The cost to build a blockchain application depends on a variety of factors, including application features, complexity, blockchain type, a blockchain platform, and other technology stacks, so How much does blockchain development cost – let’s find the answer!
Cost of Blockchain Implementation: Process
Blockchain development cost: Project Management
The development of a blockchain application also involves project management costs. For example, we use an agile method to conduct regular meetings or daily aggregates, tracking sprints, testing, current timeline, bugs, and deliverables. We use tools like Confluence, Trello and Jira which can be used for agile technical support.
For example, we use the Jira project management tool to deliver action items to clients and track the progress of our internal team.
Blockchain development cost: Continuous Integration
It is also very important to maintain a quality code system. Every developer must write code and test it in a common code repository to ensure that it works seamlessly with everyone else’s code.
The right way to test this is to use an automated process. Such tools also contribute to blockchain application development costs.
Blockchain development cost: Maintenance
Since blockchain technology is still new to the market and new platforms are being launched on a daily basis, applications can be ported to different platforms depending on scalability, flexibility and security.
In addition, new operating system updates are released annually by Apple, Google, and various blockchain platforms. Maintenance of a blockchain application can cost between 15-25% of the total project cost and it can vary depending on the complexity of the application
Blockchain development cost of Blockchain Implementation: Complexity of a Blockchain App
Low Complexity Blockchain Apps
Low Complexity Blockchain Apps is about:
- Basic smart contract development application
- Payment applications built with existing cryptocurrencies
High complexity blockchain apps
High complexity blockchain apps cost such as
- Building a blockchain platform from scratch
- Build a complete decentralized network
Medium complexity blockchain apps
Medium complexity blockchain apps cost of:
- Semi-Decentralized Application
- dApps are built on blockchain platforms like Ethereum, Hyperledger Fabric/Sawtooth, EOS, etc.
Blockchain development cost of Blockchain Implementation: Development Resources
How many resources do you need to build an app? The cost of hiring an application development team is a significant contributor to the estimated cost.
Software developers’ salaries are the main expense; however, there are other important factors including benefits, vacations, incentive pay, payroll taxes and holidays.
There are many ways to build a blockchain application and each will cost differently with some benefits and limitations such as
- Build blockchain apps with an internal team
- Hire freelancers to develop blockchain apps
- Hire an agent to build a blockchain application
Since blockchain technology is emerging at a rapid pace, customers are migrating their existing solutions to blockchain solutions. Building a blockchain application can be very expensive if you develop it with an in-house team. Hire a company or agency that specializes in blockchain application development and can provide you with a lower risk matching cost.
Want to build a system with the lowest cost – let SmartOSC experts help you!
Contact us if you have any queries about Blockchain development services.