT

According to Forbes, fashion and entertainment will be the Holy Grail on the blockchain. We can see how users are reselling or trading digital items right now. But maybe soon, we could be able to outfit our avatars and digital homes on the blockchain. 

The Argentinian designer Andrés Reisinger recently sold ten pieces of virtual furniture on Nifty Gateway. These pieces can be placed in any open-world like Minecraft, Somnium Space, Decentraland, and others. The most expensive of these ten pieces of virtual furniture was sold for almost $70,000. 

Karinna Nobbs, the co-founder of THE DEMATERIALISED, says that brands need to be conscious of several things when selling fashion via NFTs: “There is a first-mover advantage right now as there are so few fashion brand NFTs in the marketplace, so the first advice is to experiment, jump in early to this nascent market and it will get you higher media/social exposure and will bring you new audiences.” 

“Choose to release limited-edition iconic pieces with a design signature that a brand is known and recognized for to harness scarcity and drive demand, as well as partner with a marketplace and blockchain provider that has an easy-to-use UI and UX – especially if you are trying to convert the regular fashion consumer, as for many this would probably be their first fashion NFT journey,” said Nobbs. 

NFTs and Crypto-Art

Crypto-Art is not much different from any other type of digital art. But Crypto-Art is treated like physical art because it can hold verified ownership of the piece of art indeed.  

Crypto-Art gives the creator and the buyer the capacity to verify an original painting using a Non-Fungible Token, just like physical art can be authenticated. 

NFT technology uses a unique token that is a unique ID linked to a piece of Crypto-Art that is used to verify ownership of a piece and cannot be replicated. So the creator can use this ID to any kind of media file. 

The specific token proves ownership of the ‘original’ file, and it is stored on a Blockchain that can be read but not modified. From then on, the blockchain is used to verify proof of ownership of a digital asset. 

How Are NFTs Creating More Equity for Artists?

Some artists are beginning to experiment with Non-Fungible Tokens (NFTs), looking for ways to benefit them from financial and legal systems that habitually favor dealers and collectors.

Recently artists are starting to understand the benefits of Non-Fungible Tokens (NFTs) on their artwork and how financially viable NFTs can add value to an artists’ work. 

NFTs have tremendous potential, ensuring royalties for artists when a gallery resells an artwork. Artists can also use Smart Contracts to distribute percentages of sales between the different workers in the galleries. 

NFTs can help artists using technology to circumvent the traditional art market altogether. Most of the recent sales of artworks with NFTs have been made on platforms such as Foundation by individual artists without gallery representation. 

One of the main points of this technology for artists is its potential to make the back-end business of studio inventory and gallery sales contracts more transparent. Another innovative use of NFT can be to build micro-investment for creative projects that are difficult to fund with traditional methods. 

The Future of NFTs

NFTs can create new business models that didn’t exist in the past. For instance, artists can add stipulations to an NFT to ensure they get fair profits every time their artworks are resold. This way, artists can achieve something unthought till now, and they can benefit if their work increases in value. 

Another example of this technology is that art platforms can demonstrate they own the digital works they claim to have. The NFT will always ensure that ownership is authentic when customers purchase art from the platform and guarantee no problems with copyright or originality.

When it comes to Sports Memorabilia, a significant part of these items are thought to be fake. NFTs can help overcome this copying problem by giving these items a clear transaction history back to their creator. In the music industry, NFTs can provide musicians the potential to produce enhanced media for their fans. 

But the potential of Non-Fungible Tokens can go much further because they carry ownership rules to another level. Lawyers will not be necessary to establish trust in transactions anymore in the future, thanks to NFTs, because transactions recorded on blockchains cannot be changed. 

Lawyers also can be replaced with Smart Contracts to automatically ensure that both parties honor their agreements when assets change hands. NFTs convert assets into tokens guaranteeing a fair and trustful system. 

About ZirconTech: A trusted partner that helps organizations thrive in their digital transformations. Mobility, Internet of things, artificial intelligence, big data, cloud computing and blockchain technologies.

offshore software development rates nearshore software development

Our goal with this article is to help you make your business grow using offshoring software development. Firstly we can agree that offshore development is the same as outsourcing, and the central part focuses on getting the best offshore software development rates.

In this context, you’re sending your software development to be done by people located in another country far from your business. Some software business managers could see ‘offshoring’ as a risky maneuver, but reality says that more software development companies trust this modality year after year.

Some of the reasons some businesses recourse to outsourcing are the lack of human resources or lack of needed qualification level within their own company. So, businesses with this need to search for a trustful third-party offshore development company with reasonable offshore software development rates that can help them. 

Most software development’s outsource tasks are mobile and web app application development, data management, blockchain, or AI development. By outsourcing, you don’t need to hire and train new staff, and at the same time, you can be sure to get the best quality software delivered to you at the accorded rates and terms.

You can trust the effectiveness of these long-standing practices adopted by many of the world’s largest and prominent corporations. Due to the digital transformation, many worldwide companies are motivated to offshore their software development needs. 

Below you can read why offshore development companies have become an essential part of the global economy.

How Can Offshore Software Development Help Your Business?

In accordance with this article from Skelia there are many reasons why software companies hire offshore developers, considering the speed at which the digital industry is expanding. 

Companies that want to stand ahead of their competitors need to assign lots of time, effort, and capital to develop innovative and creative software solutions. In this framework, businesses that are unable to hire the most talented recruits may not achieve their goals efficiently.

Therefore, by hiring offshore developers, these companies free themselves from the obstacle of finding first-class staff while they receive the best software solutions with predefined rates and terms.

Below you can find some of the reasons offshore software development can help your business:

Outsourcing Is More Cost-Effective

By hiring offshore developers, you can prevent your business from running out of money. You will not have to spend on additional expenses such as office rent, salaries, insurance payments, vacations, and many others. 

By hiring a trustful offshore developer with the best offshore software development rates, you will be routing funds into your business’s most crucial areas, developing your projects. 

Offers Flexibility

Flexibility is critical when you scale your team or change the technology stack to match the project’s size. Outsourcing developers are more flexible and can easily switch their focus from one task to another.

Delivers Advanced Skill

Many developers worldwide are working for well-known tech giants such as  Apple, Microsoft, DELL, IBM, and others. IT outsourcing provides you with broad access to a great talent pool with the right skills. 

Nearshore software development in LATAM countries can be very fruitful due to the qualified professionals who will be happy to participate in your startup’s development.

Guarantees Quality

When it comes to the quality of the code created by a dedicated development team, one important thing to keep in mind is that a project’s success and quality don’t depend on the country in which it is released. Instead, it depends on the people who built it and how passionate they were about their business.

What Is the Difference Between Nearshore, Offshore, and Onshore Software Development?

Choosing an IT outsourcing services vendor can be difficult, particularly when you don’t have experience with outsourcing. The first point you need to take is deciding where you will look for a software development outsourcing partner. 

Although you will be looking for the best offshore software development rates, you need to pay attention to the three primary options for outsourcing:

nearshore, offshore and onshore. Bellow, you have detailed the main differences between these options: 

Nearshore Software Development

Nearshore software development may be the most convenient option, and it is when you outsource to developers from countries located near similar time zones. 

Your business can get the best offshore software development rates by nearshoring software development. 

Typically, customers count on geographic proximity and cultural similarities. For instance, a nearshore software development location for the United States would be a LATAM country.

Offshore Software Development

With its option, the service provider’s company is located in a different country found in a different continent with a notable time zone difference. 

For instance, an offshore location for the United States would be India. The negative side of Offshore outsourcing is the lack of proximity and cultural similarities that can make the treatment between your team and the Offshore developer’s team complex.

Onshore Software Development

Onshore outsourcing is when you outsource to developers within your country. Some companies find this option convenient. 

Taking into account that the main reason for outsourcing is to reduce your business’ costs, the negative side of this option is that it can be more expensive than the other options on the list.

Offshore Software Development Rates

As we analyzed above, there are three significant options where you can find a software development outsourcing partner. This decision is crucial and needs to be taken comparing the best offshore software development rates and the quality of the partner.

Thanks to modern technologies, your business can save costs by outsourcing software development to an overseas programmer team, according to this article from youteam.io

Outsourcing methods as nearshoring and offshoring can allow your company to contact a vast global talent pool. The average cost of software development services differs from country to country, and development costs may change depending on the platform you use to hire offshore developers.

