How much does it cost to develop a blockchain software?

The most amazing and intriguing thing about blockchain is a switch to decentralization. Before its invention technology was mostly centralized and blockchain introduces the out of the box thinking to well-known and already organized industries which affected business a lot. Its benefits are already discovered in the finance sector, logistics and transportation, security, data warehousing just to name a few.

Nowadays it’ll be hard to find a business person, who doesn't know what blockchain is as well as find a regular person who never heard about it. The popularity of decentralized chains technology grew with the Bitcoin and cryptocurrencies hype, but the real value that blockchain software development services can bring to the table is much bigger.

But what does it cost and why that much? The benefits of the blockchain are well-known when its costs often stay a question mark. In this article we’ll try to approximate costs of using the blockchain platform or hire blockchain developers. We will also look at the costs of blockchain software development services, creating a crypto wallet or your own cryptocurrency.

Blockchain platform prices

If you want to create a blockchain network, you will use one of the many blockchain platforms available on the market. The offer is very wide, and the individual solutions differ in terms of features and prices.

The most popular blockchain platforms such as Ethereum, Hyperledger Fabric, Ripple, Stellar, Corda or Solana differ in performance speed, available functionalities, security level, number of nodes, the communities around the solution and last but not least the price of the development of particular blockchain based solution.

For example, the approximate cost for the dApps development is around $30-50k, but creating a more complex project as a cryptocurrency exchange app requires a much bigger budget. It is estimated that for $50-100k it is possible to create a working solution, but this type of project developed over the years can cost even several million dollars.

Blockchain software developers hourly rates

An article on LinkedIn published a report on blockchain software developers' rates based on data from portals such as Indeed, Glassdoor and PayScale.

In the US, the salary for a software engineer with knowledge of blockchain technology varies between $71 and $146k per year, depending on the position. In Great Britain it is from 75k to 100k pounds, and in other Western European countries between 70k and 100k euros.

The cost of crypto e-wallet development

What really is a crypto wallet? It is a web application that imitates an ordinary wallet, with the difference that it is used to store virtual money, i.e. cryptocurrencies.

The price for creating such an application, as in the case of any IT project, depends on its complexity. This type of application can be designed to operate on various platforms such as iOS, Android or desktop devices. The next price component will be the technologies used in the project, the hourly rates for a developer's work with a particular skill set may vary. The number of features, design or project timeline are also important when preparing the valuation. However, in our experience, creating an MVP version of a crypto wallet is possible with a budget above $40k.

Summary

As you can see, blockchain software development costs estimation can be difficult to determine without knowing the assumptions of the project and making key decisions about technology, functionalities, or choosing a blockchain platform. If you need support in refining the product vision and preparing the valuation, contact the blockchain development agency like https://crustlab.com