Getting started with new blockchain projects need careful consideration, not only knowledge competency, but also human resources and budget. Companies with different approaches may afford different amounts of costs so the business runners need to investigate expenses for each building stage to plan for financial budgeting. Our article today will list some kinds of costs that you need to pay when building a new blockchain project.
Estimated Cost To Build An Expected Blockchain Project
Stage 1: Project Establishment
Businesses, that haven’t had any precedented experiences in building blockchain projects need to pay fees for consulting services, accounting for 10% of total project expenses. The consulting providers can link your business abilities, requirements, and expectation to suitable blockchain solutions. However, if you have your own ideas to build a new blockchain project with internal experts, you can save this kind of cost.
Design, Development, Deployment
Moving on to the implementation process, the businesses may need to afford three main types of cost, including design, development, and deployment. Firstly, the team needs to identify the structure of blockchain systems, including system architecture, wireframe for user interface, and prototypes for high-fidelity and fidelity design for app flow. Normally, businesses spend 15% of their total investment on building a new project in the designing phase. Secondly, businesses go through the main steps of development, coding and testing. This is considered the most expensive task of the whole project, which consumes 50% of the budget. The final step of this phase is deployment. Developers will take action on Cloud Platforms, Delivery and DevOps. Also, the business needs to pay attention to quality assurance costs, which may account for 25% of total expenses.
Stage 2: Continuous Integration
Next, we need to pay for migration. In this step, your developers need to migrate your existing solutions to the new Blockchain platform. Moreover, businesses may need to integrate different systems and applications to strengthen their operation and save time and effort to do business tasks. The cost for integration is variable, depending on your specific demands and budget.
There are some popular integration tools for your blockchain project, including AWS, tools for tracking bugs, Uptime Robot, Twilio, Flurry, and so on. Each application has a different price, from $10 to nearly $1000. As a result, you need to carefully consider your resources and demand to decide on the most suitable application for your system and project.
Stage 3: Maintainance
After finishing the development process, you will go on with maintenance. In this step, the developers need to continually update and test the app to ensure smooth operation in every condition. Also, the team keep upgrading the system with innovative features and making necessary changes to smart contracts. Furthermore, we need to take control over third-party tools, to maintain effective processes, and strong collaboration to avoid external risks. Usually, the business spends from 15% to 25% of total new project expenses on maintenance.
“How much does it cost to build a new blockchain project?” is always a difficult answer for businesses who want to get started with new blockchain projects. Our article revealed the answer, which you can rely on it to plan for your project budget. Besides, if you still have any concerns, try to contact SmartOSC Blockchain to get the best advice and strategies.
Contact us if you have any queries about Blockchain development services, dApps development, NFT marketplace development, Crypto wallet development, Smart contracts development.