Offshore Software Development Hourly Rates by Region in 2021

Let now see an overview of regions and software development rates by areas with the different outsourcing methods that we have seen above. It will help your business make a more informed decision when hiring from overseas.

Nearshore Software Development Rates in Latin America

According to IDC, the Latin American IT industry will be growing in 2021 despite political uncertainty and low economic growth. As predicted by Ricardo Villate, vice president of the consultancy for the region, the IT market reached 4.8% in 2020. IDC reports an increase in business spending on technologies related to AR/VR, AI, IoT, 3D printing, cloud, security, and robotics. 

Uruguay, Argentina, and Brazil are the leading software outsourcing country in Latin America and South America. Over the last 15 years, Uruguay has become a first-class business hub and is chosen by foreign companies to develop their IT products or services.

Uruguay is a country of 3.5 million with an IT services machine that continues to perfect the global export model’s execution. Today, foreign companies come to this country to develop their IT products or services to expand their regional operations. 

Uruguay has remarkable technological advances, which place it at the forefront of technology in the region and the world, the highly qualified talent, and its quality of life. This country is a technological hub with outstanding connectivity and internet penetration. 

Ninety percent of Uruguayan homes have access to fiber optics, which guarantees fast download speeds, and 100% of public schools have Internet access.

Argentina is ranked 14th among the best software outsourcing countries and is number 2 in the region. It is also the world’s 10th digital nation in the Tholons Services Globalization Index 2019.

When it comes to offshore software development rates, the average hourly rate for software developer talent in Latin American countries is 45.00 dollars per hour.

Offshore Software Development Rates in Eastern Europe

Eastern European countries such as Ukraine, Belarus, Poland, and Romania are now among the top 5 global software development centers, according to a report issued by AVentures Capital, Aventis Capital, and Capital Times at the beginning of 2019.

The average hourly rate for software developer talent in these Eastern European countries is 33.00 dollars per hour.   

Offshore Software Development Rates in Asia

Asia boasts the most significant number of offshore software developers as compared with other regions. In 2018, only in India, this number amounted to almost 3 million. China is also an attractive offshore development destination. Chinese developers are the first across all HackerRank challenges. 

The Chinese government supports the tech sector by offering economic incentives. For example, now, there are more than 50 science and technology industry parks across the country. 

The average hourly rate for software developer talent in Asian countries is 26.00 dollars per hour.

Advantages of  Nearshore Software Development in Latin America

You need to look for reliable partners with whom you can achieve long-term relationships. Therefore, it is essential to know why Latin America is an excellent nearshore software development destination, according to this article from perficient.com

Great Value and Cultural Similarities

Prices in Latin American are commonly higher than in places like China or India, but the benefits far exceed total costs. It’s not enough for companies to focus on the cost benefits. 

The end costs might be very similar when you factor that you’ll be spending more time trying to connect with your vendor in Asia than in Latin America.

Little Time Difference

As  Latin America is so close to the United States, the time difference is minimal compared to India or China. It means that your business will have nearly an entire workday of overlap with your nearshore software development team.

The number of issues that originate from time differences cannot be discounted. It can often lead to massive delays, which can significantly increase the project’s cost, especially if it’s a vital component of a larger project.

Accessibility

Building a solid relationship with your team is the key to success in any IT outsourcing endeavor. The great proximity means that it’s easier and cheaper to get there.

Being able to hop on a flight, visit your team, and return within a few days is invaluable, and you can do it with far greater frequency than if you were outsourcing to Asia.

Cultural Similarities

It is another excellent advantage of proximity. Latin American culture similarities with the U.S. make intercultural interaction to goes much smoother. Latin Americans will have no problem suggesting more effective alternatives when they can’t do something. 

In Asia, in contrast, the attitude of saying no or contradicting your client is considered a lack of respect. And although it was for the client’s benefit, it is something they simply don’t do. 

As miscommunications and delays are reduced over the long term, the cultural similarities between Latin American and the U.S. can eventually lead to far more significant advantages.

Creativity

Creativity is essential in your business to generate innovation and to remain competitive. It isn’t easy to innovate when working with an IT outsourcing team that will never develop new ideas or more efficient ways of doing things because it’s not how they’ve been brought up to think.

Latin Americans will always tell you if there’s a more efficient way of doing something or if your idea isn’t quite as great as you believe it to be. Latin America is a great creativity hub. Combined with their lack of timidity in expressing themselves, people from this area of the world are great partners for any company that wants to innovate.

This creativity is also great when it comes to problem-solving. An Asian team will wait for clear instructions on how to solve an issue, even a minor one. A team from Latin America will at least try to find a way to solve the problem.

Investing in the Future

Many Latin American governments have realized that the IT industry can provide them with significant growth independent of poor infrastructure issues. 

With software development, all a partner company needs is a minimal infrastructure focused on the quality of computers and internet connections. Due to this, many Latin American countries have been investing heavily in IT, especially in tech workers’ education and training.

To end this article, we want to desire you good luck in your future projects. Now you know the cost-savings benefits when offshoring software development and that a nearshore partner from LATAM can be the best option for your software development business.

About ZirconTech: A trusted partner that helps organizations thrive in their digital transformations. Mobility, Internet of things, artificial intelligence, big data, cloud computing and blockchain technologies.

Smart contract; digital contract

SUSCRIBO-Contratos Digitales and ZirconTech announce a strategic alliance to work on developing smart contract solutions in Latin America.

SUSCRIBO-Contratos Digitales is a company formed in 2019 by investors from different Latin American countries to provide contract digitization, electronic signature, and business flow automation services using blockchain-based smart contract technology.

In March 2020, SUSCRIBO undertook to search for a technology provider and partner focused on specializing in smart contracts to act as a representative and distributor of services in the Latin American region (LATAM). During this search process, SUSCRIBO chose ZirconTech as a partner to identify, evaluate, select and implement a Software as a Service (SaaS) service for smart contracts for legal and natural persons, both public and private.

ZirconTech is a company that offers information technology services, conformed mostly by a team of Latin American professionals with more than two decades of experience in systems development, support, and technology implementation; ZirconTech is a specialist in blockchain, internet of things, cloud computing, web and mobile applications, big data, and artificial intelligence.

Toño Rumbea and Martin Machin, representatives of SUSCRIBO and ZirconTech, agreed in expressing that “After the COVID-19 pandemic, it is likely that will survive only those institutions that manage to digitize and automate their processes and paper contract files as soon as possible, incorporating the management of contractual obligations with other business systems for digital signature, management, billing, collections, and analytics”.

From this strategic alliance, SUSCRIBO and ZirconTech carry out research, testing, and development actions. Currently, the specialists have successfully linked intelligent contractual flows with CRMs and customer ERPs while executing integration projects with transactional banking APIS, with credit bureau and price index databases, and finally activities with electronic signature and certificate systems according to jurisdictions. Both companies are also working on structuring a back-office technical support component for clients in Latin America.

More information about us at www.zircon.tech

More information about SUSCRIBO-Digital Contracts at www.suscribo.com

About ZirconTech: A trusted partner that helps organizations thrive in their digital transformations. Mobility, Internet of things, artificial intelligence, big data, cloud computing and blockchain technologies.

nearshore, software development software development south america, software development latin america

Offshore software development services emerged for businesses looking to reduce operational costs while having access to a global talent pool. Recently, the US tech job market has been saturated, which resulted in companies looking for more options.

If you want to get ahead of the crowded offshoring market, check out this in-depth guide on offshore software development. Learn why it has been considered reliable and profitable among CEOs and stakeholders.

What is Offshore Software Development?

Offshore software development refers to the digital product development process’s delegation to the developers or a company that offers that service outside the country. Developers from outside the US usually offer relatively cheaper services compared with hiring locals. Companies in the US find it more affordable as they don’t need to cover financial incentives and tax holidays.

Apart from the low operating costs, they get to take advantage of a diverse talent pool. It offers a less taxing way to scale up quickly and improve their technical expertise.

Simply put, businesses get to expand their operations with a diverse team of skilled developers who are geographically distant from the existing employees.

