Blockchain technology has become a major technology in various industries. In fact, Blockchain is now a lot more than cryptocurrencies and decentralization. Today, this technology is creating a massive impact on industries like healthcare, finance, gaming, logistics, entertainment, tourism, and more.
Developing a blockchain platform might require you to hire Blockchain developers and good investment. Thus, in this blog, we are going to learn the development cost to develop a blockchain-based platform.
Before we dive into the discussion of cost, we must learn about Blockchain technology first
What is Blockchain Technology?
Blockchain technology essentially works with a decentralized ledger that keeps the track of all transactions on multiple nodes. In other words, we can say that the data is shared among the participants of the network. Thus, the data present on the chain is stored on different computers. This makes it incredibly hard for hackers to steal or compromise the data.
If you want to set up your own Blockchain, then you will need huge storage space to process and analyze the data. Since mobile devices don’t have such humongous storage, they only act as a part of the chain. The best Blockchain development company would often rely on multiple platforms to create and set up Blockchain apps to fulfil the diverse user requirements. These apps could be very impactful in industry domains, such as eCommerce, EdTech, FinTech, Healthcare, Manufacturing, Energy, and more.
Factors that Impact the Blockchain Development Cost
Estimating an accurate blockchain development cost depends on various factors. You must have a proper understanding of different use cases of Blockchain technology for effective development. These are some of the prominent factors that impact the blockchain development cost;
Business Niche
Different industries often have different requirements for their Blockchain development. It completely depends on the end goals, stakeholders, and risk mitigation strategies to create a blockchain project. Effective blockchain development might cost you somewhere between $40,000 to $150,000 depending on your business niche. Thus, it is advisable to have clear industry-oriented requirements when you hire the best Blockchain development company.
Experience of Developers
Blockchain is still a relatively new technology, and not every industry has implemented it successfully. In fact, many top organizations are still exploring Blockchain projects to find new possibilities for their business growth. Thus, it is considerably hard to find the right Blockchain developers for handling a Blockchain project.
You will need to hire blockchain developers who have the relevant experience to handle the Blockchain project in your business niche. The more experience you need, the more you have to pay the developers. Thus, it is very important to sort out your priorities when before hiring the developers.
The complexity of the Application
Different Blockchain apps have different sets of features and scalability. It could be a normal application for casual users or a fully-loaded enterprise Blockchain app. Thus, the complexity of your app idea can have a significant impact on the development cost.
Consulting a blockchain development company can help you determine the exact cost based on the app complexity. They will provide you with complete assistance in designing, developing, and managing complex Blockchain projects.
Type of Your Blockchain App
Blockchain is the ideal solution for incorporating decentralization into traditional digital solutions. Thus, depending on the traditional solution, a blockchain app could have different features and use cases. However, the main aim is often decentralizing a traditional core process that helps business to achieve digital transformation.
Many businesses have started to invest in DeFi development services to embrace the future of decentralization in finance. We will have a detailed discussion about the types of blockchain apps in this blog.
Personalization Elements
Every business wants to fulfil customer demands and expectations. Thus, it becomes important for businesses to implement personalization elements into their Blockchain applications. For this reason, you should also add additional features to enhance the user experience by implementing different design strategies. Moreover, personalization elements help users to get familiar with DApps.
You might spend to invest extra if you are looking for adding personalization elements to your Blockchain. Moreover, high-level personalization can take a significant amount of time in developing mobile or web apps.
Blockchain Development Cost Depending on App Type
It is critical to note that different Blockchain app types will take different investments. Let’s understand the development cost by exploring different blockchain apps and platforms;
NFT Marketplace
NFTs are slowly becoming the future of digital assets. In fact, popular brands like Gucci, Nike, Louis Vuitton, and others are investing heavily in NFT marketplace development. This provides lucrative revenue opportunities from this very ambitious cryptographic asset.
If are planning for developing your own NFT marketplace, then you might need to spend somewhere between $50,000 to $130,000 to hire Blockchain developers. They are going to help in validating your idea, designing, and deploying your digital solution.
DApps
DApps or decentralized applications are meant to decentralized technologies for delivering user-oriented features and services. Moreover, there is no need for an intermediary to transfer the data through the distributed ledger. Building a DApp might cost you somewhere between $45,000 to $60,000.
DAO
DAO or Decentralized Autonomous Organization is an organization running with the help of digital and decentralized infrastructure. You can hire blockchain developers to effectively run your business with the DAO model. Ultimately, it will cost you somewhere between $3,500 to $20,000 to set up a DAO from scratch.
Cryptocurrency Wallet App
These days businesses are heavily reliant on cryptocurrency wallets. You can also develop a cryptocurrency wallet to effectively manage crypto tokens, cryptocurrency transactions, and other critical data.
Cryptocurrency Exchange App
A cryptocurrency exchange provides a great solution for traders to effectively trade crypto tokens with a robust and secure digital infrastructure. In fact, you can earn commissions from each crypto transaction. Ultimately, you will have a revenue-generating Blockchain mobile app.
Developing a cryptocurrency exchange app might cost you somewhere between $50,000 to $100,000. This includes designing, developing, and deploying the currency.
Cost of Implementing Blockchain Technology in Your Mobile App
You have successfully built your Blockchain app, you will need to deploy it on a decentralized infrastructure. This process heavily relies on the chosen Blockchain framework and technology stack. The best blockchain app development company can help you with effective project management, continuous integration, and maintenance of your Blockchain app. It will cost you somewhere between $3000 to $5000 to successfully implement Blockchain technology into your mobile application.
Summing Up
Blockchain development is a complex process that requires a lot of technical expertise and experience. Thus, it would be highly advisable to hire blockchain developers from a prominent mobile app development company like MobileCoderz. Above all, they have real experts who can make the development process cost-effective and streamlined.
About the Author
Josephine Baker is a seasoned Blockchain developer at MobileCoderz, the top mobile app development company in Dubai. Over the years, she and her team have developed dozens of Blockchain applications for clients from different industry verticals. Lastly, apart from her professional life, she takes keen pleasure in surfboarding and playing with her dogs.