How Much Does Blockchain Development Cost in 2023?
As the concept of a decentralized universe, which is also called Web 3. O grows, and the demand for blockchain technology is rapidly increasing.
We are an established blockchain development company in India and we know how technology has brought a revolution in this era by making transactions transparent.
Blockchain applications operate on a peer-to-peer network and they don’t use central servers. Furthermore, the technology does not demand central authority because it follows consensus among blockchain participants.
The attractive thing about blockchain technology is its execution on various platforms at once that include blockchain, web, and mobile applications.
The concept has gained popularity because it eliminated the need for a middleman and developed trust by making transactions transparent.
As a result, businesses are aggressively relying on blockchain for all their transactions because it ensures a robust platform along with maximum ROI.
Also, being an experienced blockchain web and app development company, we suggest businesses to follow the technology because the market size is getting increased day by day.
Furthermore, it is expected, by the year 2030, the global market share of this specific blockchain technology will reach $1431.54 billion. Because of this figure, now tech-giants are bound to make investments otherwise they will be left behind.
Apart from that, we all are quite aware of how the world of cryptocurrency and bitcoin is getting enhanced. The concept behind these domains is blockchain technology.
Moreover, the technology is not just limited to cryptocurrency, it plays an important role in cost-cutting, optimized resource utilization, data security, and many more.
As the market size for the technology is expanding, the blockchain app development cost is the most important thing to know. Multiple factors are there that contribute to the cost estimation of a blockchain application.
Moreover, if you are struggling for a team, connect with us and hire blockchain web & app developers in India and USA.
Our blog contains all the factors that ensure the cost of blockchain applications. So, now your search for “How much does blockchain cost” will be over because you are on the right platform.
Features that are considered to estimate the cost of blockchain application:
Product Complexity
The complexity varies from project to project. Sometimes requirements contain something very tricky and developers need more to achieve the goal. In such cases, cost increases because of more effort and time.
While some requirements are very straight and they will be delivered as per the committed time. In such cases, the cost is comparatively low. Hence complexity is the major cost-deciding factor.
Low Complexity Blockchain App:
f the requirement revolves around a payment module with existing cryptocurrencies and basic smart contract development, it will be developed within $1000 to $1200.
Medium Complexity Blockchain App:
If a project contains requirements that include moderate decentralization, dApps along with existing cryptocurrencies, and architecture with centralized and decentralized elements, then the project will be a little complicated and its pricing may vary from $1500 to $2000.
High Complexity Blockchain App:
If your requirement is demanding the concept of Web 3.O along with industry-specific blockchain apps then the pricing will fall somewhere around $3000 to $6000.
Please Note: The pricing will be confirmed only after getting the exact requirement. Moreover, it can be changed (increased or decreased) depending on the product’s demand.
Size Of Agency
In order to develop blockchain applications, people generally search for the leading software product development company in India. You will get lots of agencies from large scale to small scale.
It is quite obvious, large-scale companies charge more compared to small-scale companies. Moreover, large-scale software development companies are very selective and they only choose products as per their suitability.
Coming back to pricing, the agencies having team sizes of more than 2500 will build blockchain apps in the range of $450,000 to $1,500,000 while the agencies having 800+ resources will develop the same application within $40,000 — $300,000.
And the freelancers, and small companies with 10–50 people, will charge $2,000 to $ 25,000 depending upon the requirement.
Production Time
Production time is also an important parameter in order to decide the cost of the blockchain app 2023. More time means more effort, hence more cost. So, the time required for the app development decides the cost.
The pricing can be calculated either on an hourly or fixed basis depending on the days or hours needed for the project. Sometimes, blockchain applications take 6 months or even more to get launched so the budgeting is done accordingly.
Infrastructure
We have stated above, while deciding the cost, we need to consider various factors and infrastructure is one of them. While developing a blockchain application, what resources are being used, is also considered.
Sometimes requirements demand lots of infrastructure such as third-party servers and apis. Considering the overall utilization of infrastructure the final price is decided. Moreover, the number of resources involved is also counted.
Platform
Blockchain applications are being developed across 25+ platforms where developers are not required to begin from scratch.
It also includes Ethereum, Hyperledger Fabric, BigChainDB, and Quorum. Being a reliable blockchain app development company, we advise you to check the platform used before sharing the final price.
Moreover, each platform has its own set of coding tools and blockchain programming languages. The stack has benefits and limitations. Hence considering the requirement, you should go for the right stack to make your development effective.
Ignoring the study of the platform may increase the effort during development. Hence to estimate the budget, the platform must be considered because it gives you actual orientation.
Conclusion
The price for the development of any application can never be straight and the same goes with blockchain applications. There are multiple factors involved and a few of them have been explained above. Moreover, if you are looking to hire blockchain developers, we can connect.
We are living in the era of automation and in order to take our businesses to the next level, technology should be followed. Get the best resources from Linearloop which is a leading software development company in India & USA and create your dynamic blockchain application.
