What Is The Standard Cost Of Building A Blockchain Application?

What Is The Standard Cost Of Building A Blockchain Application?

Blockchain is a highly adopted and trending Technology about which people are running crazy.

Blockchain refers to a decentralized network which is also known generally as the ‘modern internet’ among people. In the digital world, it has a greater impact and it is extensively associated with cryptocurrencies and related infrastructure. Besides all the perks, investing in a bitcoin application is more likely to offer you an exciting hike in your business. Very much like in the sense of mobile application development services, the blockchain app development cost is also dependent on the application complexity, company size, objective, etc.

In this writing, we have evaluated the cost of blockchain app development or any e-wallet token development based upon multiple parameters. You can get yourself a suitable app development through a number of ways and the app development cost will be different for each time where each and every solution will come with its pros and cons.

Let us dig deeper and emphasize various parameters that can contribute to the cost of blockchain app development.

How quotation is involved in Blockchain Development Services?

Obtaining an exact cost of blockchain application development is not a standard parameter because the cost to develop blockchain and cryptocurrency services is still in infancy. It is equally difficult to get the right IT development team on board who can deliver the final application to you on time. However, the best way to reduce the application cost is to near shore or offshore the blockchain app development services. Among enterprises, this process is also known as software outsourcing.

While outsourcing the company, you get an opportunity to hire a remote app development team led by a project manager and application tester. This team is responsible to provide you a blockchain application with neat codes and lower loading rates. Outsourcing the blockchain application will also give you the advantage of paying on an hourly basis.

When it comes to blockchain wallet app development, the most important parameter that you have to consider is the application budget and its allotment. Blockchain applications are crucial for businesses but the budget constraint can play a crucial role in the application success. You have to hire a blockchain app development company that is not only skilled but can also assist you with their vast industry experience. Having a team of experts for your application development can prove to be extremely helpful for your business in the long run. For instance, to successfully launch any cryptocurrency you might require a team of advisors, software developers, marketing professionals, cybersecurity specialists, and many more. These professionals will help you navigate the core app features to add credibility to your application project. Once you have a marketing strategy for your application ready you can precede with the blockchain app development. Depending upon the technology you are using it will take around a month or two for the developers to create an application from scratch. There are various factors that have a serious influence on the cost of your blockchain app development. Some of these factors include Application complexity, feature integration, app platform, Technology, etc. The Blockchain cost implementation is based upon various activities and project development phases which include-

  • Design-application designing refers to providing system blueprint, high fidelity designs along with the prototype, user interface, and User experience design, wireframes, low-fidelity designs along with application flow, etc.
  • Development-app development which is inclusive of coding and application testing
  • Deployment-it means deploying the application on delivery models or cloud platforms
  • Migration-migrating the application to the existing blockchain platform solution
  • Maintenance-it refers to maintaining the new upgrades and updates along with testing the application to ensure your smooth run
  • Integration-the ios application development company includes third-party tool integration for hosting, storing, notifying, and collaboration tools.

Blockchain platforms and frameworks also contribute to the overall cost of app development. You can also include the cost of integrating some third party tools for blockchain app development in your budget. The major tools worth consideration-

  • Amazon Web service- this tool offers cloud computing, storage, and delivery services. Depending upon the number of users it might cost you $100 to $1000
  • Bug tracking tools-some of the bug tracking tools will allow you to report and remove the live bugs. Depending upon the number of users it might cost you $10 to $100
  • App monitoring service- applications like uptime robot, etc will allow you to send real-time notifications for the downtime. It might cost you $10 to $50
  • Notification services- notification service tool like Kumulos, will cost you $10 to $50
  • Analytics with mixpanel-this tool will allow you to conduct application data analysis, funnel reporting, insight generation, and many more. It will cost you $10 to $ 150

Roles played by various industry specialists to create Blockchain Development Services?

The industry is flooded with multiple cryptocurrencies and creating another token that can stand out from the crowd is indeed a huge task. Adding more to it, cryptocurrency is also overburdened with the perception of people as they believe that the new form of money is full of scams and fraudulent conduct. So, it adds to investing more effort and time to convince the users that the new bitcoin application or crypto-token is worth their investment. In this section, we will go through the process of blockchain creation and the cost to develop such a service. There are various aspects related to the process of development which can be broken down into the below-mentioned points-

  • How to get the right team of blockchain app development experts?
  • How to create/ conductwallet app development?
  • How to sell and market the blockchain application?

Read the blog- How much does it cost to develop a blockchain-powered e-wallet app like Fincy?

