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Blockchain App Development Cost Estimation Guide

The estimated cost of a blockchain app is $15,000 to $55,000 in 2024. However, this price can change because of factors like app requirements, tech stack, programmers’ experience, location, project complexity, and so on. When you hire an app development company it takes care of the entire development process and even offers post-launch support.

However, the selection of the company, hiring freelance developers, or an in-house team for blockchain app development highly depends on your budget. Well, there are many other factors that affect your project’s cost. Consider all of them before you hire a developer.

Investing in blockchain app development requires you to do proper market research about the cost. What if we can do it for you? We are going to present you with the most estimated cost of building a blockchain app so that you can make informed decisions before commencing your project.

Let’s begin!

Top 5 Benefits of Blockchain Apps

Why do you want to spend money on blockchain app development? You have an idea of the benefits offered by blockchain apps, maybe because of that. I am also going to explain what benefits you can enjoy from having a blockchain app to help in better cost estimation.

1. Enhanced security:
   Blockchain apps use cryptographic techniques to secure data. This technique makes them highly resistant to tempering and unauthorized access. Each transaction is recorded on a decentralized ledger. So, it provides transparency and immutability.
2. Improved transparency:
   Most companies and businesses want blockchain apps because they offer transparency. This technology offers transparent and auditable records of transactions. It provides stakeholders with real-time visibility into data and processes. It fosters trust among participants and reduces the risk of fraud.
3. Decentralization and peer-to-peer networks:
   Blockchain apps operate on decentralized networks. It eliminates the need for a central authority to validate transactions. This type of peer-to-peer network structure ensures resilience. It also reduces the risk of single-point failure. You can ensure strong security for your business and customer data through blockchain technology apps.
4. Cost savings:
   You can reduce paperwork by automating manual processes. Businesses use blockchain applications to reduce transaction costs. Blockchain makes transactions faster, cheaper, and more accessible specifically in cross-border transactions. For the first time, you have to invest, but later you can save money. Implementing the system can be costly and time-consuming but it is worth it in the long run.
5. Streamlined processes:
   Every business wants to streamline its processes for impeccable handling. Blockchain technology streamlines complex processes. Because the decentralized ledger enables transparency, immutability, and smart contracts. It reduces a single point of failure. Every business wants to integrate technology that helps in data security through cryptographic techniques.

Knowing the benefits of blockchain apps helps in understanding how this technology can reduce costs when integrated into your business. Let’s move forward to learn about the factors affecting the cost of your app.

Factors Affecting Your Blockchain App Development Cost

Understanding what affects the cost of your blockchain app makes it easy for you to determine the final price. You can discuss the price with an iPhone app development company if you are building an app for iOS users.

Analyze all the factors mentioned below to understand why there is variation in the cost of different apps and what can be the exact cost for your app.

1. Blockchain Platform
2. Development complexity
3. Integration with external systems
4. User experience design
5. Types of blockchain apps

Let’s learn about all the factors in the space below.

1. Blockchain Platform:
   Hyperledger, Ethereum, EOS, Binance, Steller, and Ripple are the popular blockchain platforms. Blockchain applications are not only created for the finance industry, but also for the supply chain management, real estate, and gaming sectors because they need an extra layer of security.

   These platforms don’t come at the same price, some are expensive. This is why selecting the blockchain platform affects the cost of your app. An Android app development company understands your app requirements thoroughly before deciding on the platform.

2. Development complexity:
   Often businesses want innovative and creative features and functions on the app. It requires more time and effort as it makes an app more complex for developers. Users find such types of apps intuitive and exciting to use because they have no idea what complexities are running in the backend.

   Well, there are complexities in building custom solutions but they also offer benefits of custom Mobile app development. Features, functionalities, and technical requirements, all three together add to the complexity level. Complex applications with advanced features like consensus mechanisms, encryption algorithms, and smart contracts require more time from developers and more money from app owners.

3. Integration with external systems:
   Integration with third-party APIs helps to get features of other apps into your app. It enhances the user experience without letting them leave your app. API integration makes your app feature-rich without actually building the features in your app. Using APIs reduces your development cost.

   However, compatibility issues, customization requirements, and data migration may increase the development time and complexity level of your app. So, improper use of API integration can increase the cost instead of decreasing it.

4. User experience design:
   No users want to stay on an app or site that has confusing or bad designs. It interrupts smooth navigation on the platform. Users can interact with your app easily, quickly, and effectively when designs are intuitive and user-friendly. It potentially lowers long-term costs because designs attract more users.

