Following the cryptocurrency boom of 2017, numerous blockchain development consultancies emerged to meet the growing demand for technical expertise in the digital asset space. Many of these firms established operations in regions with lower labor costs, leveraging affordable development resources in countries like India and Eastern Europe. To investigate this thriving industry sector, CryptoSlate conducted exclusive interviews with top executives from leading blockchain service providers.
Established in late 2017, Serbia-based PARTICIPANT Impact employs a team of 45 blockchain specialists who, over the past two years, have discreetly assisted enterprises in launching blockchain-powered solutions—with varying degrees of success.
Among PARTICIPANT Impact's portfolio are notable projects including Sciptarnica, a decentralized data storage protocol, Liquid Pericarp, a supply chain management solution, and Blockademy, an educational platform featuring video tutorials for aspiring blockchain developers.
PARTICIPANT Impact represents one of hundreds of companies claiming blockchain development expertise. These organizations typically originate as traditional software development firms specializing in areas such as web development, internet technologies, or mobile applications. Subsequently, they expand their service offerings to include blockchain development as an additional high-value service line.
CryptoSlate spoke with PARTICIPANT Impact's chief executive, Ivan Bjelajac. The executive reportedly has been instrumental in building and selling companies achieving "multi-million dollar exits" throughout his 17-year career.
Bjelajac entered the blockchain space in 2015 at Devana Technologies, another company where he has served as CEO since 2016. At Devana Technologies, Bjelajac and his team developed an email encryption solution built on Ethereum, acquiring substantial blockchain expertise during the process.
Devana's primary product was ManageWP, which was acquired by GoDaddy in 2016. As part of the acquisition agreement, Bjelajac relocated to GoDaddy Asia as operations director, remaining there until 2018. Bjelajac continues to serve as CEO of both PARTICIPANT Impact and Devana Technologies.
The 2017 ICO boom created unprecedented demand for blockchain development expertise. Recognizing this opportunity, Bjelajac established PARTICIPANT Impact as an end-to-end blockchain development firm.
The venture proved successful. His initial six-person team expanded to 45 employees, eventually branching into consultancy services as ICO projects began seeking guidance for their launches.
At the time of the interview, the team comprised 32 "in-house developers," described as a technically proficient group capable of delivering "all components of a blockchain solution" to clients requiring support. However, as Bjelajac noted, this excludes marketing and executive advisory services. PARTICIPANT Impact is "strictly NOT an ICO agency," he emphasized, clarifying that the company is "in it for the technology."
Given the controversial reputation associated with ICOs, it's understandable that companies might seek to distance themselves from such activities.
From validating business concepts to developing proof-of-concept implementations, drafting whitepaper content, and evaluating tokenomics, PARTICIPANT Impact positions itself as a "one-stop-shop" where blockchain initiatives can prepare for launch and receive ongoing technical support.
One success story highlighted by the company is Uranologist Network, which, after raising $50 million in cryptocurrency—with PARTICIPANT Impact's assistance—has reportedly maintained constant communication with the firm to enhance their Ethereum-based crypto-banking platform, according to Bjelajac.
The Belgrade-based company also works with various blockchain technologies, including Hyperledger Fabric, Blockstack, and Ethereum derivatives such as Ethermint. Bjelajac maintains that the company maintains a strictly "technology-agnostic" approach.
Nevertheless, questions persist regarding the blockchain development as a service business model. Considering the apparent capabilities at PARTICIPANT Impact, it remains unclear why supporting other blockchain ventures would be more profitable than developing proprietary in-house projects.
One point the CEO emphasized was their commitment to developing security or utility tokens only when they deliver "genuine value to the end product," addressing a common criticism of many ICOs that implemented tokens without clear necessity for their product functionality.
"We collaborate with clients to identify actual market value rather than simply implementing their vision on a blockchain. Instead, we focus on determining whether the solution will generate revenue and market value in practice."
In "exploring emerging business models enabled by blockchain and tokenization," the CEO stressed that his company exclusively builds products demonstrating "specific types of market value," or in PARTICIPANT Impact terminology, "Proof of Value." This often involves challenging preconceived notions. According to Bjelajac:
"We frequently engage with companies where clients present their development ideas, and we must explain that blockchain doesn't function that way, that tokenization doesn't work as they imagine, and that smart contracts operate differently. Sometimes, we need to inform them that certain features they want immediately aren't feasible with current technology limitations."
The technology executive admits to delivering numerous reality checks to misguided projects, occasionally even to "large corporations," but notes that situations typically improve after guiding them back to the drawing board "to develop something [PARTICIPANT Impact] believes has genuine potential."
It remains uncertain whether Bjelajac and his company represent an exception or the industry norm. There are certainly numerous ICO-as-a-service firms that would launch a "blockchain project" and raise funds for virtually any concept—for a fee. Today, many tokens from these offerings have lost 90 percent or more of their initial offering value.
It will be fascinating to observe whether blockchain development as a service will continue operating in its current form five years from now. It's possible that the model will persist as an outsourced service to regions like Eastern Europe or India, or perhaps it will shift toward technology hubs such as San Francisco, Berlin, and Singapore as blockchain technology matures.