Having the right team of application developers is extremely important for your project. To launch the blockchain application successfully in the market you would also require a team of experts and advisors across different domains. These professionals will help you understand the emerging trends related to cryptocurrency and how you can earn maximum profit from it. Thus, to cater to the user requirements and offering the maximum benefits you have to create industry-standard solutions. Narrowing down the requirements (in terms of developers, project managers, marketing professionals, etc) it will cost you $15000 to $60000 to create a blockchain application. In the blockchain application Development Industry two major types of rate parameters exist which are average and median.

Average app development hourly charges usually range between $80 to $150 and Median app development hourly charges usually range between $50 to $100. Another critical aspect after creating Android or iphone app development services as per the blockchain standards is to make them legal. Apparently even the well-known and trusted cryptocurrencies are facing tough guidelines and regulatory measures all across the world. Hence it is extremely important to have a team backed by legal advisors who can help you with the legal chores.

How much does it cost to create a crypto wallet?

This is one of the most frequently asked questions about blockchain app development and most people keep scratching their heads about the cost to develop a crypto wallet. Let us get an estimate for the same. A crypto wallet or cryptocurrency wallet refers to a digital application that people used to store, receive, or send digital currencies in a secure manner. The majority of the cryptocurrencies have their official crypto wallets or recommended third party wallet applications. In simple words, we can say that the crypto wallet refers to the real wallet-like applications and to use the cryptocurrency more effectively you would require a crypto wallet. Usually, crypto wallet applications are built for various platforms such as Android, iOS, or Web.

Out of this, ios application development company solutions are costlier as compared to the other two. You can cut the cost to develop a crypto wallet by using cross-platform solutions like JavaScript, react native, ReactJS, Vue, etc. However, it will still require a considerable amount of time and effort to streamline the blockchain application. It means that you will have to work on server-side applications through RESTful APIs and client-side applications for web and mobile devices. Another option you have at your disposal is to create a stand-alone blockchain application. It is important to know that each of these approaches has its own pros and cons.

To create a blockchain application you will require a dedicated team of experts consisting of various senior-level developers, project managers, marketing professionals, business analysis, QA engineers, etc. Developing a minimum viable product for your Blockchain development Services or crypto wallet supporting the major cryptocurrencies such as Bitcoin, Ethereum, Litecoin will cost you somewhere around $50k.

How much does blockchain app development cost?

Coming back to the obvious question let us explore the blockchain app development cost and its other prerequisites. Blockchain development company solutions require a considerable amount of time and investment but this framework has competitive advantages over other architectures. Let us say blockchain applications are capable of maintaining maximum app uptime through the centralized nodes, it means that it eliminates the chances of single-point failure from the application interface. Blockchain Technology also protects the database and the occurrence of malicious activities and factors from tampering the confidential data. The cost of blockchain app development or implementing its structures depend upon various factors such as application complexity, size of the app, expertise level, Technology stack, etc. the specialized nature of this application makes it costlier than the standard blockchain Development.

Blockchain development is high in demand at present and there are limited developers who are qualified in developing such solutions. It translates to the fact that blockchain developers can charge more than the standard full-stack developers (depending upon your location). If you are looking to develop an excellent blockchain application then it is recommended to do proper budgeting and go through some important factors. Some of the prominent ones are listed below.

  1. Application complexity- In blockchain Android or iPhone app development services, while looking at the application complexities two possible software development models are available which are- Enterprise blockchain apps, and distributed apps. The application type you are choosing must be based upon your business requirements and goals. The cost to develop for both of these projects differs as they require different expertise, technology stack, and project guide. Based on the application complexity, the cost for blockchain app development can be categorized as-
  • Blockchain application having minimum complexity will cost you somewhere in between $15000 to $ 40000
  • The distributed applications (DApps) having average complexity will cost you somewhere in between $ 30000 to $90000
  • The enterprise blockchain application for an extremely complex project will cost you more than $ 130000
  1. Public blockchain software development (distributed applications)- The Blockchain development company categorizes distributed applications as blockchain applications for decentralizing the business. Most blockchain engineers rely on the Ethereum network because of its peer-to-peer and encryption capabilities. The cost to develop blockchain applications can be reduced through distributed applications (DApps) as this framework is not developed from scratch. Other than Ethereum you can also consider using other frameworks like Hydrachain or HyperLedger fabric. You can choose this framework based on your application requirements and business goals. The majority of blockchain app development tools and languages for this framework are open source and while deploying the application you will have to acquire a native token or cryptocurrency. The only major expense that you will encounter with DApps Android or ios application development company solutions is to hire a blockchain engineer. It is because there is a shortage of blockchain developers in the Industry that might lead to higher costs for the premium service.
  1. Enterprise blockchain software development-

    Private blockchain framework and software does not run on the public frameworks, for example, Ethereum. Enterprise blockchain software is extremely useful in terms of delivering maximum security and unlimited scalability options. This will give you an option to create a permission network for the users to access the application and you can choose who to include in the network. As DApps are usually for currency and gaming, enterprise applications are extensively used in accounting, supply chain management, smart contracts, etc. To create an application from scratch you will have to take the below-mentioned parameters into consideration-
  • Frontend and backend development
  • Blockchain application encryption
  • Storage space
  • P2P network access
  • Smart contracts

Read the blog- How much does it cost to build a blockchain-based platform?

