Smart Contract Development Cost For Your Business
Smart contracts are the new buzzword in the business worldwide. Proponents believe that smart contracts will dominate a new era of business as owners are looking to automate work/processes to enhance efficiency.
For this very reason, businesses are partnering with a smart contract development company as they become a universal solution.
Ready to jump on the smart contract development bandwagon and want to know how much the development will cost? Our smart contract development experts are happy to assist you.
Similar to app cost calculator tools that allow our customers to get the exact development cost for mobile and web apps.
We also provide tools that assist in determining the smart contract development cost by evaluating various factors.
Factors include blockchain technology, code complexity, embedded rules or terms, the company’s expertise, location, and development duration.
All these factors must be considered to know how much your smart contract development costs.
We have discussed all the factors that affect the smart contract development cost in detail below. So, keep reading to have a clear idea about the development cost.
What Exactly Is A Smart Contract?
A smart contract is similar to a real-world agreement between two or more parties, but it’s digital. These agreements are not similar to real-world business contracts and are computer-generated agreements stored inside a blockchain.
All the terms and conditions of the agreement are coded in a smart contract. When both parties fulfill all the terms and conditions written in the smart contract, it automatically verifies and executes the agreement.
Why are smart contracts so important for the business? Smart contracts are computer generated with prewritten “if/else” statements that makes them self verifying and execute without the need of a third party to keep an eye on all transactions.
Without any third party, owners can transact between business partners with the security of blockchain-based smart contracts.
What Businesses Should Invest In Smart Contracts Development?
Businesses are integrating smart contracts to lessen their paperwork, automate processes and improve business efficiency. Look at some of the main advantages of smart business contracts.
Smart contracts allow entrepreneurs and owners to automate processes such as transactions, deals, hirings, promotions, and others.
The blockchain-based smart contracts automatically get executed when both parties comply with the agreement’s terms.
Smart contracts enable businesses to automate many processes, thus eliminating the need to hire additional manpower.
As smart contracts contain all the terms or conditions of an agreement and are self-executing, thus wiping out the need for third parties for approvals.
One of the biggest advantages of smart contracts is that they can provide anonymity to users who don’t want to track funds movements.
However, one thing worth considering here is that smart contracts alone can’t provide anonymity to users; additional tools are needed for the same.
As compared to traditional contracts, smart contracts are highly reliable in nature. When a smart contract is built, multiple copies are distributed within the network, making it impossible for anyone to delete or modify it.
Being built on highly reliable blockchain technology makes them highly secure to carry out business operations transparently.
Smart contracts are a handy tool for making digital assets unique and adding a specific value. With these by their side, the real owner of the assets won’t have to worry about piracy of their unique digital assets.
Smart Contract Development across Various Industries
With the growing popularity of blockchain-based smart contracts, businesses worldwide have started to implement them.
Built on the blockchain with predefined rules and guidelines, these digitally coded contracts allow businesses to automate agreements and bring more transparency to the system.
Here are some of the use cases of smart contract development across various industries:
- Banking & finance
- Health care
- Social Media
- Supply chain
- Internet of things(IoT) and more
Smart Contract Development Cost For Various Industries
|Smart Contract Development Cost|
|Healthcare||$55k – 100k+|
|On-demand||$40k – 80k+|
|Social Media||$45k – 100k+|
|Public Sector||$70k – 100k+|
|Finance Sector||$50k – 100k+|
Smart Contract Development Cost Based on Complexity
|Logic complexity||Development cost|
|Basic business logic||$5000 to $7000|
|Advanced smart contract||$30k to 50k|
|Specialized business smart contract||Upto $100,000|
Why Are Smart Contract Audits Important For Businesses?
Smart contracts are computer generated with predefined rules and terms that are irreversible (as they can’t be deleted or altered) in nature once they are deployed.
For this very reason, businesses need professional smart contract auditors to verify agreement rules and terms that are computer coded.
