Blockchain App, Web & Software Development Cost in NYC, USA

When it comes to shaping the new digital world, blockchain technology has a huge role to play. Cryptocurrencies are the prime examples of how blockchain technology belittles the monopoly of banks or financial institutions for international transfers. In addition, this technology has worked wonders in eliminating complicated paperwork, processing fees, and time.

Businesses worldwide are well aware of the application of blockchain, many still have no idea of the cost of implementing blockchain technology. The cost of blockchain implementation is vital information for any organization looking to opt for blockchain apps as business solutions. 

Are you wondering about the cost of the implementation of blockchain technology? If Yes, then this post is a must-read for you. 

To give you the rough estimate, blockchain app, web and software development cost varies from $30,000 to $4,00,000 depending upon the various factors and industries. 

Let us know them blockchain app, web and software development cost in detail.

What Is The Difference Between Blockchain And Distributed Ledger

Blockchain technology is a niche skill, and its implication covers a wide range of industries and businesses. Keep in mind that every blockchain project's needs are relatively different from one another.

The blockchain implementation cost varies as per specific project requirements and development methodologies.

In this post, you will read about the cost of implementing blockchain technology and how the technology helps in saving the overall development cost.

Top Blockchain Market Stats 2023

• The blockchain market will be worth $136.83 billion by 2029, with a compound annual growth rate of 56.3 percent.
• 8832 different cryptocurrencies are trading online as of June 2023.
• Blockchain wallets (users of Blockchain.com + Coinbase) have surpassed 170 million people worldwide.
• Experts expect global investment in blockchain solutions to reach $19 billion by 2024.
• U.S. citizens hold cryptocurrency holdings at only 16%.
• The financial sector could save as much as $12 billion annually with blockchain technology.
• Experts predict that global spending on healthcare applications of blockchain technology will reach $231.0 million by 2023, showing a 63% increase from 2017.

Fundamental Steps Involved In Build A Blockchain Project

To understand the cost of implementing blockchain technology, it is vital to look at the fundamental steps involved in the process. A clear understanding of the fundamental steps involved in building a blockchain project gives you an idea about the cost.

Blockchain IoT Development Company

1. UI/UX Design

UI/UX designers are a part of your front-end developers team and play a crucial role in creating the app structure and user-friendly interface. Depending on their geographic location and expertise, you can hire these professionals anywhere between $40 - $80.

2. App Development

For app development, you need to hire blockchain developers for your project. The development cost generally ranges between $30 - $100 depending on various factors.

Blockchain App Type	Estimated Blockchain Development Cost	Time Frame
Simple App	$40,000 - $60,000	3 - 6 Months
Moderately Complex App	$60,000 - $1,50,000	6 - 8 Months
Highly Complex App	$1,50,000 - $3,00,000	9+ Months

3. App Deployment

Where you are planning to deploy your blockchain project directly impacts the cost of your project. Most P2P networks are open source, but the native currency and tools you will use add up to the overall development cost.

4. Post Deployment Services

Every software solution needs regular updates and upgrades now and then. The post-deployment services, on average, cost around 30-35% of the total cost and are crucial to keeping your app blockchain project running for a longer duration.

5. Third-Party Tools

Integrating your blockchain projects with multiple third-party tools for hosting, storing, data analysis, and collaboration requires substantial money that can add up to the overall project development cost.

Project Milestone	Percentage Of Cost
Initial Consult	5%
UI/UX	10%
Development	45%
Quality Assurance	25%
Deployment & Maintenance	15%

How Much Does Blockchain App Development And Implementation Cost?

In this section, we will discuss the development cost of a blockchain project and the cost of blockchain implementation. 

Blockchain technology is still in nascent stages and thus requires a huge time and investment to develop an application. However, the blockchain framework gives it an edge over others.

Enterprise Blockchain Development Company

Blockchain apps protect the information from any external attacks, limit access to sensitive data, and eliminate the chance of single-point failure.

With blockchain technology, organizations can easily block any malicious activities and temper confidential data.

However, when it comes to blockchain implementation cost and app development, multiple factors weigh in, such as app features, size of the app, app complexity, development team/company expertise, tech stack needed, etc.

Although if you compare the implementation and app development costs, the specialized nature of the app makes it costlier than others.

The demand for blockchain-based business solutions is quite high at the moment, and there are a limited number of experts out there.

Looking at the present scenario, you can safely assume that the blockchain developers will cost more than the full-stack developers.

Are you ready to build your blockchain application? Then, here are a few important factors to keep in mind to do proper budgeting for your blockchain project. These are:

Complexity of Application

When it comes to blockchain app development, the complexity of apps depends upon software development models - Enterprise blockchain apps and Distributed apps.

In addition, specific feature requirements and business goals differ for each blockchain project. And with that, the expertise of the development team and tech stack needed for the project also changed.

Based on app complexity, the blockchain implementation and development cost can be categorized as:

• The development cost of apps based on blockchain with minimum app features and complexity will cost you around $20,000 to $40,000.
• The development cost of distributed apps (dApps) with average features and complexity will cost you around $ 40,000 to $90,000.
• The development cost of complex apps based on enterprise blockchain will cost you more than $ 130000.