Benefits of Offshore Software Development

There are many benefits to offshoring your software development team. Here are some of them:

Lower Operating Cost

Positions in tech around the world are one of the most in-demand and highly paid workforces today. However, there has been a significant disparity in the rates between US developers and abroad. The average hourly rate of an entry-level developer in the US ranges from $75 to $125. In contrast, skilled developers from Latin America, for example, charge an hourly rate worth $30 to $50. Their wages are significantly higher, not to mention the financial incentives and tax holidays in payroll. When the required wages for US developers account for a considerable portion of your company’s operational costs, it is only practical to opt for offshore services.

Hiring offshore developers let businesses increase their margins without compromising operational costs and the operation itself.

Access to Diverse Talent Pool

Working with offshore development vendors streamlines the recruitment process while giving you access to a global talent pool. As it’s the core of their business, offshore vendors have more experience with hiring seasoned talents. They usually utilize well-established processes to help you fulfill your vacancies within your preferred time frame. With their connections to a network of software developers worldwide, there is less competition for acquiring skilled professionals.

Although their skills are in-demand in the global job market, there is an influx of talent everywhere. For instance, Uruguay contains over 700 tech companies in the IT sector. Uruguay’s massive growth in tech companies stems from their exemption from income tax for any earnings for exporting or outsourced IT services and development. This also keeps costs low without sacrificing the quality of work when outsourcing to Uruguay. On top of their low costs, Uruguay ranks third in English speaking skills throughout all of Latin America. Ultimately, hiring offshore developers eliminates the issue of delay in onboarding your offshore team.

Focus on Core Business Goals

Forming an offshore software development team lets businesses focus on their primary business goals. Companies can concentrate on their critical operations and let the in-house developers concentrate on other significant tasks.

Perhaps it is the perfect opportunity to expand your product and make improvements without overworking your internal team. A team of seasoned offshore developers can manage the work’s development process or configure its add-on services. For instance, they can help you craft a version of your product that addresses a new market at a low cost. Having them perform the advancements for existing products is generally more accessible as it only requires the existing product documentation. This way, there are lesser risks involved, and you can always halt the project when it fails. Otherwise, you can entrust them with larger projects and more complicated tasks.

Timezone and distance will never be an issue if you provide constant communication. Consistently communicate to stay updated about the processes. It is also vital that you articulate the project in detail to prevent misunderstandings and conflict.

Augmenting Offshore Developers with Your In-House Software Development Team

Offshore software development services are especially helpful for businesses that don’t specialize in tech and small to medium-sized tech companies who need on-demand talent based on their project needs. Most tech-focused companies like Google augment offshore developers with their existing team to strengthen their workforce. Whether they have plans for new software or improve versions of their current products, hiring offshore expands technical expertise. It helps them broaden their horizons with specific practices that their internal team might lack.

Communication-barriers might be one of the reasons why many companies are hesitant in hiring offshore developers. It is since collaboration across teams is integral throughout the product definition and development phases. With proper management, offshore developers can contribute to either coding or quality assurance to improve its pace. Given that QA engineers are understaffed in many software development organizations, you can use the extra hand. Offshore QA team doesn’t need to divulge the source code, eliminating the security and risks of compromising your intellectual property. Additionally, outsourcing to countries like Uruguay and Argentina minimize communication barriers since their time-zones align with the United States’ time zones.

Moreover, augmenting offshore developers allows you to streamline significant developments. You can take advantage of a team that is multiple time zones ahead to accomplish round-the-clock software updates.

Finding the Best Offshore Development Company Partners

Before you hire a team of offshore software developers, here are some factors you need to consider:

Prioritize Quality Over Quantity/Costs

Most businesses opt for offshore developers to acquire cheaper services. Given that most of these developers charge less, it is imperative to look for those offering great value.

When the prices are too low, it might be too good to be true. There is always a catch for these circumstances, so it’s vital to screen your hires efficiently. Ask for their credentials, portfolio, and experiences. No one would want to waste your time and money on an underqualified software development team, so choose them wisely.

Are They Reliable?

As mentioned, they should be able to provide a verifiable track record of their previous projects. You have to ensure that the team you are hiring is worth it.

Is Their Time Zone Going to be an Issue?

Most offshore developers adjust their time zone according to the preferences of their clients. It is vital to discuss office hours with your offshore development team before the project.

This communication ensures that their office hours can overlap with your head office.

English Proficiency

To prevent further communication-barriers, it makes more sense to hire a team that speaks your language. It promotes productivity and facilitates cooperation across your internal team at your head office.

Where Can You Find Offshore Software Developers?

Eastern Europe

Eastern European countries are rich with almost 1 million professional software developers. Countries such as Ukraine, Belarus, and Poland are leading resource hubs for skilled developers. A majority of offshore developers in Eastern Europe are well-versed in numerous programming languages.

Ukrainian software engineers are proficient at Java, JavaScript, and Python. A majority of Polish developers utilize PHP as their primary programming language, along with Java and .NET.

Depending on the required skills, experiences, and project complexity, European offshore developers’ average hourly rate goes around $25 to $40. These rates are consistent, compared with the average rates of professional engineers in North America and Europe. However, you would probably find developers with the same competencies in other regions like Asia that charge cheaper.

Asia

Throughout the Asian region, India produces the most number of professional software engineers. This influx of talent is the primary reason many tech giants like Oracle, IBM, and Amazon expanded their business in Bangalore, India. There have been millions of software engineers who graduate in the country annually. With this influx of talent pool, businesses also benefit from lower service costs. The average hourly rate for an entry-level software developer ranges between $18 and $25.

The low prices can come with a significant disadvantage. More often than not, project quality tends to be lower. Businesses must screen their hire carefully to weed out the underqualified applicants. India is followed by China, although their average hourly rates are generally higher. You can acquire an offshore developer by spending around $30 to $40 per hour.

Latin America

Latin American countries have also emerged within the offshore software development industry. Many businesses began taking notice of offshore developers in Argentina, Uruguay, Mexico, and Brazil. Minimal time zone differences and cultural proximity are making it easier to partner with these offshoring destinations. An entry-level offshore developer’s average hourly rate in Latin America reaches around $30 to $50 because the quality is higher.

How CEOs Manage an Offshore Software Development Team

Once you have formed an offshore software development team, it is essential to know the role they play in your business. Depending on whether the team will handle software upgrades, an extension of your products, or help you launch a new product, you must manage them accordingly. As a stakeholder of the company, you must take action to manage your offshore software development team. Here are a few things you need to consider to lead a distant group successfully.

Impart Your Vision

Before anything else, the key to a successful partnership involves a shared vision. You must take time to impart to the team your business goals and mission. Sharing your vision helps them understand your perspective, needs, and plans as a business. It is also an ideal opportunity to get to know them and explore what they can contribute to your business’s future.

More often than not, companies only view offshore teams as an extension of the business rather than a dedicated member of the team. However, this is discouraging and disrespectful due to the significant contribution to your product’s development. Simply put, they play an essential role in its success and progress. Thus, the key is to establish a connection with your team, regardless if they are geographically distant from you. The more they know about your brand, the more they can determine ways to improve their work process.

Right from the moment you start building your offshore team, communicate your vision to let them your brand’s purpose.

Managing Cultural Differences

There are many cultural differences, especially if you are working with offshore developers located in farther regions. They might have different beliefs and aspirations, but you must overcome these differences. Instead of seeing it as a hindrance, make an effort to foster a unified culture of belonging through recognition and appreciation.

Be open with these differences and remind your teams to work towards a common goal. The primary focus should be on the success of the project. It should not matter where they are from nor what they believe.

As the head of the business, it is your responsibility to keep your offshore developers recognized. Ensure polite communication across teams and no one in the group feels excluded. You can break the ice by facilitating welcome conferences. It is an opportunity for teams to get to know and learn more about each other. When teams communicate well, collaboration would not be a hassle.

Communicate Effectively

The key to a successful collaboration with software development teams located offshore is through consistent communication. You must prioritize effective communication across teams above anything else. When teams can reach out to one another without a fuss, they can be more productive. There is nothing that can derail your software development project.

Here are the most common communication channels that you can use between your in-house and virtual teams:

  • E-mails

Email serves as the primary channel of communication for most businesses. It is more formal, typically for tailoring schedules, project details, and project meeting notes.

  • Instant messaging

Instant messaging facilitates consistent communication across the team regardless of their location. For quick clarifications and immediate concerns, you can use Slack, Skype, GoToMeeting, Zoom, Google Drive, Slack, Gmail Suite, and Jira.

