Blockchain development showcases the decentralized network as businesses are not leaving any stones unturned to realize and grab this opportunity. Businesses are in search of top mobile application development services to develop customized solutions as per their requirements. It is also essential for you to understand the blockchain cost-benefit analysis.
Here in this article, we will provide you with detailed insights about how to develop blockchain applications, the app development cost, and all the factors that affect app development cost. But before starting with a detailed explanation, let us learn about the growing popularity of blockchain app development.
Growing Popularity and ROI About Blockchain App Development
Blockchain app development has loads of promising use cases. Most industry experts expect their investments in blockchain development to grow immensely for the foreseeable future. For example, Grand View Research states that it is estimated that blockchain app development will grow to $394.60 billion by 2028. This report states a CAGR of 82.4% between 2021 and 2028. This can be an excellent opportunity for tech-savvy startups to invest in blockchain app development successfully.
Major Factors Affecting the Blockchain App Development
Mobile application development services follow a unique process to build a blockchain app. Therefore the app development cost is also different from company to company. Although there are some significant factors that immensely affect the blockchain app development cost. These factors are:
- Size of the blockchain development company
- Type of the blockchain app
- App complexity
- Team size
- Industry niche
☛ Size of the Blockchain App Development Company
This is one of the most vital factors to consider. As the services provided by blockchain development companies are divided into three major categories:
- Small scale
- Large scale
The hybrid app development companies charge their clients distinctly depending on the team size, expertise, and skill set.
✍ Small Scale
Companies with few team experts who have just started working in this industry charge less for their services in comparison to large-scale companies. Small-scale companies are required to make a convincing work portfolio. As a company, having a set of 10-15 blockchain experts can cost you around $15,000 to $30,000.
It can be a great option if you are looking forward to entering blockchain app development and getting an app developed by experts from a mid-scale company. This is because they have an experienced team of experts to deal with the developers from the companies. Developing blockchain applications from mid-scale companies can cost you around $30,000 to $70,000.
✍ Large Scale
On the other hand, large-scale companies are way costlier in comparison to the other two. A large-scale company will be equipped with a huge team working for them, and they would also be particular about picking projects. They won’t pick any project and waste their time over something that could not make their portfolio much more impressive. Therefore a blockchain app development from large-scale companies can cost you around $60,000 to $1,50,000.
☛ Type of Blockchain App
Every entrepreneur is self-sufficient and requires an intelligent solution that could effectively manage its business capacities. Developing blockchain applications the same way will help you build trust and transparency toward your business by eliminating the mid man from the equation.
Therefore before initiating the blockchain app development, you should reconsider your business requirements. You need to look at your requirements first and then decide the type of app your business needs. Therefore you need to search for the perfect kind of app that can meet all your business requirements. Majorly blockchain app development is categorized into 2 types:
✍ Cryptocurrency Based Solutions
As the name clearly defines, cryptocurrency-based solutions are entirely dependent on cryptocurrencies by contributing the best results. Wallets, DApp and ICO, are some significant kinds of examples of these kinds of solutions. Read more on best cryptocurrency to invest in.
✍ Non-Cryptocurrency Based Solutions
App development solutions that don’t rely on cryptocurrencies fall under this space. Non-cryptocurrency solutions are based on distributed ledger systems and are primarily preferred in industries like logistics and banking.
☛ App Complexity
Various elements are being consolidated to characterize the multifaceted behaviour of blockchain portable applications. Initially, you have to consider the reason behind your application as all the issues your user’s face would have been clear to you. You might also have insights about what are your current business arrangements and what they are working on.
Why is it required to invest all your resources in blockchain application advancement, and how does your application provide better and more advanced administration? All of it will help you to decide what kind of blockchain application you are prepared to invest your resources into. And it will help you to choose the most appropriate type of blockchain app development services for your project:
If you ask top mobile application development services for the estimated cost, their estimation would be based on the complexities of the app. App complexity is mainly estimated based on this list of factors:
- The platform on which the app is developed.
- The process of building an app.
- API Integration
- Technology stack
- UI/UX design
Looking at the complexity of your application. Suppose you are planning to get an app that does not include the integration of too many things. The estimated cost for this would be $5,000. While on the other side apps with lots of complexity might go beyond budget, as all the calculation is based on the feature sets.
☛ Team Size
It is also one of the significant aspects to consider. While a company is planning to develop an app for itself, you must always consider the size of your team working on your app project. Because when you hire professionals based on the hourly rate, you tend to hire the blockchain developer at the average rate of each present in the team. Read more on everything you need to know about blockchain.
So if you are looking forward to hiring people working, the cost could exceed. Apart from this based on how you plan to hire your set blockchain developers affects your development cost. As while you are estimating and planning your budget, you must look into the following points:
- Hire in-house blockchain experts.
- Get your set of blockchain app development services from a freelancer.
- Hire a top blockchain app development company or experts in hybrid app development.
- Based on the choices you make, the cost of your project will vary, for instance. If you hire an in-house team of blockchain app development, it might cost you $50,000 for beginners and 1,00,000 expert team.