The development and implementation cost of the blockchain app mentioned above might vary depending on any specific features or functionality requirements. However, this will surely give you a rough idea about the estimated cost.

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Public Blockchain Solution

Most blockchain development companies in Switzerland rely on public blockchains such as Ethereum due to its P2P nature and encryption capabilities. Other public blockchain frameworks such as Hydrachain or HyperLedger fabric are some alternatives to Ethereum blockchain.

NFT Gaming Platform Development

As you already know that blockchain technology is still in its nascent stages. Thus a major expense is hiring a dApp or blockchain expert. The shortage of blockchain developers adds up to the overall development and implementation cost.

Enterprise Blockchain Solution

When it comes to delivering maximum security and unlimited scalability options, Enterprise blockchain solutions are the best. These software solutions don’t run on public blockchain frameworks like Ethereum and, for this reason, are more preferred for enterprise software solutions.

Enterprise software solutions are private blockchains that are ideal for creating a permission network. This gives you the freedom to access the application, and you can choose who to include in the network and access information stored within the network.

However, if you plan to create a blockchain-based software solution from scratch. You can consider the below-mentioned parameters to get the estimated development and cost of implementing a blockchain solution:

• Front and back end.
• App Infrastructure
• P2P Network
• App Interface

Next, we will discuss these app development factors in detail to have a clear understanding -

Front and Back End

For an application based on blockchain technology, you need a front end that refers to the user interface while the back end of the application handles the server and database.

How Blockchain Technology Can Benefit The (IoT) Internet Of Things

You need an admin panel to control a blockchain application's app functionality, user interface, and other backend processes. The usual app expenditure will include external databases, servers, QA testing, app deployment, etc. On average, you need an investment of $120k or more for blockchain app development and implementation.

App Infrastructure

App infrastructure plays a vital role in app development and implementation cost. As you are not dependent on any open-source blockchain development tools, it is quite evident that you need to pay more for this solution. For instance, most businesses tend to migrate to cloud services for storage services for their blockchain-based applications.

P2P Network

For creating impenetrable encryption security, your blockchain application needs a P2P network. The private blockchain framework can make the app development and implementation process a little costlier. You need to integrate various business processes and streamline management using multiple algorithms such as PoW, PoS, delegated proof of stake, etc. With all these, you can enhance application security and energy efficiency parameters.

App Interface

When you choose to build your blockchain software solution from scratch, you need a completely new app interface. Instead of using pre-built APIs, you need a specific app interface for tasks such as authentication, auditing, smart contracts, and others. All of this will directly impact the overall development cost of your blockchain software solution.

Calculating your blockchain app's development and implementation cost is a complex process as multiple factors are involved. We at RisingMax first understand clients' specific project requirements and follow a fixed pricing policy to ensure transparency.

We are just one call away from sending you a customized proposal for your blockchain app project. Connect with our experts today!!!

Best Blockchain Development Frameworks

How Blockchain-Based Solutions Are Helping Business In Saving Costs?

The introduction of blockchain technology in business solutions has made things faster and affordable. With new technologies, businesses save a substantial amount of money on development costs.

Here in this part, we will discuss how blockchain-based solutions are helping businesses save costs.

Elimination of Intermediaries

The creator of blockchain technology wants to eliminate intermediaries within traditional systems. Whether it is the sale of property or any transaction between two parties, the number of intermediaries will shoot up the commission charges and increase the time needed to complete the process. 

Both parties can use native tokens to transfer money and complete the process within minutes with blockchain technology. On the other hand, if you think about sending and receiving money using third-party payment partners such as Western Union and PayPal, you have to pay 10% commission fees. With blockchain technology, you can eliminate the intermediaries and reduce the overhead cost.

Minimize Operational Costs

Organizations worldwide can minimize operational costs by resorting to crypto payment. By doing this, an organization can minimize the processing fees and even reduce the overall payment time during international transactions. With smart contracts, organizations can automate transactions and reduce the chances of contract breaches.

Reduce Paperwork

Blockchain technology helps in the reduction of paperwork, and now, breaking up illiquid assets like real estate is a cakewalk for everyone. Users can tokenize their assets and transfer them to others with timestamping and verifiable entries.

Crowdfunding 

Blockchain technology allows users to get decentralized crowdfunding for their newly launched crypto projects. Crowdfunding methods such as ICOs, STOs, and IEOs are ideal for getting the required funds for any blockchain project. Although investors are skeptical about crowdfunding methods, there is no doubt that it is a cheaper and faster crowdfunding method.

Hyperledger Blockchain Application Development Services

Wrapping Up

So, now you know that building an application or software solution based on blockchain technology incurs high initial costs. The standard development cost or implementation of a blockchain application is dependent on sources such as development tools, app development team, tech stack needed, app features, and many more.

For this very reason, it is difficult to provide an exact estimation cost of implementing blockchain and app development. The associated cost with blockchain apps is high. It is vital for a business to view and analyze long-term benefits before moving on to the development stages. 

We at RisingMax are happy to help you with your blockchain app development and implementation process. Get in touch with our support team to discuss your blockchain project security needs, API integration, blockchain network requirements, and other details to start off the application project.