  • Productivity tools

Project management is crucial when working with offshore teams to monitor their workflow and processes. Tools like JIRA, Asana, and Basecamp allow you to track their progress easily.

About ZirconTech: A trusted partner that helps organizations thrive in their digital transformations. Mobility, Internet of things, artificial intelligence, big data, cloud computing and blockchain technologies.

OLAP tools, Online Analytical Processing tools

The Online Analytical Data Processing: a Review

Are you using all the data you have? Do you have that data integrated and ready for integrated analysis? Are you using analytics tools on your data?

We have more than two decades of availability of technology for data analysis. We went to the business intelligence space from reporting, where it was not a good idea to run all large data queries in the operational systems. By that time, it was started to talk about online analytical processing tools (OLAP tools), when hardware and software were not as powerful as of today. And during this period, the amount of data generation has not stopped increasing, and it will continue.

Many companies had a journey using these technologies and migrating to the latest ones. However, today, when we are talking about data as the new source of energy, the new oil or the new gold, are all companies harnessing the power of data? 

Even if you are a medium or small business, you cannot wait to unlock the power of the data that you have in your company and the possibilities future and aggregated data will have. If you don’t do it right now, your competitors will be taking advantage.

Let’s review from where we are coming to position yourself in that journey and take action on the data you are not harnessing yet. OLAP or Online Analytical Processing is a concept where you can produce a multidimensional analysis of your business data. It also can provide you the capability for complex calculations, data modeling, and trend analysis.

Online Analytical Processing tools give the insight and understanding that end-users need for better decision-making by performing specific analyses of multidimensional data interactively from multiple perspectives. 

OLAP tools involve relational databases, report writing, data mining. Online Analytical Processing tools performed on a Cube consist of five basic analytical operations:

  1. Drill down
  2. Roll up
  3. Dice
  4. Slice
  5. Pivot

Online Analytical Processing tools are the basis for many business applications for Business Performance Management, Planning, Analysis, Budgeting, Simulation Models, and Data Warehouse Reporting. 

OLAP databases allow for complex analytical and specific queries with a fast execution time using a multidimensional data model. An OLAP system consists of an OLAP cube, which is also known as a multidimensional cube or a hypercube.

Main Online Analytical Processing tools are classified as: 

  • MOLAP: Multidimensional Online Analytical Processing tools
  • ROLAP: Relational Online Analytical Processing tools
  • HOLAP: Hybrid Online Analytical Processing tools

Why OLAP Tools?

As knowledge is the foundation of all successful decisions, businesses need to continuously plan, analyze, and report sales and operational activities to maximize efficiency and become successful businesses. 

An important thing to do to improve your business activity is to collect as much data as possible. As businesses collect data using many different systems, you have the challenge to get all the data together to create reliable and accurate information about your business. 

Your business will be better positioned to make better decisions and win the competition if you turn data into shared knowledge quickly and accurately.

OLAP tools technology can be defined as the capacity to deliver “fast access to shared multidimensional information.” Thereby, OLAP tools technology can help you make better and quicker decisions based on reliable and accurate information.

Benefits of OLAP Multidimensional Databases

The main difference between Relational Databases and Online Analytical Processing tools is that OLAP tools do not store individual transaction records in a row-by-column format like a worksheet.

Online Analytical Processing tools use some multidimensional database structures called Cubes to store arrays of consolidated information. The data is stored in an optimized multidimensional database.

Your business is a multidimensional activity that needs to track its actions by considering many variables. If you follow these variables on a spreadsheet, you will use X and Y axes where each axis represents a group of logical variables or categories.

You can track your sales in units in time using these types of schemes—for example, sealed units in rows and months in columns. Sometimes, a business needs to track many variable groups or parameters, which may be beyond the scope of any number of linked spreadsheets.

In an Online Analytical Processing (OLAP) environment, these variable groups or parameters are called Dimensions. Instead of storing individual transaction records in a two-dimensional format  (row-by-column) like a worksheet, OLAP tools use Cubes that are multidimensional database structures.

Users can view a Cube on demand and produce a worksheet-like view of the data stored in the optimized multidimensional database.

Companies have many dimensions to track. A business that distributes goods from several facilities will have many Dimensions to consider as Products, Accounts, Locations, periods, Salespeople, among others. 

These Dimensions represent the “whole” business knowledge, providing the basis for all business activities (planning, analysis, and reporting).

Companies need OLAP technology to own the capability to perform multidimensional analysis so that users can view and manipulate data along the multiple dimensions required.

How do OLAP Tools work?

Online Analytical Processing tools are used to extract or retrieve data to be analyzed from different viewpoints. These tools work by extracting data from multiple sources and various formats and storing them in Data warehouses. After that, the extracted data is cleaned and transformed. 

Data is stored in OLAP Cubes, where information is pre-calculated in advance for further analysis.

Then users can get the information they need by running queries. 

The OLAP Cube consists of numerical facts called measures which are categorized by dimensions. The Cube can store and analyze multidimensional data in a logical and orderly manner.

Classification of OLAP Tools

There are mainly two types of Online Analytical Processing tools: Multidimensional OLAP (MOLAP) and Relational OLAP (ROLAP). Hybrid OLAP (HOLAP) refers to technologies that combine MOLAP and ROLAP.

MOLAP

MOLAP or Multidimensional Online Analytical Processing uses a multidimensional cube that accesses stored data through various combinations. 

MOLAP products use a “Multi-cube” approach where a series of pre-calculated cubes make up a hypercube. Data is first summarized and then stored in contrast to ROLAP, where queries are served on-demand. 

It is easy to use even for inexperienced users thanks to its simple interface. It turns out to be the best tool for “slicing and dicing” operations due to its speedy data retrieval.

MOLAP is the more traditional way of OLAP analysis. It has excellent performance and can perform complex calculations. The downside is that MOLAP can only handle a limited amount of data and is less scalable than ROLAP.

Among the most known products that emerged running off MOLAP:

  • Oracle Essbase
  • IBM Cognos
  • Apache Kylin

ROLAP

ROLAP or Relational Online Analytical Processing stores data in relational tables using columns and rows. It retrieves the information on demand through user queries. 

A ROLAP database can be accessed to calculate information by complex SQL queries. Besides, it can handle large data volumes, but the more data it processes, the slower the processing time. 

It does not require the storage and pre-computation of information because queries are made on-demand. 

ROLAP relies on manipulating the relational database’s data to give the appearance of traditional OLAP’s slicing and dicing functionality. Each action of slicing and dicing is like adding a “WHERE” clause in the SQL statement.

ROLAP can handle large amounts of data, and it doesn’t impose limitations on data amounts.

Besides, it can leverage functionalities inherent in the relational database. The downside with ROLAP is that it has potential performance constraints and scalability limitations.

Examples of popular ROLAP products included Metacube by Stanford Technology Group, Red Brick Warehouse by Red Brick Systems, AXSYS Suite by Information Advantage, several of them acquired by IBM and incorporated into the business intelligence data suites.

HOLAP

HOLAP or Hybrid Online Analytical Processing connects attributes of both MOLAP and ROLAP. 

These technologies try to combine the advantages of MOLAP and ROLAP. 

Users get the benefits of both since HOLAP involves storing part of data in a ROLAP store and another part in a MOLAP store. With this use of the two OLAP tools, the data is stored in relational databases and multidimensional databases.

The choice to access one of the databases depends on which is most appropriate for the requested processing application. This hybrid approach provides much more flexibility for handling data. 

The data is stored in a relational database for heavy processing and in a multidimensional database for theoretical processing. 

Some products emerged running HOLAP with Microsoft Analysis Services and SAP BI Accelerator. The Analysis Services technology is now available in Azure, Power BI, and on-premises with SQL Server. 

The SAP BI Accelerator product went out to the free market, and all functionalities have been incorporated and very much improved into the new SAP HANA InMemory Database technology. 

What Are OLAP Cubes?

An OLAP Cube is a data structure that enables fast data analysis according to the multiple Dimensions that define a business problem.  

The multidimensional cube for reporting services sales of an IT Business might be composed of many Dimensions like Salesperson, Amount, Region, Services, Month, Year, among others.

