How much does it cost to develop a Blockchain App?
Blockchain Technology is one of the most popular technologies nowadays. Blockchain technology is used to transform the traditional business methods into digital and make the transaction easier with one to one. We can say that Blockchain is the perfect digital transformation of digital transactions.
These days, customers are looking for top mobile app development company that has few years of experience in the Blockchain app development and build application according to client’s requirement.
But the main question is what will be the price to build a Blockchain based application?
The actual cost of the Blockchain based application is depending on so many factors that includes feature of application, type of Blockchain, complexity of app and many others.
In this blog, we will evaluate the price of Blockchain based app considering numerous factors. Price calculation are depending on mainly 3 factors:
- Process of the Blockchain app development
- Complexity of the application
- Development Resource
We will review each of them one by one with details. Let’s start with first one.
Cost Estimation of Blockchain based Application
- Process of the Blockchain App Development
We will breakdown process of the app development in various activities of the project.
- Design – In this phase, we are creating the basic blueprint of the application which includes wireframes, UI design with the flow of the app.
- Development – In this phase, development team will develop the application according to the flow and deliver it to the QA team for testing.
- QA – In this phase, QA team will review the application and approve for delivery.
- Deployment – In this phase, development team will deploy application on cloud platform and deliver to the client
- Migration – Migrating the deployed solution with Blockchain platform.
- Maintenance – In this phase, we will maintain the new OS updates and do testing to run the application seamlessly.
- Upgrading – In this phase, development team will add new features and modification in smart contracts.
There should be also some other fees occur as developer has to pay some fee to deploy a contract on the Blockchain.
Development team also needs to use third-party tools for deployment of the Blockchain app:
Amazon Web Services – For storage, computing and delivery.
Notification services like AmazonSNS to provide notification into the application.
Cost of project management
Deliver Blockchain app successfully, development team needs to use project management tools like jira, trello, mantis to track the existing sprint, bugs, deliverables and timeline of the projects. This tools are also contributing in the cost of Blockchain app.
Cost of maintenance
Every year, there are new OS updates coming from Google, Apple and numerous Blockchain platform to provide flexibility and scalability to Blockchain based application. So based on that, the maintenance cost will increase minimum 20% of the project cost. This price will also differ based on features of the Blockchain app.
- Complexity of the Blockchain application
The price of Blockchain depends on features and complexity of Blockchain app. If the app is required only basic smart contract development, then it will be less complex. If the app is required for semi-centralized app then it will be medium complex application. If the app is required to develop complete Blockchain platform from the scratch and need to create the complete decentralized network, then it will be high level complexity.
- Development Resource
The price of Blockchain app will be depend on recruiting the team for the app development. There are many ways to develop Blockchain app and few of them are as follows:
- You can develop Blockchain based app with in-house team.
- You can recruit a freelancer for a Blockchain app.
- You can hire blockchain agency to develop your blockchain app.
There are so many pros and cons for hiring in-house team to develop blockchain app in-house. The major benefit is you have complete control on the development team and their development process.
The major disadvantage is you have to be on your toes for full development process and salary of the developer will be higher. As blockchain is new technology, there is a lack of experienced developers in the market.
If you are going to hire freelancers for blockchain app development, then it will be cost you less. Though, most of the client face problems with freelancers including their availability, response time, quality of work etc. Hiring freelancers will benefit you only for small scale of blockchain app as risk will be increase with increment of scope of work.
The best decision would be hire blockchain development company that has experienced team for blockchain app development. Hiring blockchain development agency will be benefit you that they will serve you as fulltime service provider. Moreover, the cost of the blockchain app will be less than the in-house team. You can sign NDA with them before starting the project in which they will include confidentiality, deliverables and timeline of the project. Blockchain development company can be your strategic partner for your blockchain app.
Blockchain is still new technology but choosing the right blockchain development company can help you to deliver your blockchain app. There would be no fixed cost of the blockchain app as it depends on many factors as mentioned in this blog. However, if you find a good blockchain agency, you will get your blockchain app in the range of $20,000 to $50,000 in between. Though it will be vary based on final requirements. 2021 will be the year of technology and you should utilize blockchain development for better growth of your business.