When we build a mobile app, the specific cost is incurred, which depends on various factors and the company’s personalized choices. Similarly, when one chooses to go for the development of a blockchain app, there are certain factors they have to consider, which will determine the budget they need and help them estimate the overall development cost. Blockchain app development cost differs for every individual or company. People already form blockchain Companies that might find it easy to work with the apps of blockchain technology.
Factors on which the blockchain app development cost would depend:
According to the latest statistics, blockchain will reach $20 billion until 2024. Thus, it is the right time to invest in a blockchain app that makes the operation easier.
Evaluate the cost of developing a blockchain app quickly with the factors given below:
1.The size of your agency or company
The cost structure of the Blockchain development company app is divided into three different sets:
- Large size companies
- Blockchain app development companies of Medium size.
- Small-cap companies or agencies.
When we compare the three, we will find that the small size companies would cost you less for app development as compared to the other two as they want to create a good work portfolio. If we move on to large scale companies, they pick up only the particular projects. They only pick those for whom they feel that the specific client would be able to pay the high cost of app development even if the price exceeds, and they also have to maintain the standard of their portfolio.
For new brands entering the market, the appropriate option is always the middle size app development companies as they do not charge high like the large companies and also have a specialized team on work on your project.
If you opt for a larger scale app development company, it would cost you between $4,50,000 to $15,00,000. If you choose a mid-cap company, then the cost would be between $25,000 – $2,00,000. App development by freelancers or small scale companies would cost you between $2,000 to $ 25,000.
2. Blockchain App Development Cost would also depend upon your niche
The blockchain app developments also rely on the fact that which for which industry you require the app and is there any specific niche. In different sectors, certain factors such as the complexity of the app, the number of interactions at a particular point of time, or the demand of the industry would change the development cost, and requirements in each case would be different from the other.
For example, a public sector app would cost you more than $70K, while a financial sector app would cost you more than $50K. The starting cost of the app development in the social sector is more than $45K, and for the healthcare sector, it is more than 55K. Please note that these prices are just the initial figures, and these may rise and differ for organizations.
3. How complex is your app?
According to a Blockchain services provider, the complexity of the app is a crucial thing. You should be clear about the following things:
- The purpose of the app.
- What problems your users are currently facing?
- Is there any existing solution to the problem?
- Why do you need to invest in blockchain application development?
- Will your app be able to offer services in a better way?
While dealing with the complexity of apps, factors such as consensus mechanism, platform, stack, APIs, UI/UX, and proof are considered. A low complexity blockchain app can be payment apps that already makes use of existing cryptocurrency. The cost incurred would be between $15k to $35k. A medium complexity app can be an App on an already working Blockchain Platform, which can work with moderate decentralization. The development of the app would cost you between $30k to $90k.
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4.A category for your Blockchain App
There are two categories of the blockchain app by the, namely cryptocurrency-based solutions and Non-cryptocurrency- based solutions.
These solutions are dependent upon the cryptocurrencies or blockchain programming language to deliver their best performance. These solutions are used for:
- Crypto-exchange solutions
- ICO with DApp solutions.
Non-cryptocurrency based solutions
These solutions are not dependent upon the cryptocurrencies to deliver their best performance.
Features of these solutions:
- Based on the distributed ledger system.
- They are used in the Inventory management system.
5.Selecting from Blockchain app services:
There are various blockchain app services you can choose from, and the list is mentioned below:
3.Initial coin offerings
4.dApps and distributed ledger technology-based solutions.
6.Smart Contract development.
7.Level of decentralization.
8.Nature of blockchain network.
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6. The cost of the third-party tool also matters:
- Use of Amazon Web Services for Computing, Delivery, and Storage would cost you between $100 to $1000, and it also depends upon the number of users you have.
- If you are planning to use monitoring Services such as Uptime Robot, then it might cost you between $10 to $50.
- Notifications services with an app might cost you between $10 to $50.
- If you are planning to use bug tracking tools, then an additional cost of $10 to $100 every month is waiting for you.
In the blockchain, although the transaction fees of the user are saved, the cost incurred in the technology cost. If you are using blockchains other than cryptocurrency, then you might have to pay in the form of incentives of minors to initiate the transactions.
Blockchain can be referred to as a platform where various kinds of transactions take place between two parties, and they can be monetary as well as non-monetary. These transactions are recorded in multiple databases of the blockchain, which might be a bit slow but are a secure platform for these transactions.
No, a single person cannot own blockchain technology. Also, there is a significant difference between a blockchain and blockchain technology. There can be individual companies or a group of companies that own a specific personal blockchain, but no one can own blockchain technology.