Blockchain Development Cost in 2024

How Much Does Blockchain Development Cost in 2024?

If you are looking for secure and transparent transactions, Blockchain technology can be your safest companion. Apart from bringing improved transparency and security, Blockchain helps in cost reduction, fast transaction and traceability.

The faith in Blockchain and its future is getting stronger not only amongst tech enthusiasts but also among businesses and governments. A latest report by Fortunely says, 74% of tech enthusiasts believe in the immense potential of Blockchain technology.

If you do business and explore the option of developing a Blockchain app, then estimating its cost would be the most important aspect that can help in better financial decisions. For Blockchain app implementation, you need to understand multiple aspects of cost estimation.

This guide will help with information on different aspects of blockchain app development cost:

Breaking Down Blockchain Development Cost

While calculating the cost of blockchain development various factors should be taken into account. Before development you must know about the market opportunities, challenges and the total time required to develop an app and so on.

Here’s the breakdown of the cost of various steps in Blockchain development:

PhaseEstimated PercentageDescription
Consulting & Planning15-25% Feasibility studies, technology selection, market research, project roadmap development and business process analysis.
Design & UX/UI10-20% System blueprints, user interface design, prototypes, wireframes, and user flows.
Deployment & Infrastructure5-15%Setup, maintenance, and cloud platform costs
Development40-60% Coding, integration with existing systems, smart contract development, and testing.
Security Audits & Testing10-20% Important to ensure security of platform and smart contract.
Maintenance & Support15-25%Maintenance, bug fixes, and updates, user support.
Contingency5-10%Unexpected issues or any changes in scope.

Blockchain Development Cost Based On Types

Having knowledge about different types of Blockchain development costs, such as dapp development cost, NFT Marketplace development cost, or Cryptocurrency Exchange development cost, will provide insights into Blockchain development. Here’s a breakdown of popular types in Blockchain app development:

Type of Blockchain App DevelopmentDescriptionEstimated Cost of Blockchain AppTime Frame
NFT Marketplace Non-Fungible Token marketplace is a public Blockchain platform. It is possible to buy and sell NFT here. $25,000 to $50,0001 to 3 months
Decentralized Autonomous Organization (DAO) DAO is a legal structure that works without any governing body. All members work collectively in the success of a single entity. $20,000 to $40,0001 to 4 Months
DApp Decentralized application (DApp) is an app that operates independently with smart contracts, which uses blockchain. Costing varies depending on the dapp requirement. $35,000 to $150,0002 to 8 months
Cryptocurrency Exchange Trading app that allows users to exchange multiple cryptocurrency. This differs with the type of crypto currency exchange. $25,000 to $200,0004 to 8 months
Cryptocurrency WalletIt is a mobile app used to sell, buy and store cryptocurrencies.$25,000 to $75,0002 to 4 months

Cost of Blockchain Development based on complexity

The cost of implementing blockchain also varies based on the complexity of the project. Here are the cost of Blockchain development based on the different levels of complexity:

App ComplexityEstimated CostTime Frame
Blockchain Development Low Complexity$30,000 to $60,0001 to 3 months
Moderately Complex Blockchain Development$60,000 to $150,0003 to 6 months
Highly Complex Blockchain Development$150,000 to $300,0009+ months

Industry-Based Blockchain Development Costs

The next key factor that impacts the cost of blockchain development is the industry type. As you would be aware, different types of industry have types of needs and preferences. If you want to develop a Blockchain app for the finance industry the app must include strong security features. It includes data privacy, high-security encryption, secure transactions and much more.

If you want to develop a Blockchain development app for games then the blockchain game development cost will be based on a totally various set of requirements. It includes digital assets, in-game economies, virtual world, and community engagement.

Here are rough estimates of developing Blockchain apps in different industries:

IndustryUse CasesEstimated Cost Range
Finance & Banking Trade finance, digital identity, payment systems, fractional ownership. $120,000 to $300,000+
Healthcare Drug supply chain tracking, medical records management, secure data sharing $75,000 to $200,000+
Supply Chain Management Tamper-proof records, tracking, logistics optimization, provenance. $80,000 to $300,000
Gaming Digital assets, in-game economies, community engagement and virtual worlds. $80,000 to $300,000
Real Estate Tokenized assets, fractional ownership, title management and secure transactions. $50,000 to $150,000
Logistics & Transportation Document verification, insurance claims processing, freight tracking, fleet management. $75,000 to $300,000
Energy & Utilities Renewable energy trading, smart grids, carbon credits management and data transparency. $80,000 to $300,000
Government & Public Sector Identity management, voting systems, public records management, secure data sharing. $150,000 to $1,000,000+
Media & Entertainment Royalty management, digital rights management, content distribution, and fan engagement. $80,000 to $200,000
Non-profit & Social Impact Charitable donations, Supply chain transparency, microfinance, impact investing. $35,000 to $100,000

Cost of Blockchain App Development Based On Geographical Location of the Team

The cost of the development of a Blockchain app would also depend on the location in which the app was developed. The development cost of Blockchain will be different in the USA and India. The difference is cost based on the three main factors:

Standard rates

Local economy

Taxes etc.

Cost of Blockchain App Development

Final thoughts

Budgeting for your new blockchain app venture can be daunting. The cost of developing blockchain apps is often higher than traditional apps because of the immutable nature of the blockchain. Although there are workarounds for building upgradables smart contracts, most users trust blockchain platforms because of the immutability factor. This contributes largely to the increase in development costs.

However, the web3 space is booming and startups looking to build new and exciting projects have a real opportunity to capture the market early and build innovative solutions. Before starting your next blockchain venture, factor in the different blockchain app development costs before you source funds or bootstrap your project. Hiring a trusted blockchain development company is the first step towards your journey.

If you’re a web3 founder looking to break into the blockchain space with your innovative idea, reach out to BlockchainX’s experienced consultants to get started today.

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About Author

Yokesh Sankar

I am Yokesh Sankar. Co-Founder of BlockchainX, My vision and time to offer the best products for our clients without apprehensions at economic rates.

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