If you are willing to start a new blockchain project, there must be several questions in your mind, but one of the most crucial ones is likely to be, “How much does blockchain development cost?”
Well, we couldn’t give you a precise figure for that! The truth is that the development cost for a blockchain project varies based on several factors, such as blockchain type, project scale, technology stack, features and complexities involved, and much more. Thus, we need to consider all these parameters to cite an accurate project estimate. To help you with this, we will break down all the factors that could help you better evaluate the blockchain development price as per the 2024–25 market.
In this article, we will discuss:
- Key Statistics On Blockchain Technology
- Cost Breakdown By Blockchain Agency Size
- Blockchain Development Prices Based On Project Complexity
- Cost Based On Blockchain Implementation Process
- Blockchain App Development Cost Based On Application Types
- How Do Blockchain Development Prices Change As Per The Industries?
- Final Conclusion
Let’s get started
Key Statistics On Blockchain Technology
As the world is discovering the transformative caliber of blockchain technology, there has been significant hype in the adoption of blockchain solutions. Let’s look at some statistics to understand the impact and scope of blockchain solutions:
- According to Buy Bitcoin Worldwide, around 2.8% of the total population around the world is already trusting and using blockchain solutions.
- By 2030, the global blockchain market is expected to be valued at a massive $1,431.54 billion.
- As per Statista, there were around 81 million worldwide blockchain wallet users in 2022, which is a drastic increase from 2021.
- The BFSI sector leverages blockchain technology the most and is expected to have the largest market share in the future as well.
Source: Fortune Business Insights
Cost Breakdown By Blockchain Agency Size
Blockchain development companies are typically classified into three categories based on their size: large-size enterprises, medium-size agencies, and small-cap blockchain development companies. Furthermore, companies falling into one of these specific categories charge differently than the other two.
Large-size companies:
Considering large companies at first, they have high-cost estimates for their blockchain development services and are very selective in regard to the projects they work on.
Medium-cap agencies:
Whereas, medium-cap blockchain agencies charge reasonable prices for their services and have a large team to handle the projects with great precision and massive expertise.
Small-scale agencies/freelancers:
Although small-scale companies or freelancers charge a lot less, they usually lack the skill set and technologies to handle complex blockchain development projects.
Thus, it is advisable to work with medium-cap blockchain agencies like Webcom systems to get premium services at a reasonable cost. Here is the cost difference that comes between the different blockchain agency sizes:
| Type of Developer | Team Size | Cost Range |
| Freelancers or small-scale agencies | <50 experts | $2,000 to $20,000 |
| Mid-size development companies | 800-1000 experts | $30,000 to $400,000 |
| Large-cap development companies | 2000+ experts | $400,000 to $600,000 or more |
Blockchain Development Cost Based On The Blockchain Type
There are various types of blockchain available, and the one you want to integrate has a significant effect on the development charges. Here are the unique characteristics of different types of blockchain development:
Private Blockchain
A private blockchain is not accessible to everyone, and only authorized parties can access the network. Mostly, big enterprises, specific organizations, and institutions use private blockchains for their private operations. The most common examples include Hyperledger, R3 Corda, IBM, and more.
Public Blockchain
As the name suggests, a public blockchain is open and can be accessed by anyone. The purpose of public blockchains is to bring transparency, tamper resistance, and immutability to the operations. The most common examples include: Bitcoin, Polygon, Monero, Ethereum, etc.
Hybrid Blockchain
Hybrid blockchain has the characteristics and functionalities of both private and public. With the right balance, companies can leverage both blockchains, combining the control of private blockchains with the transparency of public blockchains. Examples: Quorum, Energy Web Chain, etc.
Custom Blockchain
Custom blockchain is tailor-made from scratch as per the specific business needs. Thus, the parent organization gets a complete overview of design, functionality, etc. The most common examples include: AntChain, sawtooth, etc.
Now the cost difference that comes between the four blockchain types looks like this:
| Types of Blockchain | Development Cost |
| Public Blockchain | $15,000 to $50,000. |
| Private Blockchain | $25,000 to $70,000 |
| Hybrid Blockchain | $40,000 to $100,000 |
| Custom Blockchain | $100,000+ |
Blockchain Development Prices Based On Project Complexity
Every blockchain project is unique! Even when creating similar blockchain solutions for two separate businesses, the complexity and requirements can vary significantly based on their specific goals and operational needs.
Project’s Goal
Understanding the project’s goal is extremely important! According to the problem that the blockchain development solution must address, it represents technical architecture, features, and a general development process that must be followed.
Consensus Mechanism
The consensus mechanism, like proof of stake or proof of work. They aid in delivering security and efficiency to transactions.
Essential Elements
Just like the consensus mechanism, there are some other elements that aid in building a powerful blockchain solution, such as user permissions, key management, asset issuance, etc.
Platform Choice
There are numerous blockchain platforms, such as Ethereum, Quorum, OpenChain, Tezos, etc., and choosing the right platform is important to meet the project goals.
Technological Stack
Blockchain’s technological stack, including languages, decides the development process and impacts the total cost. IPFS/Filecoin, Whisper, Truffle Framework, OpenZeppelin, MetaMask, Geth, Ganache, and Remix, etc are commonly used blockchain technologies.
API Integration
Although many pre-built APIs are cost-effective, it is recommended to use the custom APIs for better functionality.
