How Much Does It Cost to Build a Blockchain platform?

 Blockchain is catching wind day by day. Endorsements from various leading business tycoons like Microsoft, Starbucks, etc have already increased the bitcoin’s credibility.

According to recent research, the worldwide investment in blockchain platforms will hit the mark of $11.7 billion by 2022. Seemingly, various business enterprises and entrepreneurs are looking towards bitcoin solutions as an astonishing business opportunity.

If you’re also looking to hire a Blockchain Development Company but confused about the cost. This quick guide will help you to determine the cost to build a blockchain platform.

Components that affect the cost of a Blockchain platform

The cost of a blockchain project varies on various factors like platform functionality, type of blockchain, and the technology stack.

After analyzing the development phases and other factors, our experts have estimated the cost that a Blockchain Development Company charges to build a blockchain project.

Development Phase

Cost distribution to build a blockchain platform

The development of a blockchain platform includes multiple phases, some of them are given below:

• Graphic Designing/ UI designing: This phase includes the cost to build UI, wireframes, responsive designs, etc
• Development: Blockchain Developer cost and software testing
• Deployment: The blockchain deployment on DevOps, Cloud platforms, etc
• Schema migration: shiting the database to the blockchain platform
• Maintenance: Bug-fixing and software testing for different OS
• Software updates: Algorithm updates, UI updates, or deployment of some additional features
• Third-Party Tools: Hosting, Storage, etc
• Smart Contract: The cost that a developer has to pay to deploy a smart contract in the blockchain.

Let’s come to Third-party tools that your blockchain platform will need:

• Database Storage: There are various third-party tools that provide database storage services, for example, Amazon Web Services charges $100 to $1000 for storage, delivery, and computing (on the total users).
• Bug tracking tools: Tools like Instabug charge between $10 to $100 per month for live bug detection.
• System downtime: Uptime robots notifies for system unavailability at the price of ($10 to $50)
• Software analytics: Softwares like Flurry provides smart data analytics for $150
• Cost: Project Management

While developing a blockchain platform, the cost of project management includes factors such as code of conduct and expenses of resources for the completion of daily tasks, etc. A Blockchain Development Company may require software to monitor the flow of daily tasks and employee performance.

• Cost: Integration tools

There are tools like Bitbucket and Github that developers use to confirm whether their written code works properly with the code of other developers in the team. These tools help in determining the success of code integration.

• Cost: Maintenance

As this blockchain technology is still rolling in the market therefore constant maintenance is required to check whether your blockchain platform requires any new update, Ui-update, bug-fixing, privacy updates, etc. The maintenance phase may add up to 15%-25% to the overall project cost.

Why hire blockchain developer India?

Nowadays, various European and US companies are stepping forward to hire blockchain Developer India because the west-side is flooded with amateur developers that failing to meet the high-quality demands of software development.

Whereas, India is a shore of exceptional talent, especially in the IT sector. There are various outsourcing companies that boast highly skilled developers with the capability to deliver top-notch blockchain projects without spinning any additional costs.

The ability of resource allocation, time management, logical thinking, makes India the first choice for blockchain development. Moreover, the Indian developers are the most highly funded developers in the world.