Why does suddenly everyone want to know the cost to build a Blockchain app? The answer is the skyrocketing demand for Blockchain app development.
Blockchain is one of the megatrends of our industry. In fact, it was the third most disruptive technology in 2020, behind only machine learning and AI.
As one of the most fascinating technologies of our time, Blockchain is very popular among users. Especially for its application in cryptocurrencies like Bitcoins and Ethereum. However, this isn’t the only industry that benefits from Blockchain.
Healthcare, logistics, DApps, NFTs, defense, etc there are a number of other fields which have seen some amazing applications of Blockchain. In fact, by 2025, 55% of healthcare applications will have adopted blockchain for commercial deployment.
But the growth we have seen in recent years is nothing compared to what is about to come. With a CAGR of around 85.9% from 2022-2030, the international market of Blockchain is expected to reach $1,431.54 billion by 2030.
Just like the market size, spending in this industry is also mind-blowing. The USA is expected to spend more than $2.5 billion on blockchain technology and worldwide spending on Blockchain solutions will reach $11.7 billion by the end of 2022.
Now, coming back to the original question, how much does it cost to build a blockchain app? Well, if you are looking for the answer to this, you will learn all you need to know in this blog.
Here, we shall be discussing everything related to blockchain app development and the cost related to it. So with this being said, let’s get right into it:
The cost of blockchain app development can vary widely depending on a number of factors such as the complexity of the app, the features it offers, the development platform, and the expertise of the development team.
What Is Blockchain App Development?
Blockchain is a very advanced and complex technology, to say the least. For that reason, despite knowing it by name, a lot of people don’t really know what blockchain is.
It is a digital data storage. While the name is quite self-explanatory, blockchain allows users a digital space where they can put their information or data.
This technology has a chain of blocks, hence the name blockchain. Every block is a digital record or storage unit that is time stamped.
Now, the information stored in the blockchain can be anything, it can be literally anything. This is one of the reasons behind the wide application of this technology.
Another reason why this technology is upsetting the whole mobile app development market is its very nature. You see, blockchain is a decentralized technology that gives rise to some of the most interesting concepts.
Moving on, the definition of blockchain application is quite simple after learning about the core concept of blockchain. As such, any application that is using blockchain technology at its core can be termed a blockchain app.
Average Cost To Build A Blockchain App
The average cost of build blockchain app isn’t all that easy to predict, which is one of the reasons why you are reading this blog.
You see, there are a range of factors that can affect the final app development cost. Now, something that you must understand is that blockchain isn’t a platform on which you can develop an app, but just a part of the tech stack.
As such, the cost to implement a blockchain model in your mobile app can cost anywhere between $3,000 and $5,000.
Moving on, if you consider other factors like tech stack, features, app platforms, and so on, total app development can be different.
As such, the final blockchain development cost of building a blockchain from scratch is between $50,000 and $300,000
Now, if you are looking for more information on the same, it is highly recommended that you consult a market-leading mobile app development company that will be able to give you valuable insight about the same.
Factors That Affect The Cost to Build A Blockchain App
As discussed, there are various factors that can affect the cost to build a blockchain application. Some of these are, as mentioned below:
- App platform
- Tech Stack
- Features
- Front-end design
- Testing process
- Complexity
- Type of App
- Size of App
Consequently, there are a range of different blockchain apps in the market. We shall be looking at some of the most popular blockchain apps in the next section.
Types of Blockchain Apps and Development Cost
There are various different forms of blockchain apps. You can choose the one that best fits your business. In addition to this, we shall also be addressing other questions i.e. how much does it cost to build a blockchain app?
We will be looking at the cost of developing different blockchain solutions. These are, as mentioned below:
Type 1: Decentralized Apps (or DApps) – $45,000 to $60,000
Decentralized applications (DApps) use decentralized innovations to convey client-situated functionalities. These applications have no delegates managing the exchange of information and use a conveyed record to record the exchange.
Apps like Uber, Lyft, and Facebook run on a particular server, giving the parent company unlimited authority over their apps. Nonetheless, on account of DApps, it isn’t running on a specific server, so the association can’t have outright control.
Type 2: Healthcare App Development – $15,000 to $40,000
Healthcare App Development Company uses blockchain technology in their solution. In recent years, this trend has become really high in demand.
What this does is, make sure that medical information and other related sensitive information is safe. In fact, it allows them to share this information safely between different systems. This is the reason why it has become so popular.
Type 3: eWallet App Development- $60,000 to $120,000
Organizations are using cryptocurrency wallets to score crypto tokens, start cryptocurrency exchanges, and oversee information.
These wallets permit clients to utilize an extensive variety of digital forms of money to make and oversee extraordinary exchanges. In fact, this is one of the biggest solutions. If you want to enter this billion-dollar industry, you can consult an ewallet app development company that can help you with the same.
Type 4: Blockchain in Gaming – $3,500 to $20,000
Whether it is apps, computers, or gaming stations like Xbox, PlayStation, or Nintendo all of us have played games. On the off chance that you get back as much as 10 years, you need to purchase a game and that is all there is to it.
After this, you can appreciate it and play it for nothing as long as the Compact disc exists. By the by, quick forward to the present time, games have developed a ton. Furthermore, they have a great deal of in-app purchases and a ton of premium highlights that you need to purchase.
This is one reason why Cryptocurrency is developing so famous in the Gaming Business. With mysterious money, it permits players to make quick, safe, and secure exchanges, very much like an eWallet app development.