UI/UX Design
Opting for the right front-end tools can lead to building a highly intuitive UI and admin console for a user-friendly interface, delivering a better user experience.
Check out the cost breakdown of blockchain projects based on their complexity levels:
| Complexity Level | Estimated Cost Range | Time Frame |
| Low | $30,000-$70,000 | 3-5 months |
| Medium | $70,000 – $150,000 | 6-8 months |
| High | $150,000 – $350,000 | 9+ months |
| Enterprise-grade | $350,000+ | 1+Year |
Cost Based On Blockchain Implementation Process
Here is a breakdown of the average cost of implementing a blockchain project:
| Phase | Average Cost |
| Consulting | $5,000 and $15,000 |
| Designing | $10,000 and $30,000 |
| Development | $15,000 and $100,000 |
| Quality Assurance | $8,000 and $20,000 |
| Deployment | $10,000 and $25,000 |
| Maintenance Cost | $5,000 to $20,000 |
Let’s understand each phase of implementing a blockchain project:
Consulting
Consulting includes a basic understanding of project needs, finding the best blockchain solutions, and building a robust strategy for correct implementation by professional blockchain consultants.
Designing
Under the designing phase, blockchain developers develop customized interfaces for the blockchain project, as per the approach shared by the consultants.
Development
A team of developers code for the blockchain solution to include all the desired functionalities and features using the right technologies and platforms.
Quality Assurance
In this phase, QA experts check the practicality of the developed solution through testing and inform the development team about concerning threats or bugs.
Deployment
The deployment phase involves implementing smart contracts, configuring servers, assembling infrastructure, etc to successfully launch the blockchain solution.
Maintenance
Provide ongoing maintenance and support to keep the blockchain solution operational at all times through regular updates, bug fixes, etc.
Blockchain App Development Cost Based On App Types
Although blockchain technology made its way through cryptocurrency, today its applications go beyond that. Blockchain technology can be used to create decentralized finance (DeFi) apps that aid in streamlining financial transactions. Also, it can be employed for developing the NFT Marketplace, offering a secure and decentralized space for non-fungible tokens for digital asset trading. Blockchain also supports gaming Apps for blockchain-based rewards, voting platforms aiding transparent elections, and many other apps. These blockchain-based applications have their own features and development costs. Here is the blockchain app development cost breakdown that you should know:
| App Type | Cost Range | Key Features |
| NFT Marketplace | $50,000 – $125,000 | Token minting, user profiles, auction systems, trading features, security audits, payment processing, wallet integration, etc. |
| Decentralized Autonomous Organization (DAO) | $20,000-$30,0000 | Governance tokens, community voting, smart contracts, Treasury management, and more. |
| Decentralized Exchange (DEX) | $80,000-$220,000 | Multi-chain compatibility, liquidity pools, wallet connectivity, staking, multi-currency support, and more. |
| Voting Platform | $50,000-$100,000.0 | End-to-end encryption, voter authentication, anonymous voting, auditable results, result tracking, etc. |
| Decentralized Finance (DeFi) App | $70,000 – $150,000 | Smart contract automation, staking, lending, yield optimization, liquidity pools, and smart contract integration. |
| Gaming App | $60,000 – $160,000 | Rewards, asset ownership, secure transactions; user profiles; etc. |
How Do Blockchain Development Prices Change As Per The Industries?
The cost of blockchain development varies depending on the industry it will serve. Here are the industry-specific cost estimates for blockchain solutions:
Financial Services: Cost Range- $50,000- $200,000+
Blockchain technology aids in streamlining, securing, and efficiently executing transactions for industries in the finance sector. These businesses often need wallet integration, platform compliance with AML and KYC regulations, and smart contract development that increases overall project cost.
E-Commerce: Cost Range- $60,000- $300,000+
Developing a blockchain e-commerce solution improves and secures the business process and aids supply chain management. The majority of features, such as loyalty programs, payment processing, data management, and so on, are integrated into the developed platform, increasing the development cost.
Real Estate: Cost Range- $40,000- $100,000+
Blockchain-based smart contracts are utilized for record-keeping and the automatic execution of predefined agreements. Title management, property tokenization, and other features may be required for developed real estate solutions, which influence total expenditure.
Supply Chain and Logistics: Cost Range- $40,000- $250,000+
Blockchain technology for supply chain and logistics delivered transparency in operations and better traceability of goods. The decentralized ledger of these blockchain applications is used for record-keeping and validating the authenticity of products. Blockchain app development cost in this industry is influenced by the amount of data stored and the integration of advanced features such as real-time tracking, inventory management, etc.
Healthcare: Cost Range- $30,000- $100,000+
Blockchain development for the healthcare industry allows automating workflows, safe data recording, checking the integrity of medications, and much more. Most healthcare facilities demand custom blockchain solutions to meet their specific security, compliance, and efficiency needs, which determines the exact development charges.
Final Conclusion
Blockchain development cost is influenced by several elements, each playing a specific role in determining the final price. To effectively manage development costs, it is essential to have a clear scope for the project to get accurate pricing and avoid unnecessary expenses.
Webcom Systems is a leading blockchain development company with ample experience, a skilled team, and the latest technology stack. We can help your business leverage blockchain technology at the most competitive price. Get in touch today to get a customized blockchain app development cost estimate for your project.
Recommended Read: How Blockchain Solves Data Privacy and Security for Businesses?
