Blockchain is a blooming and trending technology about which people are running crazy. Blockchain refers to a decentralized network also known as the ‘modern internet’ among people. When it comes to developing blockchain-based solutions e.g. Blockchain-based platforms, blockchain development applications ,Crypto Trading Platforms etc the most commonly asked question is how much would it cost to implement and how to gain the sufficient human resources to build such blockchain solutions from scrap.Very much like the development of mobile application development services, the blockchain app development cost also depends on the complexity, company size, aim, etc of the application.There are many use cases for blockchain applications where each solution will require a different specialized technological, and implementation approach. In terms of cost, there is no definite answer on how much it will cost as it largely depends on the blockchain requirements.
Equally important, for a commercial blockchain solution to succeed, you will also need to consider of the other major costs of sales and marketing, on-boarding, cloud hosting (optional), and other legal expenses, as well as maintenance.
NOW, HOW MUCH DOES IT COST TO CREATE BLOCKCHAIN-BASED APPLICATIONS
The cost of blockchain development is spent on multiple activities or phases of the project, including:
- Design: System Blueprint, user interface/experience design, including wireframes, high-fidelity designs with a prototype, and low-fidelity designs with app flow.
- Development: Coding and Testing
- Deployment: Deployment on Cloud Platforms, Delivery, and DevOps
- Migration: Moving the existing solution to the Blockchain platform
- Maintenance: Maintaining new updates and testing that the app runs smoothly on every OS release
- Upgrade: New features, Changes in Smart Contracts
- Third-Party Tools: Hosting, Storage, Notification System, Collaboration
Blockchain development platforms and frameworks also contribute to the overall cost of app development. You can also include the cost of integrating some third-party tools for blockchain app development in your budget. The major tools worth consideration-
- Amazon Web service- We use this tool for cloud computing, storage and its delivery services .It may cost you $100 to $1000 depending on the number of users.
- Bug tracking tools-Some of the bug tracking tools will allow you to report and remove the live bugs. Depending upon the number of users, it might cost you $10 to $100.
- App monitoring service- Applications like uptime robots allows you to send real time notifications and it will cost you $10 to $50.
- Notification services- Notification service tools like Kumulos will cost you $10 to $50
- Analytics with the Mixpanel-This tool allows you to conduct application data analysis ,funnel reporting , insight generation etc.It will also cost you $10 to $150.
The bottom line
The standard cost to develop or implement blockchain application technologies is derived from various sources as open source tools, web development teams, analytical verticals, feature integration, and many more. These factors provide an oriented representation of the blockchain development application range. The cost of setting up any blockchain application requires a project estimation cost, the cost to develop or implement.