How much does it cost to develop your next Blockchain Wallet App?

Off late, Blockchain has been in news and it has been there for all good reasons. The massive adoption of blockchain across the industries has generated curiosity among business owners to adopt blockchain’s mechanism. 

But do you know how business owners can actually adopt blockchain?

The answer is simple: Blockchain Applications. There are several blockchain applications that have been adopted by industries but an application that has aroused the maximum hype are blockchain wallets.

Blockchain Wallets can be defined as digital wallets or e-wallets that can be used to store and manage cryptocurrencies like ether and bitcoin. The major application of a blockchain wallet is to transfer digital tokens for peer to peer transactions without third-party intermediaries.  

Some of the popular blockchain wallets are Mycelium, Trezor, and Coinbase. They are available on your Android and Apple Play store. Apart from these popular wallets, there are many other companies investing in ICO development for facilitating cryptocurrency exchange across their business processes.

As per a popular survey, Financial companies can save up to $12 billion a year from using blockchain. The stat is a standalone example of the missionary power of blockchain. To illustrate further on the application of blockchains primarily blockchain wallets, let go behind the scenes and understand how much does it cost to develop a blockchain-based app?

In this blog, I try to illustrate the features of blockchain wallets and will talk about what goes behind in developing a blockchain wallet app considering the development cost and other factors in the picture?

So, let’s begin!

The first prerequisite of owning a blockchain wallet app is because of your Initial Coin Offering (ICO) or exchange, having a branded and customized bitcoin is very important. So, if have this business consideration, then this is the blog for you to entail your next blockchain wallet app.

Before getting into the cost and fundamental structure of a blockchain app, let’s try and understand the hype around the blockchain wallets and what makes them popular and different from other mobile wallets?

Features of Blockchain Wallet Apps:

Authorization:  It has been considered as one of the major factors when we talk about a digital wallet. In the case of cryptocurrencies, the authorization factor of a wallet is maintained through two-factor authentication through a user sign up form and google’s authentication feature that will add an additional layer of security protocol for transactions.

MultiCurrency Support:  In today’s era, the nature of the businesses is global, and to ease out the process of payments, crypto wallets, bitcoin or blockchain wallets come with a multicurrency support feature to operate transactions among multiple currencies.

Conversion Rate: Crypto wallets allow transactions among different modes and currencies, thus there is a need to update them on real-time currency value.

Push Notifications: Using the push notification feature, the crypto wallets admin will be able to notify the crypto wallet users about the digital currencies price, success, failure, etc. Through this feature, users will be able to remain updated with all of their account activity in real-time.

Paper Wallet Import: A number of mobile wallet app come up with the feature to scan paper bitcoin wallet using QR Code and then add keys in the app’s wallet to perform a transaction.

Transaction Feature: The eccentricity of a blockchain wallet is its transaction feature that allows a crypto user to perform transactions that are 100% hack-proof and speedy.

After going through the advantages of Blockchain Wallet Apps, let’s now move on to the crux of the blog and look into the elements of what goes behind in developing a Blockchain-based wallet app.

Things to be considered before hiring a Blockchain Development Company for your next Blockchain App:

1. Size of the Company

Your app development cost is directly proportional to the size of the company you are committing with for your next app development. As per the industry standards, there are three types of companies cap- small, medium and large. If we go by the industry standards, stats and trends, companies are mostly opting for a mid-sized app development company. The reason is simple the costs involved in a medium-sized company is far less than a large enterprise and it comes with an assurance of quality which makes it the most preferred choice for companies.  

According to a recent study, there have been some prominent figures that have come out:

• Working with a large app development company with an average team size of 3000+ experts will cost somewhere between $4500 to $15,00,000.

• Working with a mid-sized app development company with an average team size of 1000 (approx.) will cost somewhere between $25000 – $2,00,000.

• And when it comes to the small sized companies with a team 10-50 experts, it may cost you around $2000 to $25,000.

Though the costs are just an estimate, your next blockchain app development cost will depend on major other factors which I will discuss in the pointers below. 

2. The App’s Complexity: 

Every business is different so as the requirements and the complexities involved while developing an application. With Blockchain’s scope of business, you need to design the wireframe of your application involving the complexities and mechanism involved in developing the application. This would give you an idea about the incurring prices in developing the app as per the complexities involved.

3. Consensus Mechanism: 

Blockchain runs on a mechanism that authenticate transactions. According to your requirements, you can choose the mechanism as there are options in it. For example, Bitcoin works on Proof of Work. There are many other with whom you can go for like Proof of Stake, Proof of Elapsed, Delegated Proof of Stake, Federated, etc. Before going forward with any of these mechanisms, you should always look out for what suits your business.

4. Platform:

Don’t you have the basic knowledge of what it takes to develop a Blockchain application. Don’t worry, these Blockchain Platforms can help you in building applications with ease. The most preferred platforms are Quorum, Hyperledger Fabric and BigChainDB. Before choosing any of them, you must determine which app will help you meet the goals of your business.

5. Stack

With every platform, there are some set of tools and languages that these platforms provide. Before picking any one of them , you must consider the pros and cons associated with each of them and decide which one will work best for you?

So, after these hefty considerations, l hope it clears your major concerns while you choose your next Blockchain Development Company.

Conclusion

In the blog, I have tried to cover all the major points that we can think of while thinking to develop a blockchain application. There are several blockchain app development companies but you have to be confined with the best choice. Choose what fits the bill and as per your requirements.

Monetary and budgeting should be kept in mind while choosing your next blockchain development company. Though, I am not able to conclude the strategic pricing of a blockchain app as it involves a lot of factors that has been discussed above. You have to choose as per your discretion before building and choosing your next blockchain app development company.