Cube is a shorthand for a “multidimensional dataset” where data can have an uncertain number of dimensions. A cube is not a “cube” in the strict mathematical sense. But this term is used widely, although all the sides are not necessarily equal.

The term cube here refers to a multi-dimensional dataset, which is sometimes called a hypercube if the number of dimensions is higher than three.

A determined number of cells forms a cube. Every cell of the cube holds a number representing some measure of the business, such as profits, expenses, budget, or sales.

Another essential term when we talk about Online Analytical Processing tools and Cubes is a “Slice.” It is a term for a subset of the data generated by picking a value for one dimension and only showing the data for that value. 

OLAP Cube Advantages

The organization of data into Cubes appears due to the limitations of relational databases that were not considered for the analysis and display large amounts of data. 

OLAP Cubes are better suited than relational databases when a whole database must be summarized. They are the best option when users wish to re-orient reports or analyses according to different, multidimensional perspectives called Slices. 

The use of OLAP Cubes facilitates a fast end-user interaction with data. It can be thought of as an extension of a spreadsheet’s modeling structure (that only accommodates data in rows and columns).

OLAP Cubes’ designers can build models that balance user needs and logical model limitations due to Cubes’ capacity to include many arrays or Dimensions.

OLAP Tools Analytical Operations

(Images: https://www.geeksforgeeks.org/olap-operations-in-dbms)

OLAP is a business intelligence unit (BI) that answers multi-dimensional analytical queries more smoothly and faster. 

Online Analytical Processing tools hold the relational database and encompass RDBMS and data mining & reporting. OLAP tools give users the capacity to analyze multidimensional data from multiple perspectives.

Five basic analytical operations can be performed on an OLAP cube:

  1. Drill down
  2. Roll up
  3. Dice
  4. Slice
  5. Pivot

#1. Drill down

The less detailed data is converted into highly detailed data in drill-down operations. Two different kinds of functions can do it:

  • Moving down in the concept hierarchy
  • Adding a new dimension

The example below shows the drill-down operation by moving down in the Time dimension concept hierarchy (Quarter -> Month).

Images: https://www.geeksforgeeks.org/olap-operations-in-dbms/

#2. Roll up

A Roll up operation is the opposite of the drill-down operation. It performs aggregation on the OLAP cube. 

It can be done by:

  • Climbing up in the concept hierarchy
  • Reducing the dimensions

The cube below shows the roll-up operation performed by climbing up in the Location dimension concept hierarchy (City -> Country).

#3. Dice

The Dice operation selects a sub-cube from the OLAP cube by selecting two or more dimensions. 

The cube below shows a sub-cube selection following dimensions with this criteria:

  • Location = “Delhi” or “Kolkata”
  • Time = “Q1” or “Q2”
  • Item = “Car” or “Bus”

#4. Slice

The Slice operation selects a single dimension from the OLAP cube, which results in a new sub-cube creation. 

The cube below shows how a Slice operation is done on the dimension Time = “Q1”.

#5. Pivot

Pivot, also called rotation operation, rotates the current view to get a new representation view. 

In the sub-cube obtained after the slice operation, performing pivot operation gives a new view of it.

Some OLAP Tools from where we are coming

SAP NetWeaver Business Warehouse

The SAP NetWeaver Business Warehouse (SAP NetWeaver BW) is one of the most known and used OLAP tools. It has the purpose of reporting, analysis, and interpretation of business data. 

These actions are essential to enhance companies’ competitiveness by optimizing processes and enabling them to react instantly and in line with market needs. 

SAP NetWeaver BW provides tools and functions that facilitate companies to achieve these goals. If you get SAP NetWeaver BW, you can integrate and consolidate appropriate business information from productive SAP applications and external data sources. 

This group of tools also gives you a high-performance infrastructure that helps you evaluate and interpret data. Due to this, you can make well-founded decisions and identify target-orientated activities based on the analyzed data.

Integration with In-Memory Technologies

One key point of this group of SOAP tools is that you can enhance SAP NetWeaver BW’s performance using in-memory technologies.

This feature allowed you to efficiently process demanding scenarios with high data volumes, unpredictable query types, high query frequency, and complicated calculations.

You can use a database to access the data from a BW object faster by storing it as an index in SAP NetWeaver Business Warehouse Accelerator. 

SAP HANA database for data persistence offers further benefits when executing analysis and planning scenarios besides the performance benefits. 

IBM Cognos

IBM Cognos is an integrated and analytical web-based processing system from IBM. It contains numerous inbuilt components to meet various information requirements in an organization. Due to its toolkit, it can also perform analysis for reporting and score carding and the provision to monitor metrics.

IBM Cognos id formed by several windows based components named as IBM Cognos Framework Manager; cube designer; IBM Cognos Transformer; map manager; IBM Cognos Connection; and IBM Cognos Report Studio.

For instance, IBM Cognos Report Studio is used to create reports that are shared with knowledge processing departments. This element allows creating any type of report, including charts, lists, maps, and repeat function.

Analysis Studio is also used to search for background information about an action/ event and prepare the analysis of large data sources. It includes some essential OLAP tools like roll up and drills down. Those are used to get a better understanding of information.

Cognos Analytics Features

Cognos allows you to perform automated data preparation, data discovery, and visualizations to make more confident decisions. To achieve it, you need to complete the following steps:

  • Get connected: You need to connect your data effortlessly from your CSV files and spreadsheets, from the cloud or on-premises data sources, including SQL databases, Google BigQuery, Amazon, or Redshift.
  • ‎‏‏‎Prepare your data: Then, you can prepare and connect your data automatically with AI-assisted data preparation. Clean and prep data from multiple sources, add calculated fields, join data, and create new tables.
  • Build visualizations: Cognos allows you to create dynamic dashboards easily. Drag and drop data to create auto-generated visualizations, drill down for more detail, and share using email or Slack.
  • Identify patterns: You can ask the AI assistant a question in plain language and see the answer in a visualization. Use time-series modeling to predict seasonal trends.
  • Generate personalized reports: You can also keep your stakeholders up-to-date, automatically. Create and share dynamic, personalized, multi-page reports in the formats your stakeholders want.
  • Gain insights: Cognos lets you make confident data decisions. Validate what you know, identify what you don’t with statistically accurate time-series forecasting, and pinpoint patterns to consider. 
  • Stay connected: You can stay connected 24/7 on the go with the new mobile app. Access data and get alerts will always be right from your phone.

Micro Strategy

MicroStrategy is a Washington-based enterprise business intelligence (BI) application software vendor that provides services on BI and mobile software worldwide. 

The MicroStrategy platform supports interactive dashboards, scorecards, highly formatted reports, ad hoc queries, thresholds and alerts, and automated report distribution. 

MicroStrategy Analytics allows companies/organizations to analyze large volumes of data and distribute business-specific insight.

It delivers reports and dashboards to the users and allows them to conduct and share analysis via mobile devices. It is a secure and scalable software with excellent governance features of enterprise-level BI.

MicroStrategy’s platform uses single standard metadata for consistency and streamlined maintenance. MicroStrategy’s 64-bit architecture supports in-memory analytics with “Intelligent Cubes” that are OLAP reports cached in memory as data sets. 

Metrics and attributes are created once and used across different types of reports. When a change is made in one place, all related reports are automatically updated. In the same way, security permissions are given in only one place to reduce administration costs.

MicroStrategy helps make more reliable decisions and build a more innovative enterprise. It is available on-premises software and host-based service in MicroStrategy Cloud. 

PowerBI

Power BI is a Microsoft business analytics service that provides interactive visualizations and business intelligence capabilities. It features an interface simple enough for end-users to create their dashboards and reports. 

Power BI is formed by a collection of apps, software services, and connectors that work together to turn your business’ unrelated sources of data into logical, visually immersive, and interactive insights. 

Power BI can get data from a single Excel spreadsheet or collect cloud-based and on-premises hybrid data warehouses. It allows you to easily connect to your data sources, visualize and discover what’s important.

This application was conceived originally by Thierry D’Hers and Amir Netz of the SQL Server Reporting Services Team at Microsoft. After several evolutions, it was renamed as “Power BI,” and Microsoft then revealed it in September 2013 as Power BI for Office 365.

With PowerBI, you can visualize and connect to any data using the unified, scalable platform for enterprise business intelligence that’s easy to use and helps you gain deeper data insight.

