Blockchain is the trending technology in the recent time. This technology has entirely changed the ways of doing business and the money transaction process. But there is still more to add to it, as the digital world is filled with rich and dynamic innovations worldwide.
Blockchain represents the decentralized network meant to save transactions on several computers around the globe. The information in the blockchain technology is recorded and tends to keep it secure and transparent without being altered or removed for years. Moreover, it also eliminates those third parties which are entitled to provide the certification on transactions in the departments governed by the central authority.
Let’s have some insights into the investments done on the blockchain. The venture-capital funding into the blockchain startup companies worldwide reached 2.3bn USD in 2020. The blockchain startup with the biggest coin offering is EOS. The U.S alone invests about 51% in the blockchain.
Thus, the blockchain has impacted the development of several new positions and startups, starting from mobile payment solutions to healthcare application development. This article will let you know the blockchain app development cost and the factors affecting the development and benefits.
Cost for developing the blockchain application
The blockchain app development process needs expertise and services from proficient Blockchain app development firms. The course of action can hardly take two to three months or even more than that to get it prepared for handling all the operations perfectly. Within this, there are several factors determining the cost, which will be explained further in this article.
Considering the cost for developing the blockchain applications, for now, is around $25,000 to $2,00,000, including the trending features with updated tools and technology.
Factors affecting the development of blockchain
The cost varies from company to company, as the process for building it might be different depending upon the technology they use for developing the blockchain application. however, the factors impacting the development of blockchain application is mentioned below; let’s read about it in detail:-
1- size of the blockchain app development firm
Companies offering the services are divided into three categories :
- Small – scale
- Large- scale
Depending upon the team size and the expertise, companies accordingly charge their clients as per their needs.
Companies with smaller teams that have just begun working in this industry usually charge less compared to large-scale organizations. Companies with a team of 10 to 50 blockchain experts cost about $15,000 to $30,000.
Entrepreneurs can build their blockchain app by getting the chance to work with a medium-scale company which would be a great choice. Because they have a brilliant team to handle your project, and parallelly they don’t offer a cost estimate which is reliable for investing. They cost around $30,000 – $70,000.
On the other hand, large-scale companies are too expensive as they have a huge team functioning for them. Either they are quite specific about the project they accept as they are not interested in investing their time on projects that do not make their portfolio look magnificent. Having a blockchain app built from such companies may charge you approximately $60,000 to $1500,00.
2- Types of the blockchain app
Building a blockchain application builds trust and clarity towards the business eliminating the third party from it. Before getting around any decision for constructing the blockchain application, ensure all the requirements and then go for the further procedure. So there are two types of solutions made for blockchain app development:-
Cryptocurrency based solution
As the name states, this solution is completely based on the cryptocurrencies offered for the best results. Some examples of it are DApp, wallets, ICO, etc., are these kinds of solutions.
Non- cryptocurrency-based solutions
Solutions that are not dependent upon cryptocurrencies come under this category. Solutions under this criteria are distributed ledgers and are highly offered in many industries such as banking and logistics.
3- App complexity
The first and clear thing to understand here is that you need to have clear thoughts and ideas about your business development and about the crucial resource for better administration. This will directly help you in deciding the type of application you want to have and accordingly put the resources into that. The factors affecting app complexity are as follows:-
- The mechanism involved in creating the app
- The platform on which the app is developed
- Technology stack
- API integration
- UI/UX design
4- Team size
Now, this is a crucial aspect to consider the size of the team who would be responsible for working on your project. It has a particular reason, as the hourly rate of hiring a blockchain developer is the average of the rate of each team member of the company. Depending on what decision you take for your project, the cost will differ. For example:
Recruiting an in-house blockchain app development crew may charge you around $50,000 for starters to $100,000 for a professional team. On the other hand, if you choose to hire a freelancer, it may cost you less than the in-house team, but you will have to adjust on several things here and there. Hiring a professional freelancer may charge you somewhere around $50,000 to $90,000. Hiring a professional blockchain development company is always a good choice as they have a committed team functioning on your project.
5- Industry Niche
A particular industry of which you are planning to build the application, somewhere also affects the cost. The technology stacks and features and also some separate requirements highlight the cost differently.
Well, a concise industry-wise blockchain app development cost distinction chart is summarised below:
Steps of Blockchain App Development
The time taken to develop an app is based on the process concerned with creating it efficiently. So, to get a vision of the time required for blockchain app development, let’s understand the whole procedure first.
Determining the issues
Before beginning with blockchain app development, it is essential to recognize the main problem. Once the issue is identified, then only the solution can be applied to it. Once the thoughts are clear, the next step would be finding the best technology and Platform.
Choosing the accurate Platform
Developing a blockchain application without any provisions needs a focused understanding and examination while choosing a proficient blockchain development company. Accordingly, you should proceed with building up a blockchain solution that can satisfy your business requirements.
Probing into what parts can be implemented to the off-chain or on-chain parts of the application that can raise the value of the arrangement is crucial before you start developing the application.
Technical and Visual views
At this stage, UI/UX is determined. The process to carry out the idea for developing applications from the papers to the table starts here. Technical and visual aspects are considered. The back-end and front-end of the app start here. Particular visualizations and plans are designed to give an enticing look and representation to the application, while specific views are made to mention its innovative engineering.
Here comes the final point where everything gathered and made in the above stages is considered and worked upon. Here developers attempt to bring all together and work on the features to be included. Once a format is designed and developed, it is then examined for any bugs and errors. Once the working of an app is verified, it is then moved to the final part of development, and a beta version is invented for some users.
Blockchain app development is not some new concept these days. Many industries have already combined such solutions and those who have not are already functioning over it. In the past few years, blockchain technology has developed, and many things have transformed. Considering the blockchain experts, if these solutions are positioned accurately, they can do miracles for your business. From security to clarity, money transactions will no longer be a point to consider for entrepreneurs.
If you are also thinking of making your business more efficient, this is the right period to get a blockchain app built, and all you need is to search for a proficient blockchain app development partner who can assist you in creating a personalized solution that can solve all your issues.