If you wonder how much you have to pay for your Blockchain development project, you have come to the right place. There are a few factors that affect the cost to create a Blockchain app, like how many features your app needs, how complex it is, what type of Blockchain platform, and other technology stacks. In this article, we will provide a breakdown of Blockchain development costs with details.
Things to consider before working on your Blockchain project
Before analyzing how much your Blockchain project cost, you must answer a few questions.
First of all, are you building a new product or your product will be integrated with an existing one?
Does your product require Public or Private Blockchain or any other type?
Does your app involve financial transactions or cloud computation?
Do you need a Web Interface, Admin Interface, Mobile Apps Interface, or all of them?
These are important questions that you need to ask yourself before looking at the Blockchain development cost. Also, the total cost will be spent on small phases of your Blockchain development project. They are:
Phase 1: Design
Phase 2: Development
Phase 3: Deployment
Phase 4: Migration
Phase 5: Maintenance
Phase 6: Upgrade
Phase 7: Third-party tools
The 3rd party tools for Blockchain apps
Amazon Web Services: These tools deal with computing, delivery, and storage. They cost from $100 to $1000, depending on how many users your app has.
Bug Tracking Tools (Instabug and Bugsee): These tools help you gather and report live bugs and their monthly cost is from $10 to $100.
Monitoring Services (Uptime Robot and Statuspage.io): These tools send notifications for downtime and they cost around $10 to $50.
Notification Services (Twilio, Kumulos, Amazon SNS): These tools enable notifications within your app. They cost between $10 and $50.
Analytics with Flurry or Mixpanel: These are helpful tools for analytics of data, funnel, insights, and reporting. They can be free or cost up to $150.
The breakdown of Blockchain development cost
Now, let’s take a look at the details of Blockchain development costs for your project.
Project Management Cost
When it comes to Blockchain development, the cost of project management tools is a part of it. For instance, you need to conduct meetings or scrums frequently, you need to track the current sprint, testing, bugs, and more.
Some software tools like Trello and Jira can help you with that. And you have to consider the cost of using them. The right project management tool will help deliver action items and track the progress of the project.
Continuous Integration Cost
Being able to maintain a pipeline of quality code is very important. Before using the code that is written by any developer, you must check it in a common code repository to make sure that it will work smoothly with other developer’s code.
To check the code, you need to use an automated process. Some tools like Github or Bitbucket can manage the source code. If you are using them, you will be spending more on your Blockchain development cost.
We all know that Blockchain is a new technology in the market. However, because of its rapid growth, there have been many platforms that are created for it. That means your Blockchain apps should be able to work with different platforms. They need to be scalable, flexible, and confidential.
Furthermore, these Blockchain platforms release new updates every year. That means you need to maintain your app for these updates. The maintenance cost of a Blockchain app would be around 15-25% of the overall cost, depending on how complex your app is.
Blockchain Implementation Cost
The complexity of your Blockchain app development project affects the cost of Blockchain implementation.
You must know the type of Blockchain app you need, the purpose of your app, any issues your end-users might be facing, the need for a Blockchain solution, and what your existing solutions are.
There are three main types of Blockchain apps, based on their complexity:
Low complexity Blockchain apps: These are basic smart contract development apps and the payment applications will be built with existing cryptocurrencies. They cost from $15,000 to $35,000 to build.
Medium complexity Blockchain apps: These apps are semi-decentralized apps with dApps built on the Blockchain platforms such as Ethereum, EOS, etc. Their cost is between $30,000 and $90,000.
High complexity Blockchain apps: These apps require developers to build a Blockchain platform from scratch. They also need a complete decentralized network and usually cost more than $120,000.
Besides, your development resources also play an important part in defining the Blockchain development cost. If you don’t have a strong development team, you need to hire a team for your project. And it will contribute to the estimated cost.
If you already have your software developers, you need to consider their salaries as the contribution to the Blockchain development cost. Apart from that, you also need to pay for benefits, incentive compensation, and holidays.
As you can see, the Blockchain development cost varies, depending on a few factors listed above. You can get your Blockchain app built according to your budget. But make sure to get a consultation with a reliable development company beforehand.