Certain technologies in today’s era are advancing faster than the others. Some of them are mobile application and blockchain app development. The cost of building a blockchain app depends on the functionality, efforts, and goals.
The cost of the entire development is dependent on certain factors. Definite numbers as well as examples. You can also hire blockchain app developers and get it developed quickly through multiple possibilities. The cost will vary each time, and this will have its own set of advantages and setbacks.
Here are some common and easy ways to get your blockchain app developed:
- Hiring a Freelancer
- In-house developers
- Hiring Agencies
Determining the Factors of Blockchain App Development Costing
Among multiple factors involved in the blockchain app development cost, the major ones are discussed below. One must know that the project’s final price will come out depending on the technologies, strategies and the complexity involved in the application’s making. It also depends on the resources that are utilized to make the project a successful one.
The Industry of Application Development
The primary factor which determines the cost of any application in the industry to which it belongs. The variables that impact the cost of the applications across the industries are the number of stakeholders interacting with the app at any given instance. Other factors may include the sophistication of the dApp or the industry compliance requirements. But the costs would vary around $55k to $100k+ for healthcare, 40-80k for on-demand apps, $45k to $100k+ for social media and $50k to $100k+ for finance sectors.
The Project Complexity
The complexity of the Blockchain mobile application depends upon multiple factors that need to be individually defined to understand the reality. The first and foremost thing you need to consider is the app’s intent. This will result in a clear understanding of the common challenges the end-users are facing and what feasible solutions can be for them. You need to understand the need for which you are investing in Blockchain app development and what services the app will render to the users.
What is the Application Type that You Need?
To bring more productivity and growth to your existing business, you need to embrace digital help. You might either need to work with an application that will increase the value of the products and services you are offering, solve general problems in your business, or generate higher income than it is now.
With having a robust blockchain framework for your business, you will be able to provide more trust, accountability and traceability to the customers, all while lowering the costs. You will also need a SaaS application to provide business subscription services. This application would also manage all the customer data that is on board.
The Cost of Third-party Tools
The 3rd party providers provide multiple cost quotations, and some of them are discussed below:
- Amazon Web Services charge around $100-1000 depending on the user numbers for services like computing, delivery, and storage.
- Monitoring services through Uptime Robot and Statuspage.io charge around $10-50 for sending downtime notifications.
- Notification services like Amazon SNS, Kumulos, and Twilio charge around $10-50 for providing the notification authorization within the application.
- Instabug and Bugsee are Bug Tracking Tools which will cost around $10-100 a month for collecting and reporting the live bugs in the application.
- Flurry and Mixpanel provide analytical services for about $0-150. They provide the analytics of data, funnel reporting and insights.
There is a shortage of qualified and experienced blockchain developers in the market since it is still in the infancy stage. So if you are working with a blockchain app development company that has a full-time developer, they will be way more expensive than hiring a full-fledged agency itself.
Cost of People Involvement
You must understand the entire resource flow you need to build the application from scratch. The estimated costs will be significantly higher if the entire cost of hiring the blockchain app development team goes higher. The essential costs that will be involv here are the salaries of the software developers.
Besides these, other options need your consideration, like payments for promotions, insurance, holidays and payroll. The recruiting cost is something you need to take special care about. If you want to build a app, development costs and terms of hiring the right experts is challenging. The training resources must be consider separately, for the personnel require rigorous in-house training.
The Cost of the Process Involved
The process involved in developing a blockchain app has its cost differentiated into multiple factors, depending on the development stage.
The design step has the system blueprint and UI/UX, including wireframes, high-fidelity prototype designs and low-fidelity designs with app flow.
- The development stage with testing and coding.
- The deployment stage with delivery and DevOps and deployment on the Cloud Platforms.
- The migration stage moves the solutions to the blockchain platform.
- The maintenance stage has new updates and testing to ensure the app runs smoothly on all the OS releases.
- The upgraded stage has intelligent contracts and new features upgrades in it.
- The third-party tools involve the collaboration, hosting, storage and notification system in it.
The Project Management and Handling
The regular meetings and weekly scums are conduct through agile methods, which helps track any ongoing tests, sprints, deliverables or bugs. The agile methodology can be easily facilitat using software like Trello, Jira and Confluence.
These software costs will also add up to the final cost of the blockchain app development services.
Constant Integration and Follow-up
Each developer must be writing a code and keeping it in a shared code repository to ensure that the code just created is working in sync with the other code created. A quality pipeline of software and its management is always crucial.
This pipeline also ensures that the whole system works in tandem and efficiently. An automat process is desire to ensure the process is maintained perfectly. Bitbucket and Github is the best solution to keep the source code leads.
The Process Maintenance
The entire blockchain development technology is still in its very early stage, and not many have the holistic knowledge of the same.
New platforms are hitting the market every other day. Hence, it will only be wise to switch to other platforms that have proven their scalability, confidentiality and flexibility.
However, the maintenance of the blockchain apps requires an annual investment of 30-35% of the entire project budget. It also depends on how complex the application is. Hence, it is always pocket-friendly to get it done in-house rather than involving external agencies.
Wrapping Up
Multiple costs are associat with developing the blockchain app, and you must know the factors that dictate the cost. With numerous solutions being offer in the market for developing the application.
Choosing one wisely will determine the amount you need to finally bear.
But after analyzing industry trends and the cost strategies, it can be well conclud that hiring agencies to develop blockchain apps will be the most economical way of surviving. Hiring Freelancers or developing the app in-house will exceed the budget you have set aside for yourself. Nevertheless, it would help if you did not miss out on how much extra you need to put out for the annual maintenance.