To get an estimate about blockchainmobile application development services, we will have to explore these parameters to have a clear understanding.

  1. Front end- for developing blockchain applications it would cost you more to include an admin console and user interface feature other than the back end process. Usually the expenditure sources from external databases, servers, application testing, etc. In a nutshell, complex blockchain development requires more investment and you will have to spend around $120 k more than the usual.
  1. Infrastructure- given that you are not dependent on open-source blockchain development tools you can certainly expect to pay more for this solution. For example, many businesses migrate to cloud services for using the network, infrastructure, and storage services for their blockchain applications.
  1. P2P network- you can develop a p2p network for your blockchain application having impenetrable encryption security. This network acquisition is a little costlier in private blockchain app development. You can also streamline the consensus management for your application which in blockchain app development software uses multiple algorithms including proof of stake, proof of work, delegated proof of stake, and many others. This consensus mechanism algorithm comes with different levels of security and energy efficiency parameters.
  1. Application programming interfaces- during the enterprise blockchain development you are more likely to create the application programming interface to meet specific tasks such as authentication, auditing, smart contracts, etc instead of using pre-built APIs.

Blockchain app development is a complex and intricate process that demands a precise understanding of the project and transparent budgeting at every level. The aforementioned factors help the iphone app development services providers and other software development companies to have an estimate of blockchain app development along with considering its features.

How to determine the cost of blockchain wallet app development and its implementation?

Considering the factors that can influence the cost of blockchain app development, you can analyze the cost of implementing such solutions. Before you think about the blockchain app implementation it is important to go through some questions-

  • Do you need to create a blockchain application with an existing product?
  • What type of blockchain hosting will suit your product i.e. public or private?
  • Do you need cloud computing for your blockchain network?
  • How many users can interact through your platform?

To determine the exact cost estimate for a blockchain application it is important to take an account of various factors. Few things that you have to consider while choosing the mobile application development companies provider are- the size of the company, industry-specific app development cost, consensus management, app development platform, etc.

  • App development company size-small scale companies usually charge less than the established organizations on medium app development companies. On the contrary large enterprises are selected in terms of delivering their services and there are various reasons for the same cause. Blockchain app development by small and midsize companies will give you access to a team having a hundred or more experts and it will cost you somewhere between $25k to $250k. Blockchain app development by large companies will give you access to a team having more than 500 experts (it can be less or more depending upon your project requirements) and it will cost you somewhere between $450k to $1000kh.

On the contrary blockchain applications developed by small companies for freelancers with a team size of 50 experts will cost you $2k to $30k.

  • Application complexity- in terms of blockchain application development complex City there are various factors involved that contribute to the overall cost. To get a clear estimate you can get an overview of the existing solutions, your customers, and market size. it will help you determine the type of blockchain application you are willing to invest in. You can also consider the Technologies like consensus mechanism, application programming interfaces, a blockchain platform, user interface/ experience, among the others prior to initiating development. Applications with low-level complexity will cost you $15k to $35k. Applications with medium or high-end complexity will cost you $30k to $200k.
  • Blockchain app services- hiring the best Blockchain development company will give you access to the core blockchain solutions like crypto wallet, initial coin offering, crypto exchange, distributed ledger technology, distributed applications, and many more. Your decision to choose a public and private blockchain development approach will also affect the cost to develop such a solution. It is because private blockchain refers to a permission-based network which implies that you will have to request central access every time by making transactions. On the contrary public network is based on pre-existing solutions and it doesn't require centralized authorization. There is a huge difference between their development costs.

Considering all the aforementioned features the average range creating a blockchain application is $50k to $1500k.

The bottom line

The standard cost to develop or implement blockchain application technologies is derived from various sources like open source tools, web development team, analytical verticals, feature integration, and many more. All these factors provide an oriented representation of the blockchain app development range. The cost of setting any blockchain application requires a strong project estimation about its cost to develop or implement. And the use cases, project complexities, blockchain app development approach are more likely to affect the overall cost of the project. It is difficult to have a close estimate about the Bitcoin app development but depending upon your project specifications the average cost is around $5k to $500k. To get a close estimate you can discuss the scope of your blockchain application, security requirements, blockchain platform integrations, API integration, and various features at the start of the application project.

Here we conclude that for blockchain app development hiring an experienced team of experts or companies is an economical way to streamline the process of app development as compared to any other option (in-house or outsourcing).