How Much Does It Cost To Develop Blockchain Apps?
Blockchain is the most trending technology that is gaining the attention of the banking, finance, and Fintech industries. Companies across these businesses are investing in Blockchain app development to deliver highly secured financial services.
On the other hand, investment apps and stock trading apps have also infused the power of Blockchain technology and made end-to-end stock buying or selling functionalities more secure. Customers and investors too can reap the benefits of Blockchain-enabled mobile apps in terms of data protection and encrypted transactions.
If you are looking to hire Blockchain app developers for the design and development of a highly secured and user-friendly Blockchain mobile app (Android/iOS), this article would be your guide.
Herein, we have listed the top benefits of Blockchain application development, the step-by-step process of Blockchain mobile app development, and a session about the cost of Blockchain app development.
Firstly, let’s look at the top benefits of a Blockchain app.
Top Benefits Of Blockchain App Development
#1. Process Security
Blockchain, the name itself says that it blocks the chains and not letting an intruder hack or break the chain. As the technology involves maintaining every transaction in a decentralized distributed database, data editing or hacking is impossible for hackers and not even possible for admins.
Hence, Blockchain implementation in mobile app development guarantees security and protects confidential data from being hacked.
#2. Data Security
It is another top advantage of the integration of Blockchain technology in business apps. Since Blockchain uses an immutable and complex digital ledger system, the central server will authenticate the user identity and gives access to the data to retrieve and view.
Hence, Blockchain application development facilitates advanced storage and broadcast of data over a secured network.
#3. High Transparency
Blockchain technology is greatly impacting the mobile app development industry. Its impact on finance app development, FinTech app development, or banking app development is high.
Safe and reliable transactions and transparent processes are increasing the popularity of Blockchain technology in app development.
Blockchain-powered Android and iOS mobile apps for banking, finance, and FinTech businesses are enough capable to trigger events and send immediate alerts to app users. Such automated alerts will assist users in knowing what is happening to their accounts and being aware of fraud.
#4. Makes The Process Faster
In addition to security, transparency, and privacy, Blockchain technology empowers Android or iOS apps to process users’ requests faster. It will save users time and increase their app experiences.
#5. Automation Prevents Third-party Involvement
Blockchain and Smart Contracts are other best combinations to ensure superior-level automation without giving chances for any violations. It is the best approach that can be implemented in investment or supply-chain management apps.
Using smart contracts, Blockchain technology automates the execution of an agreement process between buyer and seller without involving any third parties. It will increase the level of security and privacy throughout the process.
Top Use Cases and Applications Of Blockchain Technology By Industry
Along with banking and Fintech, many industries benefits from Blockchain application development. Now, we’ll look at how enterprises across various business verticals make their processes faster and more secure using Blockchain applications.
Real-world applications of Blockchain in banking and finance
- Optimize operational efficiency
- Automate the banking and finance processes
- Reduces process delays
- Improves reliability
- Tamper-proof recording of transactions and other financial data
- Secure and faster international money transfers
- Faster payments and trade of digital currency
- Automation in the settlement of domestic or international agreements
Blockchain Integration Benefits In Healthcare apps and systems
- Blockchain-enabled healthcare apps for data traceability
- To be compliant with regulatory guidelines
- Blockchain helps healthcare companies in storing and securing patient’s health data
- Blockchain-based healthcare apps ensures quick data sharing through a highly secured cloud platform
- Blockchain apps prevent fake transactions
Benefits Of Blockchain apps for Supply-Chain and Distribution
- Improves end-to-end supply chain visibility
- Streamlines entire warehouse management and distribution processes
- Automates deals and sales agreements through smart contracts
- Reliable process and boosts business relationships
Blockchain advantages in insurance apps development
- Blockchain and smart contracts prevent paperwork in processing claims
- Blockchain-based insurance apps optimize dual workflows and ensure speed and efficiency throughout the process
- Reduces fraud and misuse of confidential data
Like these, every industry is witnessing certain sorts of benefits by implementing Blockchain in their software applications and systems.
Recommend To Read: Blockchain In FinTech: Is It A Future For FinTech Apps Development?
If you are in plans to invest in blockchain development, you are in the right zone now. Before starting the development process, you must know about a few cost-impacting factors of Blockchain-enabled mobile application development.
Here we go!
Key Impacting Factors Of Blockchain App Development Cost
Estimation of Blockchain App Development Cost is a quite complicated process. As it is in an early stage of evolution, Blockchain app development is expensive. The cost of developing a crypto wallet application, or a banking solution will depend on various factors like app platforms, size, design complexity, technology stack, type of Blockchain app, and app development platform.
Moreover, the hourly rates of Blockchain developers and their team size will also impact on the actual cost of a Blockchain app.
By considering all these factors, the average cost of Blockchain app development will fall from $20,000 to $170,000.
However, based on the type of Blockchain application the cost factor will vary. For instance:
- The cost of a cryptocurrency exchange app will range from $40,000 to $100,000
- The developing cost of a Decentralized finance app will be around $35,000 to $90,000
- The estimated cost of a Blockchain-based online platforms or NFT marketplace apps development needs $50,000 to $150,000 budget.
- The total cost of developing a stock trading mobile app will be $25,000 to $55,000
- The cost of Blockchain-enabled investment apps can reach nearly $70,000 and above.
Apart from all these factors, the cost of Blockchain development will also be greatly impacted by the industry experience and location of the mobile app developers you hire. A mid-level app development agency might charge less than a company that has years of proven experience and a strong presence in multiple nations.
Hiring a Blockchain app development company in India is better than hiring Blockchain developers from the USA and Canada-like regions. Because the cost of app development services will depend on the country you choose.
For instance, mobile app developers in the USA will charge $100-$150 per hour whereas the application development agencies in India will charge below $90. Since Blockchain like modern and cutting-edge app development needs huge experience, give priority to quality than budget.
Hire a top Blockchain app development company In India!
Final Thoughts
Blockchain apps, such as investment apps, stock trading apps, and digital currency exchange apps are in trend now. People are mostly adopting these types of secure apps to fulfill their investment desires.
With reliable money transactions, 24*7 content accessibility, and high data security as core benefits, Blockchain is now the focal area for businesses across industries. Whether you develop a B2B Blockchain app or a B2C Blockchain application, the technology delivers outstanding performance and stunning results to both users and businesses.
Let’s discuss your Blockchain idea and get a free development quote!