There are 3 Companies in Hungary
that provide Blockchain Services!

Hungary is an open economy where particular emphasis is placed on encouraging foreign direct investments. Partnership with potential investors is a national priority, special attention is paid to the needs of already existing companies, and to the further development of the business climate. 

Starting in 2010, Hungary has put a lot of effort into developing the IT sector. Some of the best steps in this direction are: 

• Tax modifications and incentive systems related to R&D activities
• Strategic partnership for local IT companies, as well as government projects
• A dual education system based on the tech industry’s needs
• Adjusted the economic climate to the latest requirements of Industry 4.0

In Hungary, the IT Services market is predicted to reach a revenue of $2.06 billion in 2025, according to Statista. For 2024, the revenue for the same industry was $1.97 billion, which confirms the steady ground the national IT industry stands on. Additionally, Hungarian IT companies have access to the vast EU digital market, which allows them to export services across Europe. 

The most popular IT services provided by Hungarian companies are Software development, Software engineering, and cybersecurity. However, in the last several years, local companies have also focused on app development and have worked on an increasing number of projects in the AR and VR branches. 

Why You Should Work With Hungarian IT Companies

Even though the digital market is dominated by foreign IT companies (66%), there are also local companies that are striving to provide cutting-edge technology services, which may compete in some places with US, German, and UK companies. For central Europe, this represents a big step ahead and provides cheaper alternatives to the same services for potential customers. 

In 2023, the value of Hungarian exported IT services reached 33,664 million euros or 20.9% of the entire export value of the country. The numbers are expected to grow significantly due to foreign direct investments in the sector, which also grew by 19% in the 2019-2020 Q1, and in 2024, Hungary attracted 10 million euros in FDI.

What You Should Pay Attention to When Working With Hungarian IT Companies

Hungarian IT companies are not the best-known on the international market, so far. However, their increased potential lately may lead to a market boom in the central European market, and many potential customers could turn their attention to this progressive alternative. But the main challenge the companies will possibly face is a lack of experience in working with big projects. In its turn, the lack of experience can lead to poor project management, late project delivery, or even poorly executed projects. 

How Reliable Are Hungarian IT Companies

Hungarian IT companies don’t have a reputation for providing services in IT, which can turn both into an advantage and a disadvantage for the companies. Depending on how well local IT companies will start performing on a larger scale, the reliability of companies will be appreciated. 

How Does the Hungarian IT Sector Relate to the Neighboring Countries

The V4 countries are working together in many areas, including in the IT sector. Companies from these countries benefit from facilities and easier access to national markets, but they also compete. 

In these regards, Hungary is the 2nd fastest-growing country in the IT sector in the group of 4, straight after Poland, which already took the lead with an advantage of 35%. 

Outside the V4 group, Romania and Ukraine are also countries that are direct competitors with the Hungarian IT sector. It is still uncertain whether Hungary, Ukraine, Poland, or Romania will become the largest Central European hub in the EU, and generally, in Europe. 

Blockchain Service gives companies the ability to develop, host, and use their own blockchain apps, smart contracts, and other features on the blockchain infrastructure built by a vendor via cloud-based solutions.

Blockchain is one of the most rapidly evolving IT technologies. There are over 83 Million blockchain wallet users worldwide, according to Buy Bitcoin Worldwide report.

Blockchain boosts business competitiveness without investing in research, planning, or infrastructure and the advantages to choose blockchain service providers for your company are: 

• Improved safety
• Increased accountability
• Real-time tracking
• Automation
• Enhanced productivity

It's not simple to pick the best blockchain service providers to deal with. There are several things to think about:

• Location
• Price
• Team size
• Previous experience
• Turnover time
• Communication means

Blockchain technology solves urgent problems in a variety of industries, including healthcare, logistics, manufacturing, and information technology. Businesses across a range of sectors may undergo substantial transformations by combining blockchain with disruptive technologies like AI, Big Data, and Cloud.

There are almost 1,900 blockchain service providers on our platform which offer a wide variety of solutions that will enhance your ecosystem's scalability, security, and transparency. Explore their profiles and feel free to get in touch with them.

Is Blockchain Still a Trend?

Blockchain was initially created for Bitcoin, but in recent years it serves other purposes beyond cryptocurrency. It has the capabilities to provide increased safety, and minimize fraud. The security and transparency are ensured because every transaction in the Blockchain industry is grouped into blocks, then they are connected into a secure chain, creating a tamper-proof record. 

The Blockchain industry has applications in multiple areas like cryptocurrency, asset management, IoT, cross-border payments, and more. Additionally, it has the potential to define the world of tech through its:

• Interoperability and cross-chain solution

• Decentralized Finance (DeFi) 

• NFTs in intellectual property 

• Sustainability & green blockchain

• Integration with IoT

Blockchain applications have prioritized personal privacy, made it possible for smart contracts, the integration of IoT, and can be leveraged by the government, showing its potential for the future tech world.

What is a Blockchain Developer?

A Blockchain Developer is a software developer who works with Blockchain technologies for programming, developing, and testing software and systems. There are two main types of Blockchain Developers:

• Core Blockchain Developer - develops and maintains the architecture of Blockchain systems

• Blockchain Software Developer - builds applications onto existing Blockchain platforms

Some of the responsibilities of of a Blockchain Developer are:

• Keeps the data related to digital transactions secure

• Uses programming languages for building applications

• Works in the development and deployment of smart contracts

• Engages in the design and creation of Blockchain network architecture

• Troubleshot the issues in the Blockchain network

What is the Cost of Hiring Blockchain Developers in Different Countries?

The cost is dependent on the country, in Europe for example expect to pay at least $30-70 / hour for blockchain development services. TechBehemoths lists hundreds of blockchain development companies from all over the world. You can easily filter the companies by price or region.

The hourly rate it’s just one criterion to keep in mind when you look for a blockchain service provider for your business needs. There are many other aspects to consider like company location, services, team size, portfolio, etc.

TechBehmoths has an advanced matching system to help you find the right blockchain service provider for your projects.