Blockchain Product Development Cost - 2024

Hi! Are you planning to move your business to blockchain technology?

If you are also planning to join blockchain technology but are worried about the blockchain product development cost, then you are visited the perfect place for your solution.

Cyber crimes are increasing day by day, which is the biggest concern for company owners and users. This leads the industry to switch its platform to blockchain technology. The blockchain industry is expanding globally like anything, and a huge number of entrepreneurs are developing their businesses on the blockchain to make a reach on the global platform.

Let’s see what will be the exact blockchain product development cost in 2024 and how you can get the blockchain-based software.

Key Factors To Determine The Blockchain Product Development Cost

The development cost of any of the blockchain product depends on various factors;

Blockchain Software Design Cost

The development cost of blockchain software design depends on various factors, including the advanced features you want in your product, the complexity of the product, what size of the company you are hiring for the blockchain product design, UI/UK and many more. The more complex your product is, the more complex would be its development cost.

Software Type 

The need for a platform administrator determines the cost of blockchain product development. What kind of audience they want to reach, what features they want to include on the platform, how the platform will operate, and which platforms it will be available on.

Any available option, including fintech, banking, insurance, games, real estate, travel & tourism, logistics, and transportation, can be used to construct a firm. You can get assistance from our skilled developers in creating any of these kinds of blockchain-based products.

Advanced Features Integration

User-friendly features, sophisticated functionality that the software owner makes available to users, and promotion of the program are the three main factors that contribute to a product's success.

Any software's USP is its feature, the more sophisticated features it has, the more successful it will be. The price of developing a blockchain product rises somewhat with each new feature. But as the product's capabilities grow, the likelihood that users will respond favorably and that they will use it more frequently rises.

Third Paty Tools	5K to 10K
Development cost	$35K to 65K
Designing cost	$15K
Deployment cost	$10K
Developers Cost	$1500 to 4K
Integration Cost	$25/ Hour
Maintenance Cost	$5K

Third-party Tools like AWS

The blockchain development company helps to build the product for the business, but there are some sources/tools the company needs to get from the main sources.

One such technology is Amazon Web Services(AWS), Google Cloud Platform, IBM Cloud, etc., from which the development company needs to get access to the resources.

AWS: Blockchain development needs AWS as all the data will be stored here, and the cost for this can be between $100 to $1500; it may arise if the number of users increases on the platform. 

Bug hunters: For the product, the sources for finding the bug are essential. Bugs Hunters aid in creating a platform devoid of errors. For a month, the price ranges from $200 to $500.

Monitoring service: To ensure a seamless operation, a newly constructed platform needs to be continuously evaluated and watched over. Costs range from $50 to $60.

Development Cost

Different companies may charge various fees for creating software, depending on how many resources are required to create the platform. You might be charged for the entire job or by the hour. Each company has a certain set of service packages to offer. The projected price range is $35K to $45K; it may be higher or lower based on the the various factors you choose while development of the product.

Designing Cost

In any product, its design is crucial. The design is extremely important when a user utilizes the application after it has been deployed. An app's appearance and functionality have a fundamental impact on how a user interacts with it.

Imagine launching a recently downloaded software that displays a quick but hard to understand icon and to complete its download you have to launch the app. This functionality will divert the user's attention and will result in poor user experience.

On the other hand launching a recently downloaded software that displays an incredibly lifelike movement, opens to a beautifully designed main screen, and provides user with easy-to-follow commands will result in better user experience.

The approximate cost of the design can range from $5000 to $10,000. (approx)

Deployment Cost

All the actions taken to make blockchain product usable and capable of functioning in a specific environment are referred to as product deployment. It benefits endeavors in a variety of important ways.

The process of installing, removing, and updating product applications takes time. According to our years of delivering blockchain based products, the cost of deploying the product may range from $35,000 to $45,000, or perhaps more or less.

Cost of Hiring Developers

The blockchain product development cost majorly depends on the developers. You can get your product developed in various ways from hiring in-house team of developers, freelancers to hiring a professional development firm.

Without a doubt, hiring inhouse developers for blockchain product development will be expensive than hiring freelancers or professional company. We recommend you to hire professional blockchain product development company as they may have all you require for your product. They hire professional developers with years of experience and also provide after launch support. You can rely on them 24/7 for your product's maintenance needs.

The average cost for hiring a professional blockchain app development company may go up to $50-$100 per hour. It depends on the company’s demand in the market and how good that company is. 

Integration Costs

Each designer should write and approve code in a common code store to guarantee that it is compatible with the code of everyone else. It's crucial to manage a strong computer program pipeline.

An automated procedure is an ideal technique to check this. Bitbucket and Github's use for managing source code increases the burden placed on the blockchain product. $10,000 is a possible price range.

Maintenance Cost

The platform needs to be maintained after the software is prepared and released to the market. Although blockchain products are becoming more popular, they are still relatively new to the market, and numerous new kinds of software are emerging.

Switching the blockchain product between platforms is simple. Any blockchain software programs may be effortlessly switched from one platform to another.

Any software program wishes to be up to date with time and calls for protection. The protection fee for blockchain product improvement may be around 15-20% of the overall software fee.

App Complexity 

The Blockchain Product Development Cost matters when it comes to the complexity of the blockchain software. According to the complexity of the platform, the cost gets higher as it requires more features on the platform.

Here are some of the example what is the complexity of blockchain products:

Low Complexity Application

Low complexity encompasses the creation of a simple, smart contract as well as payment applications based on currently accessible cryptocurrencies. The low-complexity application has the lowest implementation costs overall.

A payment application just needs a few features, and the sources are simple to find. However, if someone wants to build an application that uses new or customized cryptos, the complexity of the application will increase.

Medium Level Complexity 

This type of category includes decentralized frameworks like Hyperledger sawtooth or Hyperledger fabric as well as blockchain-based applications like semi-decentralized applications. This application has a somewhat greater cost to install blockchain than a low-complexity application.

Hight Level Complexity 

The high-level complexity platform includes tasks like starting from scratch to create a brand-new coin or a full-fledged decentralized network.

It takes a lot of time, money, and work to create a brand-new platform for users. Blockchain developers must be hired in order to create cryptocurrencies like Bitcoin or Ethereum.

The expense of hiring developers and other resources combined with the cost of using blockchain technology raises the cost of the application by $50,000 to $100,000.

Conclusion

The blockchain product development cost mentioned above is the approximate cost and may differ from the mentioned one as per the demand for the features and the complexity of the software.

Get the blockchain-based product to take the lead into the world business platform and generate the maximum income from the platform.