   However, creating this type of excellent design requires skilled designers and developers. And it can be costly. A development team has to put additional development efforts into creating intuitive designs, it requires more time, resources, and expertise. Create an app that runs smoothly on all the platforms and doesn’t hamper user experience. A Flutter App development company helps to build an app for all platforms using a single codebase.

5. Types of blockchain apps:
   Which type of blockchain app do you want? It also affects the cost of the app development. Not all business requirements are the same and not all apps have the same features. If it would be the case, competitors would not have survived.

   If you want a simple transactional app, then the cost will be low. They are cryptocurrency wallets or simple payment apps. Since they have basic features so with the help of tools developers can easily build them. Creative and advanced apps require logic building from scratch. Every industry wants an advanced app at a low price. Hire a Travel app development company, if you want a travel app with advanced features.

   Supply chains and logistics apps involve tracking systems. They are integrated into IoT devices as well. This type of app requires advanced features for integration with external protocols and results in higher development costs.

Simplified cost estimation of blockchain app development

Determining the cost of an app before its development helps you make informed financial decisions. It stops you from going out of budget. I have come up with a simplified cost estimation to make understanding the price structure a cakewalk for you.

• Simple transactional apps:

  Simple transactional apps are called simple because they have basic features. A Real Estate app development company can build a simple blockchain app. It can integrate token wallets, payment apps, Remittance apps, and micropayment features into simple transactional apps. They offer basic features like wallet creation, transaction history tracking, address management, and others.

  Features	Description	Estimated Price
  Basic wallet functionality	Store, receive, and send	$5,000-$10,000
  Tracks transactions	View transaction history and track payments	$2,000-$5,000
  Security measures	Offers basic security features like encryption and two-factor authentication	$3,000-$8,000
  User interface	Simple and intuitive UI designs	$2,000-$7,000

  So, an estimated cost of a basic transactional blockchain app is around $35,000.

• Complex functional apps:

  Decentralized exchanges and smart contract-based applications come under this category. This type of app includes advanced features besides basic transactions. DEX provides features for Peer-to-peer trading without middlemen. A smart contract is an amazing feature in the app that automates agreements and requires very little human intervention. If you are worried that separate code will be built for a complex functional app to provide a native-like experience. Stop worrying and find a good React Native app development company.

  Features	Description	Estimated Price
  Advanced security measures	Biometric authentication, multi-signature wallets, and cold storage integration are the advanced security features.	$10,000-$25,000
  Decentralized exchange	Trading cryptocurrencies with Peer to Peer functionality	$15,000-$30,000
  Smart contract integration	Includes features for smart contracts, automated transactions, and business logic	$10,000-$35,000
  Integration with third-party	Liquidity and trading options for ease of the users	$10,000-$20,000
  Advanced user interface	Trade history, order books, and charting tools are integrated into these apps	$10,000-$30,000

  So, an estimated cost of a blockchain app with advanced features is around $100,000.

• Advanced industry-specific apps:

  In 2032, blockchain technology is expected to increase by around 1,000 trillion in the USA. It is one of the smart and secure Mobile app development frameworks. This means, more businesses will be going to need blockchain applications to secure their processes. If you build an industry-specific application, it can stand out from the crowd, but the cost for this type of app is higher than the previous two.

  App Types	Description	Estimated Price
  Supply chain tracking	This app tracks and verifies goods throughout the supply chain process	$10,000-$30,000
  Healthcare data management	Keeps patient health records with compliance to HIPAA and other regulations	$20,000-$40,000
  Non-fungible token or NFT marketplace	Includes features for the creation and trading of digital assets, gaming items, and collectibles	$25,000-$50,000
  Decentralized finance platform (DeFi)	Includes features for liquidity protocols, borrowing, and lending	$50,000-$75,000
  Governance and voting systems	Offers decentralized governance mechanisms, voting systems, and DAO functionalities	$100,000-$150,000

  So, an estimated cost of an advanced industry-specific application is around $150,000.

Let’s understand the price of a blockchain application based on project length. So that you have a comprehensive idea of how much it is going to cost concerning project length. Many times, you estimate a low price, and by the time it is completed, it turns out to be more than your estimation.

Cost estimation based on project length:

Conclusion

I hope, now you can decide on your blockchain app development price. Consider the factors affecting the blockchain app because without understanding the factors, it can be a confusing process. When you know what affects your app cost, you can decide on a budget accordingly or consult a reliable blockchain development company for better clarity. Go through the price tables for quick and comprehensive details of prices according to their features and app types. Keep in mind, that the price completely depends on your app requirements.

Frequently Asked Questions