About ZirconTech:
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nearshore software development South America

IT sector is spreading its root at a rapid pace, and it has brought a lot of innovation in the world and become far more than a platform for the business to run on. IT has now become an essential driver for business growth anywhere in the world.io funcione. La TI se ha convertido ahora en un motor esencial para el crecimiento empresarial en cualquier parte del mundo.

IT software development and outsourcing market are also growing at an extensive rate as an increasing number of companies and industries are turning towards software development to reach or access the market quickly and efficiently and create advanced solutions for the problems and provide customer services to the world full of innovation.

Why Nearshore Software Development In South America?

South America region has grown so much and so fast in the IT sector. Uruguay is one of the Top leading nearshore software developers in South America and according to the Ministry of Education and Culture 2012 UDELAR census, it was mentioned that 75% of its university students are able to read the English language whereas about 55% of the students can speak it.

The people from Uruguay, Argentina and other others from South America are more aware and socialized with the world. They know about facts and figures and proper use of online services and facilities. This is because the literacy rate is high because of universal public degree courses that are offered to the citizens. Uruguay also became the first country in the world to provide a free laptop to all public school students and teachers. This means the youngest generation is the most tech-savvy that South America has ever seen.

YOU CAN BE INTERESTED IN THESE ARTICLES TOO:
1. Cost-Savings Benefits when Offshoring software development
2. How Offshore Software Development can help your company growth
3. Offshoring software development in South America
4. Pros and Cons of Offshore Software Development every CEO needs to know

The top countries to hire a software developer in South America are:

·     Uruguay

·       Argentina

·       Puerto Rico

·       Colombia

·       Brazil

·       Peru

These nations have shown the steadiest development and the most alluring financial environment to stand out enough to be noticed of worldwide organizations from everywhere the world. This makes Nearshore Software Development in South America very important. 

If you want to to learn more about the benefits of offshoring don’t miss our last guide made for CEOs: The Ultimate Offshore Software Development Guide 

Why Nearshore Outsourcing Became Popular in the Last Decade

Nearshore Outsourcing implies that you give programming and software development or certain errands to organizations situated in the geological vicinity of your country. At the point when you employ a nearshore organization, the distinction among you and the project worker ought to be from 1 to 3 hours. This reduces time and communication barriers.

Outsourcing turned into a necessary chore by furnishing organizations with adaptable alternatives. Explicit assignments could be moved to IT teams without the overhead expenses related with recently added team members.

To keep a competitive edge, organizations need the information that lone ability with a significant degree of expertise can give. Outsourcing helps these particular specialists to be contracted at lower costs for software development work.

Nearshore Software Development in South America and Outsourcing

South America has its roots deep wide in the business and IT sectors, due to which nearshore software development in South America is a major hit for this country. IT outsourcing in this country became more prominent over the past few years. Outsourcing is helping in growing software development more with cost reduction resulting in giving major benefits to the nearshore businesses.

In the current era of innovation and trade, a lot of US-based organizations and businesses are turning to South America for outsourcing as it has good nearshore software for higher quality and good time zone.

Advantages of Outsourcing to South America

As should be clear, there is a great potential for nearshore software development in South America and outsourcing, and it can be an exit plan for various organizations. Here are a few benefits and advantages that companies have when they outsource in a continent like South America.

·   Cost-effectiveness

·   Talented and dedicated workers

·   A productive environment for Business

·   Cultural similarities

Nearshore vs. Offshore outsourcing

Nearshore outsourcing involves the geographical proximity along with the similarity of time zones for the countries. Considering the example of South America, it can work as nearshore to grow business at a rapid pace with more cost reduction benefits. But if we consider the example of Asia, then it becomes offshore outsourcing due to differences of distance and time zone.

Price is the main thing to consider when you are selecting between nearshore or offshore concept. There is a high price for the nearshore services as compared to offshore services, but the advantage is that you can expect these nearshore software development in South America prices to be much lower, about 2 to 3 times less than in the US.

We have made a list of the following points that will help you to consider a lot of things while choosing to go for offshore or nearshore outsourcing.

Location

The nearshore software development approach basically relies upon the location for outsourcing. While choosing any organization that is outsourcing, you should be aware about all the number of specialists which are qualified in the country.

When you are deciding to choose between offshore or nearshore, then you must know that the location is a very important factor for your outsourcing company to perform well for benefit.

Cost-Effectiveness

Organizations are using outsourcing strategies to cut costs. What’s more, you don’t need to enlist designers, pay rents or wages, or provide facilities to the members or workers. Because of the way that normal outsourcings nations are progressing well, the valuing can be fundamentally lower than in developed nations.

Closer Collaboration

Another benefit of participation with a nearshore software development in a South American organization is a brief distance between both the developer and the organization. With the improvement of innovations, the world’s decreasing and you can take care of the vast majority of the issues by means of telephone.

However, once in a while, your actual presence might be required, so there could be no other choice except for going to your partner to have a meeting.

Less Demands on the In-House Team

Organizations chose to move to South America in light of the fact that the locale offered a significant number of the components organizations were searching for while outsourcing, like exceptionally skilled developers and more imaginative development strategies.

The political, social, and monetary advancement in countries like Uruguay isn’t simply helpful to the locale; however, it is additionally valuable to the unfamiliar organizations that are outsourcing to address the IT requirements.

Benefits of Working with Nearshore South American Developers

South America is a good record of developers that can perform well to outsource and are still eager to do better work for nearshore businesses. There are several benefits that organizations get.

Experienced Talents in No Time

This benefit can be applied to any outsourcing type, but the fact of the matter is you don’t need to go through weeks searching for qualified and skilled talents among the entirety of their CVs. These activities expect you to have an HR division.

The nearshore software development in South America team has developers who have been working on many projects recently, which makes it easier and more effective as the team members don’t have any communication gap after this, and they also have some experience gained in this regard.

In case that you need more developers for the improvement of extra highlights, nearshore software development in South America gives out more talented experience as you scale.

Price and Quality

When working with nearshore software development in South America, you don’t need to stress over reducing the quality and nature of work at lower costs. South American governments put resources into specialized instruction, which considered the foundation for abilities and talents to thrive.

While transformation rates from the U.S Dollar to any South American cash are good, the genuine advantage comes from the enthusiasm that South American engineers have for their work and their energy to take an interest in the U.S tech market.

International Experience

South America is open for international business, and it draws in numerous worldwide organizations that need to exploit the advantages that remote engineers have to bring to the table. Numerous capable designers have worked with worldwide associations on projects, acquiring novel thoughts and abilities simultaneously.

South America’s cost-effective ways, joined with the business environment and skilled developers, is the reason that nearshore software development in South America is progressing at a rapid pace. The companies are starting to search for outsourcing firms that can help in both offshore and nearshore Software development in South America.

Scaling Flexibility

Having the option to extend and cut back rapidly is an extraordinary upper hand for organizations that are delicate to the change. Employment laws and guidelines may convolute the interaction and put an additional expense to it; outsourcing gives organizations greater adaptability here and an opportunity to work quicker in this sense.

Impact of Time Zones on Cost

Time zones can have great impact on nearshore software development. If you are working for agile software development, then this significantly leaves a greater impact as reduced time difference allows less response time in the work.

This also helps synchronous communication, which makes it easier resolve issues if there are any. This is the reason why South America time zone has a great advantage on nearshore software development by focusing on Agile driven models.  

Distance and Cost

Taking into account that everything happens online these days, you may believe that distance shouldn’t be an issue past the time difference problem. South America emphatically advocates assembling an incredible relationship with the offshore software development team because it is more effective when nearshore software development in South America isn’t growing much.

The nearshore software development in South America is best as you can meet the partner or the person within no time if you need to discuss some matters in real-time. The face-to-face deal is more ideal, and it makes IT outsourcing more secure and easier for the teams that are working on the software development.

High Internet Connectivity

South America has high-speed internet connectivity, and Uruguay is one of the most progressing parts of it. Uruguay residents are now more connected than ever. The high-end internet connectivity is making it easier for organizations to connect and communicate via Google chat or Skype. Uruguay gets benefitted from nearshore software development in South America, and here are some quick facts about it:

·   Uruguay is the #1 for having nearshore software development in South America with fixed broadband internet connectivity. It has the fastest internet download speed.70% of the population of Uruguay owns a computer system.

