Blockchain Cost to Build a Blockchain-based Platform 2022
When it comes to business industries, Blockchain technology provides users and investors the freedom for international money transfer with security and transparency without the involvement of any third parties. But, how much does it cost to implement blockchain solutions? Is it worth the price? In this article, we’re going to explore blockchain cost and every factor influencing the cost of setting up a blockchain platform.
Cost Of Hiring Blockchain Developers
First of all, if your businesses are not in the IT industry, then you’ll need to hire a freelancer or outsourcing company to help build your application.
Traditionally, blockchain developers typically charge $81-100/hour, on average. As the demand for blockchain developers continues to increase, along with the booming of remote working, part-time or freelance blockchain developers are becoming more favorable. Indeed, hiring blockchain freelancers is quite affordable as compared to a full-time employee and you can save up to 50% in business cost by hiring, which would be around $30-59 on average.
If you’re short on time, traditional job boards may be able to help you find a blockchain specialist who fits your company’s needs. A few examples are LinkedIn Jobs, CareerBuilder, UpWork, or Fiverr.
Depending on the complexity and scope of projects, you can hire blockchain developers to work with as an extension of your organization’s existing in-house team or outsource the entire project to the blockchain development company.
A reliable outsourcing partner will have a team of skilled blockchain developers on staff and management to manage every aspect of your project – ensuring that your blockchain-based solution is secure, efficient, highly scalable, and commercially viable. The investments would vary around $5,000 to $150,000.
How Much Does It Cost To Build A Blockchain App
The blockchain cost can vary quite a lot based on different countries and the type of contracts you prefer. In fact, some outsourcing companies in Asia can actually offer decent blockchain development services at a much lower price than other experienced competitors on the market.
Others Blockchain Cost
Private blockchain specialists usually charge between 25-125$ per hour depending on the scope of your business and how complex your app will be. On top of that, the service can vary between $50 to $300 per hour for consulting depending on their size.
App Store Optimization ensures that an app will draw the attention of its potential users by tuning the title, keywords, description, icon, screenshots, etc. of the mobile app and motivating them to download the app and actually use it afterward.
On average, the monthly cost of the ASO tool is usually around $25 to $1,500, depending on the volume of keywords analyzed and certain features. Meanwhile, the cost of an app marketing package (of which ASO service is a part) may vary from $1,000 to $25,000 per app.
Overall, the sale consultancy for boosting a blockchain platform also varies on the scope and complexity of the platform. Small business consulting fees range from $95 to $1,500, with an average cost of $399. The hourly cost of consulting fees ranges from about $45 to $150 per hour. Keep in mind that the fees you’ll pay can vary depending on where you live, the specific services you need, and whether you need one-time or ongoing consulting.
By now, you have all the information you need to make the best choice among cryptocurrency developers. All in all, always keep your company’s goals and needs in mind. While hiring freelancers is ideal for short-term and small projects, full-time programmers are more suitable for long-term ones. Also, hiring on a remote basis gives you more flexibility in terms of location and time zones, as well as a better chance of finding the right talent at a reasonable price. For top blockchain programming companies, it may easily cost you from $50,000 to $350,000 to design, develop, and test a Blockchain app from scratch.
The blockchain cost may vary depending on business nowadays needs and technological upgrades on the market. However, the requirement for a constructive discussion remains indispensable!
To Quang Duy is the CEO of Newwave Solutions, a leading Vietnamese software company. He is recognized as a standout technology consultant. Connect with him on LinkedIn and Twitter.