The cost of developing a blockchain app is determined by several factors, including app features, complexity, blockchain type, a blockchain platform, and other technology stacks. We examined the cost of blockchain implementation using various factors, examples, and specific numbers.
Process of cost of blockchain implementation
Cost: Project Management
Project management costs are also included in the price of developing a blockchain app. We use an agile methodology, for example, to hold frequent meetings or daily scrums and track the current sprint, timeline, bugs, testing, and deliverables. We use tools such as Confluence, Trello, and Jira to facilitate the agile technique.
The cost of such software tools is also factored into the overall cost of blockchain implementation. For example, to provide action items to clients, we use the Jira project management tool and track our internal team’s progress.
Cost: Continuous Integration
Maintaining a pipeline of quality code is also critical. Every developer must write code and test it in a shared code repository to ensure that it works well with the code of others.
An automated process is the best way to check this. Tools such as Bitbucket and GitHub can be used to manage the source code. Such tools also contribute to the cost of developing a blockchain app.
Cost: Maintenance
Because blockchain technology is still relatively new to the market and new platforms are being introduced daily, the apps can be switched to different platforms based on their scalability, flexibility, and confidentiality.
Every year, Apple, Google, and various blockchain platforms release new OS updates. The cost of maintaining a blockchain app could range between 15 and 25% of the total project cost, depending on the application’s complexity.
The complexity of a Blockchain App
The complexity of your project also determines the cost of implementing Blockchain.
Several factors influence the complexity of a blockchain project. To understand the kind of blockchain app you need, you should first understand the purpose of your app. The problems end-users are experiencing, the need for blockchain solutions, how your app will bring transformation, and what existing solutions are available.
Based on their complexity, we divided blockchain apps into three categories:
Low Complexity Blockchain Apps
- Basic Smart Contract Development App
- Payment apps created with existing cryptocurrencies
Medium-complexity blockchain apps
- Semi-decentralized apps
- dApps developed on blockchain platforms such as Ethereum, Hyperledger Fabric/Sawtooth, EOS, and others
High-complexity blockchain apps
- Creating a blockchain platform from the ground up
- Creating a fully decentralized network
Development Resources
How many resources are needed to create an app? Hiring a team for app development significantly adds to the estimated cost.
The primary expense is the software developers’ salary; other important factors include benefits, vacations, incentive compensation, payroll taxes, and holidays.
There are numerous methods for developing a blockchain app, each with its advantages and disadvantages.
The following are some methods for developing an app:
- Creating a blockchain app with an internal team
- Hiring a freelancer to develop a blockchain app
- Hiring a development firm to create a blockchain app
Conclusion
That’s all about a quick guide to the cost of blockchain implementation. Customers are migrating their existing solutions to the blockchain as blockchain technology evolves rapidly. If you develop a blockchain app with an internal team, it can be costly. Hiring a company or agency specializing in blockchain app development can provide you with the best value at the lowest risk. SmartOSC is an example of such a company. Please get in touch with us right away!
Contact us if you have any queries about Blockchain development services, dApps development, NFT marketplace development, Crypto wallet development, Smart contracts development.