·   All of the schools and educational institutions within the country have an optical fiber connection.

In case that your research cost only reliant on incomparable figures, your most ideal choice will undoubtedly be Asia as you will consistently get statements only. Taking everything into account, any specialist from another piece of the world will charge you less for the administrations while you will get higher rates inside South America.

In any case, when choosing cost capability, you need to investigate a lot of elements other than the quick expense cost of that project.

Better Intercultural Communication

We know that social and cultural differences can become a huge test to cost and productivity. The proximity and a long history of exchange and collaboration imply that individuals in South American nations comprehend U.S. culture far superior than those from Asia.

This removes the communication barriers, and it is less likely to cause any mistakes or misunderstandings. A group from any country will realize that you anticipate that they should be proactive, though an improvement group or the development group from any other country will anticipate that you should give exact guidelines for each step. If you don’t, then due to a communication gap, they will not go according to your guidelines since they’ll believe that it’s not what you need.

Cultural and Social issues may appear to be little and insignificant from the start. Notwithstanding, when you begin working with a group whose culture is immeasurably not quite the same as your own, and you’re not aware of that distinction, your project can go into a loss.

Language

When you connect the in-house staff with the outsourced teams in South America, this will create a sense of brotherhood and comfort zone, and it leaves an open communication too when they talk on the phone or through messages. The high-level outsourcing companies choose your preferred language to work with and take care of your necessities.

Cost-Reduction

Cost-Reduction is without a doubt an essential role for outsourcing as employing capable specialists in the US, particularly those in fields of software development, is probably going to cost a lot more than the amount in contrast with somebody with a similar range of abilities in South America.

You can take the example of a developer from the US who may work at an hourly pace of USD $100 while a similarly qualified nearshore software developer in South America might be accessible for work and will play out a similar task at a lower price of USD $60 hourly.

Proficient Focus

Not all organizations have the data transfer capacity or experience to deal with a designing group in-house. Outsourcing advancement can give a layer of solace, realizing that their application is being created, permitting supervisors to focus in on things that matter.

Admittance to Assets or Resources

Only one out of every odd organization can afford to include all the essential assets inside the association. Outsourcing assists new organizations with welling set up ones to get to these assets and innovations through mediators and utilize it however long they need it.

Conclusion

This was a detailed discussion on Nearshore software development in South America and all of the advantages and disadvantages. Outsourcing is explained in-depth with its benefits and social effects on the business of different organizations. This was complete detail, and if you have more questions, you can comment in the box given below.

If you want to to learn more about the benefits of offshoring don’t miss our last guide made for CEOs: The Ultimate Offshore Software Development Guide were you will understand the Benefits of Offshore Software Development, it will help you to find the best offshore development company partners and how to manage an offshore software development team 

FAQ’s

What is nearshore outsourcing?

A nearshore is an outsourcing form that refers to the services which are delivered from a nearby location. This concept first arose in 1997 by Softtek. Nearshore software development services emerged for businesses looking to reduce operational costs while having access to a global talent pool. 

What is nearshore software development?

Nearshore software development in South America or outsourcing means that you provide your services of software development or certain tasks to organizations that are located in geographical proximity to your country. The maximum difference of time between you and the hired nearshore company should be between 1 to 3 hours.

What are outsourcing services?

Outsourcing services means the actual practice of passing tasks or business processes for an organization or a third-party and receiving profit from them in return.

Smart contract; digital contract

SUSCRIBO-Contratos Digitales y ZirconTech anuncian alianza estratégica para trabajar en el desarrollo de soluciones de contratos inteligentes en Latinoamérica.

SUSCRIBO-Contratos Digitales es una compañía formada en el año 2019 por inversores de diferentes países de Latinoamérica con el objetivo de prestar servicios de digitalización de contratos, firma electrónica y automatización de flujos de negocio utilizando tecnología de smart contracts basados en blockchain.

En marzo de 2020 SUSCRIBO emprendió la búsqueda de un proveedor y socio de tecnología orientado a la especialización en contratos inteligentes para actuar como representante y distribuidor de servicios en la región latinoamericana (LATAM). Durante este proceso de búsqueda, SUSCRIBO optó por ZirconTech como aliado de trabajo en todo lo referente a identificar, evaluar, seleccionar y poner en marcha un servicio de Software as a Service (SaaS) de contratos inteligentes para personas jurídicas y naturales, de naturaleza pública y privada.

ZirconTech es una compañía que ofrece servicios de tecnologías de la información, conformada mayormente por un equipo de profesionales latinoamericanos con más de dos décadas de experiencia en desarrollo de sistemas, soporte e implementación de tecnología; ZirconTech es especialista en blockchain, internet de las cosas, computación en la nube, aplicaciones web y móviles, big data e inteligencia artificial.

Toño Rumbea y Martin Machin, representantes de SUSCRIBO y ZirconTech coincidieron en expresar que “Tras la pandemia de COVID-19, es probable que solo sobrevivan las instituciones que logren digitalizar y automatizar lo antes posible sus procesos y sus archivos contractuales de papel, incorporando la gestión de obligaciones contractuales con otros sistemas empresariales de firma digital, gestión, facturación, cobros y analítica”.

A partir de esta alianza estratégica, los integrantes de SUSCRIBO y ZirconTech llevan a cabo acciones de investigación, ensayo y desarrollo. Actualmente, los especialistas han unido de manera exitosa flujos contractuales inteligentes con CRMs y ERPs de clientes; a la vez que ejecutan proyectos de integración con APIS bancarias transaccionales, con bases de datos tipo buró de crédito e índice de precios, y finalmente actividades con sistemas de firma y certificado electrónico según jurisdicciones. Ambas compañías trabajan también en la estructuración de un componente de soporte técnico en back office para clientes en América Latina.

Más información sobre nosotros en www.zircon.tech

Más información sobre SUSCRIBO-Contratos Digitales en www.suscribo.com

Data Integration Benefits. People working to integrate data.

What is Data Integration?

Thanks to Data integration, your company can use data collected from different systems in a unified way. So the unified data transforms into a more valuable asset for your business. Among all the data integration benefits, one of the main ones is helping people inside the company work better and do more for your customers. But when a company doesn’t use data integration benefits, people in the company don’t have the means of obtaining the data from the business’s different unintegrated systems. 

Clients may receive emails from different areas of the company requesting information that the clients have already delivered. But other areas of the company cannot access the same information because the information systems aren’t integrated. Sometimes unintegrated systems lead to data being shared manually via spreadsheets or emails, which increases the probability of mistakes in the future.

Another of the leading data integration benefits is helping to avoid this kind of problem in modern companies. In this way, information can be shared between ERP or CRM systems and vice-versa. This way, everyone in your company has the needed data to work properly.  Mistakes are eliminated, and the whole business gets the benefit out of the available systems. 

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A Short Story of Data Integration

In the past, communicating information within a company, such as purchase orders and invoices, was made traditionally on paper. There were isolated systems in a single company that can produce some batch processing that could send data from one to another through an electromagnetic device or just paper. 

Although Electronic data interchange (EDI) was created in the early 70s, the use within and between companies was not very spread.Technical standards like EDI appeared to facilitate businesses communicating information electronically. EDI replaced paper and used electronic means to share information within companies.

Word of 1990: Data integration benefits

In the middle of the 1990s, the National Institute of Standards and Technology defined Electronic data interchange as the computer-to-computer interchange of strictly formatted messages representing documents. In those years, the different systems inside a company weren’t integrated.

So the 1990s were about breaking down internal walls. Companies were confronting the challenge of integrating and redesigning enterprise processes using ERP (Enterprise Resource Planning) systems. But at that time, enterprises transacted with each other via mail, phone, and fax. These interfaces were cumbersome, slow, labor-intensive, costly, and prone to generating mistakes that caused delay, error, overhead costs, and limited communication. 

With the advent of the internet, more and more organizations were connected. Finally, most or all EDI communications were moved to the Internet. The connection was the solution and the internet-enabled high-quality fast connections with the right amount of data.

World of 2000: Data Integration Benefits

The 2000s were about breaking down external walls by integrating and redesigning inter-enterprise processes using the Internet. A fast, cheap, and ubiquitous communication system. A tool for changing how companies worked together. A catalyst for reengineering inter-enterprise processes. Virtual integration enabled multiple enterprises to work as though they were one through processes that ignored enterprise boundaries.

