Blockchain is a vogue technology everyone’s talking about. It is fair to say that blockchain is ‘the new internet as it is a decentralized network for businesses. When we say this technology has replaced wallets with digital transactions, there is no lie. It has changed the way businesses work and transact with each other and they have left no stone unturned to leverage this opportunity.
“Many people know blockchain as bitcoin, cryptocurrencies, and Ethereum but there is a lot to be unfolded about it. This technology works on the distribution of information but not copying it. In addition to that, it keeps digital assets safe and transparent. Thus, the word digital transformation fits perfectly and defines this drastically growing technology the best.“
Several businesses are attracted to this technology, they are constantly in a surge of exploring how to get benefit from an opportunity that offers both transparency and security as mentioned earlier.
Before analyzing the blockchain app development cost and features, let’s have a look at what factors affect the development of blockchain app:
TYPE OF BLOCKCHAIN APP:
Each enterprise or business differs in its capacities and demands independent of how big or small it is. Undoubtedly this technology offers transparency in transactions by removing the middle man from it but one must look into the perfect kind of app that meets its business prerequisites and how different are its expenses over the business. It could be a cryptocurrency or non-cryptocurrency-based solution.
SIZE OF BLOCKCHAIN APP DEVELOPMENT COMPANY:
Based on team size, expertise, and client’s portfolio companies charge for blockchain app development.
– Small scale app: 15000 to 30000 USD
– Medium scale app: 30000 to 70000 USD
– Large scale app: 60000 to 150000 USD
TEAM SIZE:
The size of team counts a lot when you are budgeting and investing in this technology because the larger the team size, more will it cost your business. When choosing blockchain app development team, you have several choices like:
– Hiring an in-house blockchain expert.
– Investing in a freelancer
– Hiring a proficient and expert app development company.
Well, you can choose any of them according to your budget but hiring a proficient app development company for the very cause is always a better choice as they have experts working with them as a team.
INDUSTRY NICHE:
It is always worth considering the market you want to target. Different businesses vary in demands, priorities, working styles, and transaction patterns. And with diverse demands, development costs also increase or decrease for the type of business.
Blockchain technology and app development are no longer a new concept these days. Enterprises are integrating their businesses with blockchain technology to maximize the security, transparency, and smooth money transactions within the business flow. With the infancy of the blockchain world, you might find a few proficient blockchain app developers for your blockchain app having substantial experience of the very cause.
So, you must consider your business’s type before investing. Now that we are familiar with the factors influencing your app development decision, let’s have a simple answer on how much money is required to develop a blockchain app for your business.
Cost To Develop Blockchain App?
Answer: A flexible range for the blockchain app development will be around 25000 USD to 200,000 USD.