- On the other hand, hiring freelancers may cost you less if you are alone and hire freelancers. Still, you have to deal with several other things around the project. It could cost you between $50,000 to $90,000.
- Hiring top mobile application development services would be one of the best choices as they will have a set of dedicated teams working towards your project. Initially, we also discussed the cost of blockchain app development depending on the size of your company.
☛ Industry Niche
The industry for which you are planning to build an app is one of the significant things that could affect the cost of your project. Each industry has distinct requirements and therefore also requires you to have different technology stacks and feature sets. It is one of the significant reasons behind distinct pricing.
All of these aspects can make a certain amount of change in the application improvement cost. As a fact, the prerequisite every situation happens to be different from one others. For instance, companies in the healthcare sector require different solutions, and companies in the public sector might require different solutions.
Prices would vary now, as we discuss the significant factors that affect the app development cost. Now is the time that we get insights into how to develop blockchain applications. This means the process for the same.
Process of Blockchain App Development
Majorly the time invested to develop an app depends on the process involved in developing an application. Therefore, to get a better idea about the time required for blockchain app development, let us deep dive and understand the entire app development process first. As each blockchain develops, users have a distinct process; therefore, we discuss the standard process that remains constant for each development.
☛ Identifying the Problems
Before we begin the process of blockchain app development, it is significant for you to understand this central problem better. Once the problems are realized and then only solutions would be applied.
Therefore you need to dissect whether you are planning to develop an app to move your current answer for blockchain development for your business or not. It would be best if you also analyzed whether it will be helpful for a set of users. Once all your intentions are specified, choosing an appropriate technology stack and platform is the next step.
☛ Choosing the Right Platform
Developing blockchain applications without any sought of the preplanned preparations would require you to have careful examination and comprehension that would consume years. The problem will get solved if you hire a proficient blockchain development company.
You must develop the blockchain solution over the head of similar stages that can help you meet your business requirements without developing any sought of burden. You are required to opt for a platform that can meet all your requirements. As opting for an appropriate platform is one of the critical decisions you need to take for the success of your application.
A list of available platforms like Hyperledger Fabric, Ethereum, Tezos, Hyperledger Sawtooth, Quorum, Hyperledger Iroha, Corda, EOS, etc. Ripple and many more. You can choose from this list to get a blockchain solution for your business needs, just the way you want.
When you have already been through the blockchain applications improvement part, you can “Zero” on drafting any business prerequisites and start with visualizing thoughts. Zero is based on innovation and which parts can be added to the on-chain or off-chain aspects of the application that will boost the value of the arrangements.
Furthermore, you can also guide the application to help you develop a task that emphasizes potential strides you need to take. Therefore you should formulate an application model that could speak up the theoretical work process for blockchain applications. Therefore wisely choose the arrangements that are to be created on authorization or consent from the organization.
☛ Idea Confirmation
It is a must for you to confirm the idea for versatile application advancement. You are also required to think twice before planning an idea before making it to reality and working on it. Once you get all sure about the plans you have created, you need a blueprint. Only then you can proceed with your plan. It is mainly to make sure that everything here turns excellent and there are no road breakers in the journey.
☛ Technical and Visual Aspects
At the stage of technical and visual aspects, UI/UX is also decided. The significant task here is to bring out the app from the papers to the table as all the technical and visual aspects are being taken into due consideration. The backend and front end of the app are formulated here. Exceptional visualizations and plans are developed to provide an attractive look and feel to the application, while the technical perspectives are designed to speak to its innovative engineering. While the administrator reassures, the application interfaces are all planned and prepared for the additional turn for the events.
☛ App Development
Here comes the last stage, where everything else present in the above stages is gathered and worked upon. At this stage, skilled developers crave to bring everything together and work on the features to be incorporated. Once your layout is perfectly designed and developed, further, it is tested for bugs and errors. Once the app’s functioning is tested, it is moved on to the last stage of the app development process, as the beta version is launched in the market for a few users. Once the robust testing is done, the application moves to the improvement stage and gets set for conveyance.
Blockchain App Development Cost
The blockchain app development process needs a lot of top services and the expertise of professionals. The process for blockchain app development can take about 3-4 months or even more, based on the complexity of your app. Blockchain mobile app development can be carried out in several ways, but the app development cost would vary depending on several factors.
Despite the development time and other things, several other factions are responsible for determining the cost. They compromise over app platforms, development stages, building procedures, complexities, maintenance, technologies, and many more. Considering all the factors, the cost to develop a blockchain app would revolve around $25,000 to $2,00,000, including all kinds of ultra-modern features and advanced tools and technology.
Blockchain app development is not a new concept in today’s day and time. Most industries have already incorporated a solution. All those who have not invested here have planned to work on it or have already started. Past few years, blockchain technology has evolved immensely, and loads of things have changed. As per the blockchain experts, these solutions are deployed rightfully so that they happen to do wonders for your business. From security to transparency, money transactions will no longer be a point of worry for the businessman. The real value of blockchain technology in mobile application development is immense.
If you plan to simplify your business, this would be the right time to develop the blockchain app. All you need to do is find the right blockchain app development partner who helps you develop tailor-made solutions that would be a solution to all your problems.