It also permits gamers to abandon the customary framework and push strides ahead. Discussing cryptocurrency, many like Bitcoins and Ethereum that are broadly acknowledged. You can utilize something very similar to purchase new skins in Fortnight, COD, get enhancers, open premium regions, etc.
This is the application of blockchain in gaming.
Type 5: Cryptocurrency Exchange App – $50,000 to $100,000
A cryptocurrency trade app permits clients to exchange crypto tokens utilizing a solid and powerful application framework. The cryptocurrency trading app market is developing at a flawless speed.
A cryptocurrency trading app company can assist you with transforming your crypto plans into an effective and growth-promoting app.
Cryptocurrency app development has been taking over the market like a storm. This is especially popular due to the growing fame of cryptocurrencies like Ethereum, bitcoin, dogecoin, etc.
There are a lot of companies that have generated millions and billions with applications like this. If you want to do the same, it is highly recommended that you consult a market-leading cryptocurrency app development company that can help you with the same.
These are some of the most popular blockchain solutions. With this being said, we shall be moving on to the next section where we shall be discussing reasons to choose blockchain technology for your next project.
Why Choose Blockchain Technology
Blockchain technology is one of the market’s leading trends and everyone wants to invest in it. Mobile app and software development services powered by blockchain have shaken the market and demand is skyrocketing,
In fact, 7 out of 10 business leaders who use blockchain say that it enhances their performance in their industry.
Now, if you are looking for reasons to invest in blockchain, let’s look at some of them below:
- Given its decentralized nature, blockchain has provided the highest level of security and privacy in its solution.
- Another reason to choose blockchain technology is that it is the future of many fields. Fintech is going to be highly dependent on blockchain.
- Blockchain development for start-ups is like the Holy Grail as there are a considerable number of start-ups that have gone unicorn with the help of this technology.
These are some of the basic reasons to choose blockchain app development for your project. Moving on, let’s discuss what different methods of hiring are and related costs in the next section.
How To Hire Blockchain Developers & Cost
There are different methods that you can use to hire mobile app developers. And as one might guess, the cost also depends on which one of these you choose.
Therefore, in this section of the blog, we shall be discussing the same.
1. Freelance Blockchain Developer $60-$120/hr
The first thing that comes to mind when you talk about hiring blockchain app developers is freelancers. And that is for a very good reason.
You see, in the freelancing market, you can find some of the most experienced blockchain developers who are offering their services at hourly rates. To hire freelancers you can use Fiverr, social networking platforms like Linkedin, Upwork, Freelancers, and so on.
Now, there are some amazing projects that have been entirely developed by freelancers. But then again, it can get pretty expensive in the long run. Nevertheless, this is a pretty common option that you can consider.
2. Assemble In-House Team $70,000 – $190,000/Salary
We have to say that this isn’t the most popular option, but it is up there on the list. What larger corporations who have multiple ongoing projects do is assemble their own in-house teams.
As one might guess, the goal isn’t just development but also mobile app maintenance services. One of the big advantages here is that the team will be working just for you.
Again, if you can ignore the fact that this is the most expensive method of hiring blockchain developers, this is a good option. If there is enough work for a whole team of blockchain and app developers, we recommend you go with this method.
3. Outsource to Android App Development Company $45-$95/hr
Last but the best option on the list is outsourcing. This is an option that a lot of large companies do, including some of the top Fortune 500 companies.
When you hire blockchain developers through this method, you get an experienced team with all the right resources and know-how required to deliver a market-leading blockchain solution.
The best part is, this is the most affordable approach to blockchain app development. This is why you should consider opting out of this.
These are the different methods that you can use to hire blockchain app developers and cost associated. With this said, let’s look at the development time for a blockchain app.
Conclusion
Blockchain is a great technology and every one of us can agree on that. Now, if you are someone who wants to develop a market-leading blockchain app or just want to know more about the cost to build a blockchain app, it is highly recommended that you consult a well-established blockchain development company.
They will be able to give you insight on the same or help you create a growth-promoting and revenue-generating blockchain app.
FAQ
The cost of maintaining a blockchain app depends on a variety of factors such as the complexity of the app, the size of the user base, and the frequency of updates. Generally, the cost of maintaining a blockchain app can range from a few thousand to tens of thousands of dollars per year. This includes expenses such as server hosting, security upgrades, bug fixes, and feature updates.
Blockchain apps can make money through a variety of ways such as charging fees for transactions, offering premium services or subscriptions, selling digital assets, or earning revenue from advertising or partnerships. The specific revenue model depends on the app’s purpose and target audience.
Yes, it is possible to create your own blockchain platform, but it requires significant technical expertise and resources. You can choose from existing open-source blockchain platforms such as Ethereum, Hyperledger, and Corda or build a new one from scratch. Creating a blockchain platform also requires a network of nodes, a consensus algorithm, and smart contract functionality.
As mentioned earlier, blockchain apps can make money through a variety of revenue models such as charging transaction fees, offering premium services or subscriptions, selling digital assets, or earning revenue from advertising or partnerships. The specific revenue model depends on the app’s purpose and target audience.
Niketan Sharma is the CTO of Nimble AppGenie, a prominent website and mobile app development company in the USA that is delivering excellence with a commitment to boosting business growth & maximizing customer satisfaction. He is a highly motivated individual who helps SMEs and startups grow in this dynamic market with the latest technology and innovation.
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