How Much Does It Cost To Hire Blockchain Developers? Detailed Insight

Do you want to Hire Blockchain Developers, but don’t know Cost To Hire Blockchain Developers?

Well, figuring out the cost to hire any developer let alone blockchain ones is difficult to predict. There are various reasons behind it.

But have you ever wondered why is everyone suddenly asking this question? The answer is, blockchain has taken over the market by storm.

This isn’t a technology that has been around for a long time however even in its short spell, it has generated a multi-billion dollar industry. And it is expected that the blockchain industry will be worth $163.83 billion by 2029. Showing a compound annual growth rate of 56.3%.

There are various applications of blockchain but the most popular one remains cryptocurrencies. Over 199000 Bitcoin transactions are carried out in a single day as of July 2022.  And 10% of the global population own cryptocurrencies. Meaning over 300 million people use blockchain for cryptocurrency, the amount for 3.9% of the global population.

It goes without saying that machine learning has helped many businesses generate a lot of money and even more are planning to invest in this. As such, 90% of U.S. and European banks had started exploring blockchain’s potential by 2018.

In addition to this, financial institutions can save up to $12 billion every year using blockchain. This clearly shows the reason why everyone wants to hire blockchain developers. Now, let’s look at the most important cost again.

How much Does It Cost To Hire Blockchain Developers?

The answer is it depends; it depends on you, your business, your project, as well as developers. Therefore, predicting the cost to hire a blockchain developer isn’t all that easy. But if you want to learn more about the same, all you need to do is read this blog till the end.

So, with this being said, let’s get right into it:

What is Blockchain Development? Who are Blockchain Developers?

Blockchain isn’t a simple concept to grasp in any way. However, it isn’t rocket science either. But there are a lot of people who despite having shown interest in this technology doesn’t know what it is all about.

Therefore, the first thing we will be looking at is what is blockchain app development?

Well, blockchain itself is a decentralized data storage technology.

Here, there is a chain made up of the block. Each of these blocks can be used to store data and once it is set in place it cannot be mangled.

This is the reason why blockchain technology is highly secure. Moreover, a single blockchain can be only used once.

Blockchain is also known for its decentralized nature. Meaning it isn’t native to any organization and doesn’t have a governing authority. So no one can ban it or make it out of order. Making it the perfect choice for a cryptocurrency base.

Moving on, blockchain developers are IT professional who has mastered various technologies required to implement or develop, deliver, and maintain a blockchain application or software. And they are the only ones who can integrate blockchain tech into your solution.

Now, this isn’t the only thing blockchain developers can do. We shall be exploring the full scope of their ability in the next section of the blog. With this being said, let’s get right into it:

What Do Blockchain Developers Do?

So, what do blockchain developers do?

Well, there are a lot of things that blockchain developers do. The basic responsibility of blockchain developers are, as mentioned below:

• Blockchain platform development in form of the required form.
• Deploy a developed blockchain platform or application properly.
• Maintain blockchain solutions to make sure they are working as they are supposed to.
• Help mobile app developers implement blockchain technology in applications.

This is the work of an average blockchain developer. Now, there are some popular forms of blockchain applications that are developed in the market.

Plus, when you hire blockchain developer cost is also affected by the type of solution you are developing. Therefore, we shall also be discussing this. These are, as mentioned below:

• Cryptocurrency Trading App Development – $45,000 to $60,000

One of the most popular blockchain applications is a cryptocurrency trading app. As the name suggests, this application allows users to trade cryptocurrencies i.e. buying them and selling them as it suits them.

This is a solution that has helped many companies generate endless revenue in the market. Therefore, cryptocurrency trading app development is something that you should consider.

• Crypto Wallet App Development – $65,000 to $90,000

eWallet App Development is something that most already know about since it has become a solution that can be found on 80% of phones.

With technological evolution, the need for traditional wallets has been decreasing day by day. And traditional cash has been replaced by ePayment. This is the reason behind its popularity.

• Decentralized Apps (or DApps) – $45,000 to $60,000

Decentralized applications (DApps) use decentralized innovations to convey client-situated functionalities. These applications have no delegate managing the exchange of information and use a conveyed record to record exchange.

• Healthcare App Development – $15,000 to $40,000

Healthcare is one of those fields that has highly benefited from blockchain technology. For those wondering how this work does, well, there are a lot of sensitive data that is handled in the medical industry.