Different Problems of Unintegrated Data

Independent databases

Enterprises that work together nonetheless use separate databases for operations and decision-making. These databases are separately maintained and therefore inconsistent, and they each reflect only part of the overall situation. 

The consequences of this kind of practice are:

  • Sub-optimization
  • Slow cycle times
  • Reconciliation costs. 

The solution to this problem is Database Coordination. Here we find another principal data integration benefits when different departments within a company can work collaboratively with shared data.

Innumerable interfaces

Enterprises have many individual and independent interfaces with other enterprises. These transactions are of small scale individually, and collectively they represent a complex system. The consequences are confusion, redundancy costs, and missed leverage opportunities.

The solution for these problems seems to be the combination of multiple interfaces and multiple transactions into one. These practices benefit from reducing transactional overhead, generating consistent interfaces, and economies of virtual scale. These are other kinds of data integration benefits too.

Fragmented Processes

Enterprises are managed as self-contained entities, performing processes that fit entirely within their boundaries. These processes are, in fact, merely fragments of more extensive inter-enterprise methods. The consequences are redundancy, sub-optimization, and unnecessary overhead. The solution for these problems is compression. So, by treating an inter-enterprise process as a single unit, it is best done. 

This practice has different benefits as:

  • Overhead costs are reduced.
  • Improvement of tasks and process performance.
  • Elimination of redundant activities.
  • Strategic focus.

Companies can  improve their performance by:                                    

  1. Streamlining interfaces (connecting)
  2. Sharing information (coordinating)
  3. Aggregating interfaces (combining)
  4. Integrating processes (compressing).

The benefits of these practices can be the elimination of non-value-adding overhead created by enterprise walls and the improvement of their performance by leveraging other enterprises. Putting a Web site in front of lousy processes merely advertises how lousy they are is not the right business solution. Companies need to integrate benefits internally to integrate externally. This way, they are experiencing data integration benefits.

Data Integration Architecture

According to Philip Russom’s article today, many data integration specialists still build one independent interface at a time, which is inherently anti-architectural. And a common misconception is that using a vendor product for data integration automatically assures architecture.

But if you don’t fully embrace data integration architecture, you can’t experience data integration benefits. You will not get to know how architecture affects data integration’s scalability and ability to support real-time, master data management, and interoperability with related integration and quality tools. 

Complexity is the main reason why data integration needs architecture. Data integration affects data flow from diverse source systems like operational applications for ERP, CRM, and supply chain, where most enterprise data originates. Through multiple transformations of the data to get it ready for loading into diverse target systems like data warehouses, customer data hubs, and product catalogs. 

Since these are various types of applications, database brands, file types, and so on, all these have different data models, so the data must be transformed in the middle of the process. Then there are the interfaces that connect these equally diverse pieces. And the data doesn’t flow uninterrupted, or in a straight line, so you need data staging areas. Simply put, that’s a ton of complex and diverse stuff that you have to organize into a data integration solution to profit from data integration benefits. 

That is why nearshoring a data integration partner will ease the process. Not all vendors are qualified; we suggest this article to find yours.

Goals of Data Integration Architecture:

Data integration architecture imposes order on the chaos of complexity. It makes companies serve from data integration benefits by achieving specific goals:

1) Architectural patterns as development standards: Most components of a data integration solution fall into three broad categories: servers, interfaces, and data transformations. With that in mind, we can think that Data integration architecture is simply the pattern made when servers relate through interfaces. An architectural pattern is to provide a holistic view of both infrastructure and the implementations built on it. 

2) Simplicity for reuse and consistency: When development standards and architectural patterns are applied to multiple data integration projects, the result is simplicity, which promotes the reuse of data integration development artifacts and increases consistency in handling data.

3) Harmony between common infrastructure and individual solutions: For a solution to be organized in preferred architecture, the infrastructure must enable that architecture. Mostly the data integration production server and the interfaces it supports. 

The most common architectural pattern for data integration is Hub-And-Spoke architecture. In this architecture, inter-server communication and data transfer pass through a central hub, where an integration server manages communications and performs data transformations. 

What is the GDPR? 

The General Data Protection Regulation (GDPR) is the most robust privacy and security law in the world that was put into effect on May 25, 2018. This Europe’s data privacy and security law include a significant number of requirements for organizations around the world. 

It imposes obligations onto organizations anywhere, so long as they target or collect data related to the EU people. The GDPR has the power to impose harsh fines against those who violate its privacy and security standards, with penalties reaching into the tens of millions of euros.

Thanks to the GDPR, Europe signifies its firm stance on data privacy and security when more people are entrusting their data with cloud services, and breaches are a daily occurrence. The regulation itself is extensive, far-reaching, and relatively light on specifics, making GDPR compliance a daunting prospect, particularly for small and medium-sized enterprises (SMEs).

It’s worth mentioning GDPR in this context because when you harness the power of data, integrate all your internal databases, and enrich your systems with aggregated and external data, you have to look at the regulations and be compliant.

What is DataOps?

In this article, Andy Palmer tells us that large companies are experiencing a foundational shift in how they view and structure their data. 

Nowadays, organizations capture more data than ever before and store it in an ever-increasing variety of data stores. The accumulation of data over time makes companies struggle to manage that tremendous volume of data. 

For decades, companies’ data environments have been deeply fragmented and virtually impossible to integrate at scale. Indeed, even basic questions about the business, like “Who are my customers?” can’t be answered consistently. This reality is making companies accept that they need to start managing their data as an asset, and It’s time to rethink priorities and start putting the “data horse in front of the analytics cart.”

Data Operations (DataOps) is a methodology for companies where people process data from different business data sources quickly, regularly, and reliable. The concept is that the best way to increase the velocity of new features being delivered in software is by using a continuous build, test, and release process with a strong emphasis on QA automation. 

Companies expecting to compete based on analytics need to empower analysts with easy access to updated unified data logically organized. By implementing a data curation process that is integrated, repeatable, and scalable, it will be possible for a business to serve from data integration benefits, achieving the analytic velocity necessary to create a competitive advantage.

Data Integration Benefits 

According to this article from youredi.com, Cloud-based integration platforms have started to become quite popular lately. Below you can read about seven main Data Integration Benefits that companies can see once they have switched to cloud-based integration platforms: 

1) Easy and fast connections: Developing connections have been a painful task that took a long time, even months sometimes. Point-to-point hand-coded integrations are time-consuming and risky. When you need to integrate data sources internally, you want to ensure that it happens as quickly as possible. Doing data integrations in the cloud seems to be the best new way. It is easy and fast because of the pre-built adapters and connectors that can be easily replicated.

2) Integrate data from multiple sources: When your company uses tons of applications, systems, and data warehouses. Better collaboration must connect all the different data sources to utilize the value of insights. Once all the information is available in a single place in real-time for all the right stakeholders, your company will be able to use the information for improving processes and providing better services.

3) Availability of the data: As Data Silos are not sustainable, companies need to have the data available for all the right stakeholders in one place and in real-time. So, it’s essential to connect all the data sources to obtain all the necessary information in a single place.

4) More insights bring improvements: Once your company has all the data available in one place, you will be able to better utilize the available information. When you can use the data, you will have better intelligence on your operations and customers. You will be able to make better decisions based on the available information and improve your processes.

5) Better collaboration: When your company needs to improve the cooperation internally or with your trading partners, you will do so thanks to the Data Integration Benefits. By automating the flow of information will have a positive impact on how you do business. Your teams and stakeholders will achieve better collaboration because they have more information at their disposal.

6) Data integrity and data quality: Data integrity is an essential element of data integrations. Data integrity is the assurance of the consistency and quality of the data through its entire lifecycle. Using a data integration platform can give your business the ability to define validation rules. You can design processes that check the information and forward the damaged information back to the sender for correction.

7) Increase competitiveness: Having a data integration strategy for your company can help you plan what actions you need to take to improve data accessibility both externally and internally. This way, your company will be able to impact a lot of vital parts of your business. 

Finally, we can say that thanks to these seven Data Integration Benefits, people inside your company will be able to:

  • Work better among them and do more for your customers.
  • Use data collected in a unified way as a valuable asset for your business. 
  • Offer better services to your customers than your competitors.