These professionals are well versed in finding flaws in the code written, potential errors, and vulnerabilities with the smart contract that can hamper business deals.
Smart contact audit cost is a major factor that you need to consider as a business owner.
Professional audits can be costly, but considering how beneficial these are for your business, the smart contract audit cost is negligible.
How Are Smart Contract Audits Performed?
A smart contract audit professional checks for errors with the smart contract, such as compilation, bugs, security flaws, code errors, and stack problems. These professionals understand the importance of well-written and secured smart contracts. Let’s have a look at how smart contract audits are performed.
Smart contract professionals do performance validation as it is directly linked to the coded smart contract quality. The computer-generated code won’t have any issues, but a smart contract auditor needs to check that there is no performance issue during execution.
Analysis and Optimization
The smart contract platform charges a small gas fee while executing smart contracts. The gas fee for executing smart contracts is directly proportional to the complexity.
A professional, smart contract auditor knows about the gas fees and looks for ways to optimize gas costs as it directly affects the cost of implementing smart contracts.
Smart contracts are computer generated and integrated with blockchain technology like Ethereum, Solana, and Polygon.
There are always some vulnerabilities when it comes to coding, and smart contracts are no expectations.
There are many instances when hackers exploit these loopholes to steal funds from the system.
For this reason, smart contract professionals perform vulnerability tests to safeguard from cyber attacks, most notably:
- Reentrancy attacks
- Reordering attacks
- Over and underflows
- Short address attacks
- Replay attacks
Smart contract audit professionals deploy various software to check vulnerabilities in the system that could be exploited.
These are some vital steps that smart contact audit professionals follow to ensure there is no issue with it.
With this, they ensure that there is no issue with the smart contract that can tarnish the reputation of your business.
Now, you know how smart contract audits are performed. Let’s move to the next section and see how much a smart contract audit costs.
Cost of Smart Contract Audit Services
There are many factors that a smart contract audit company keeps in mind before sharing the estimated cost of a smart contract audit.
We have listed some of the major factors in the table down below to ensure you have an idea before you begin contacting a company.
|Project Size||Audit Time||Audit Cost|
|Small project||2 to 5 days||$2k to 4k|
|Medium Project||10 to 20 days||$10k to 30k|
|Large Project||More than 1 month||More than $50k|
Smart Contract Audit Cost
When it comes to smart contract audit costs, a wide range of factors must be considered first. The most important one is whether you opt for an in-house audit or hire third-party smart contract auditors.
Hiring in-house or remote smart contract audit professionals has merits that, as an owner, you must evaluate first.
With an in-house team, the initial cost of a smart contract audit is likely to be higher, and there are even fewer chances of finding vulnerabilities in the system.
On the other hand, a remote smart contract audit professional or company will cost less and provide valuable insights as they have worked with various industries.
If smart contract audit cost is a major concern for you or a startup, then remote audit professionals are the best option.
Remote or third-party auditors will thoroughly examine your smart contract without any biases.
Factors that directly impact the smart contract audit cost:
- In-house or remote audit professionals.
- Size of the smart contract.
- Smart contract complexity.
- Hours required to perform an audit.
- Auditors’ expertise and location.
Want to know how much smart contact audit costs? Get in touch with our blockchain smart contract auditors and share your requirements.
After analyzing all the requirements and factors mentioned above, our team will quote smart contract audit costs for your project.
With all the above valuable insights, it should be clear that many factors need to be evaluated to know smart contract development and audit cost.
Despite what most people think, you need to know that it requires your time and money as a business owner.
Nonetheless, you must also know how to get the best from them and where to draw the line.
Get your smart contract developed and audited by us. We are an affordable mobile app development company with more than six years of experience in developing and deploying smart contracts for our clients.
Connect with our Blockchain Technology development experts to know how you can leverage these next-age tools to empower your business.
Our team will share the smart contract development cost ASAP to swiftly move to the development stages.