And it isn’t uncommon that this data to be compromised. With help of blockchain’s secure data storage, this problem is dealt. So, if you are dealing with healthcare app development do consider this option.

• Logistics App Development – $35,000 to $70,000

It goes without saying that logistics is one of the world’s largest industries worth trillions of dollars. Now, if you are someone who wants to help their logistics business rise above the competition and capture a good chunk of this industry, this is the option for you.

Blockchain-enabled logistics app development solutions can help you streamline your business and generate a lot of revenue.

These are some of the most popular applications of blockchain technology. And you can ask your blockchain developer’s to do all that. Moving on, we shall be discussing why you should consult blockchain developers.

Why Hire Blockchain Developers

Why should you look for blockchain developers for hire?  Well, blockchain is the technology only behind AI and ML.

Now, if you want to learn about why you should invest in blockchain developers, we shall be discussing just that in this blog. Let’s get right into it:

• Technology For Future

The first reason to consider blockchain developers for your next project is that this is the technology of the future.

Being data storage-related technology; there are a number of very useful applications for it. Logistics, healthcare, Personal identity security, money transfer, smart contracts, Internet of Things (IoT), Non-fungible tokens (NFTs), etc are just a few of them.

In addition to this, there are various blockchain platforms that you should look out for.

Therefore, there is a high chance that blockchain can help your business grow with a solution that if fit for your operations. This will allow you to grow your business and generate improved revenue.

Read the blog- Complete Guide of Cryptocurrency Wallet Development in 2022

• Most Secure

It is safe to say that Blockchain is the safest technology when it comes to data or information transfer.

In a world where maintaining absolute privacy has become a difficult thing. This is the reason why technologies like blockchain which offers an improved level of data security have become so popular.

Now, if you are dealing in a field that deals with sensitive data, it is highly recommended that you explore blockchain app development services.

• Decentralized Solution

One of the characteristics of blockchain technologies is that it is decentralized. So, what does decentralization means?

Well, it is simple. It means that there is no centralized authority over this technology like in any other. This means the government can’t control it and can’t interfere with it.

This is what makes it that much more private and secure. This is one of the reasons behind the popularity of bitcoins. Making it yet another reason to choose blockchain developers for your next project.

These were some of the major reasons to consider blockchain technology for your next project. Therefore, with this being said, let’s get to the next section where we shall be discussing the average cost.

Average Cost to Hire Blockchain Developers

The cost to hire blockchain developers isn’t all that easy to predict. The reason being that there are various factors that affect the developer are costs as well as the development cost of the project. This in turn affects the total cost.

Now, it is not possible to give you an accurate estimation of the cost to hire blockchain developers without learning about their experience, expertise, location, and so on. Anyhow, you can hire blockchain developers at hourly rate of $30–$75/HR.

Moving on, if you want to know how much it costs to develop a blockchain application, it is anywhere between $50,000 and $300,000.

If you want to learn more about the same, it is highly recommended that you consult a mobile app development company. They will be able to give you better insight into the cost and more.

With this being said, let’s discuss various factors which affect the cost to hire blockchain developers and develop a blockchain application in the next section.

Factors To Affect Cost to Hire Blockchain Developers

Blockchain development is more complex than any other form of solution creation. For this reason, it is even more difficult to predict the total cost to hire dedicated developers. The reason is that there are various factors involved here.

Therefore, in order to clarify this, we shall be looking at some of the major factors here.

How to Hire Blockchain Developers and Associated Cost

There are various ways you can hire blockchain developers. And the cost to hire blockchain developers also highly depends on the same.

In this section of the blog, we shall be discussing different methods to hire blockchain developers and associated costs.

• Assemble In House Team – $70,000 – $190,000/Salary

This is the most expensive method to hire blockchain developers as you are assembling your in-house team.

Nevertheless, this is a fairly popular option that a lot of larger organization opts for. Therefore, this is something that you should consider.

• Outsource To Blockchain Development Company – $45-$95/hr

If you want to develop a blockchain platform that helps your business grow and generate skyrocketing revenue, all you need to do is outsource the work to a blockchain development company.

This is the most affordable option and something you should try.

Conclusion

The cost to hire blockchain developers can depend on a lot of different factors and vary greatly, as we discussed in this blog. Now, all left is hiring blockchain developers who can help you bring your idea to reality.

Nimble AppGenie is a market-leading blockchain app development company that can help you with the same. All of our services are provided at an amazing rate.

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Niketan Sharma

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.