The present-day scenario is rightly defined as an era of a cashless economy. We seldom carry out any transactions using cold cash; instead, we stick to digital payments done mainly by mobile phone apps.
With the technological advancements creeping into the industries with every passing day, business owners are developing blockchain wallet apps in large numbers to get blockchain benefits for different industries.
Let’s have a look at how the industry is adopting Blockchain.
As per some reports, the global blockchain technology market is estimated to accumulate $20 billion in revenue by 2024.
According to Statista, there are over 70 million registered blockchain wallets.
As per the Gartner CIO Agenda Survey, 60% of CIOs across sectors are on the verge of integrating blockchain into their infrastructure.
Blockchain Wallet App – The Technological Advancement
There is no hidden fact that people are going all crazy about cryptocurrency, and in particular about Bitcoin in general. Hence, there is the immense popularity of the whole concept, and along with this comes the blockchain wallet apps, which many companies have been eyeing for years now.
Research claims that financial companies can save billions in a single year using a Blockchain Wallet App, which is the primary reason behind them taking to the development of these apps in large numbers.
Along with all this are the added security and the blockchain system’s features that benefit the users. No wonder why all the companies are longing to develop blockchain wallet apps.
But the main question arising in the minds of the company owners is how much does it cost to develop a blockchain wallet app?
The answer to this question is not very simple, as the cost of blockchain app development depends upon various factors.
However, here are some tips that you can keep in mind while developing a blockchain wallet app. These tips will give you an approximate idea about the price involved in blockchain app development, and you will also realize how you can control it.
1. The company and its size
Like different brands have different price ranges, so do the different development companies, as they have different price ranges for the same app. Therefore, you must do thorough market research to ensure you choose the right company that suits your business goals, requirements, and your budget.
The answer to “How Much Does It Cost To Develop A Blockchain Wallet App?” also depends upon the company’s size. Conventionally the companies are divided into three groups- large, medium, and small.
If you choose a large company for blockchain app development, the price will be fairly large, but you will surely have a reliable app owing to the company’s image.
On the other hand, if it is a small company, the price charged will be comparatively lower, but the quality cannot be promised either.
This is why it is advised to go for a medium-sized company that has a reputation comparable to that of a large company and the prices compared to that of a small company.
2. The features and the complexity of the app
This is one of the basic factors determining the cost of developing the blockchain wallet app. You must consciously and vividly define the wire framework of the app in such a way that it has enough complexity and features to ensure it is running smoothly and provide an easy interface for the users.
At the same time, you should not make it over-complicated that the users are perplexed. Remember that as an app’s sophisticated features and complexity increase, so does its price. You can also refer to a guide to blockchain digital wallets for any clarification and knowledge regarding the cost.
3. Platform for app development and execution
You must choose the right platform with the help of experts where your blockchain wallet app will be developed. The common and best bitcoin wallet app developing platforms include BigChainDB, Hyperledger Fabric, and Quorum- each possessing their own set of characteristic features and, in turn, has different prices.
If we consider the platforms on which the app will run- The blockchain wallet app can be developed for three platforms: iOS, Android, and the Web.
4. Technology Stack
The cost to recruit the best bitcoin wallet apps designer is straightforwardly proportional to the tech stack that is utilized in the application development process. Applying the right technology principles is an unquestionable requirement while fostering a powerful and advanced bitcoin mobile app for cryptocurrencies.
Making a bitcoin wallet application is somewhat unique in relation to other standard applications. The app designers and developers should know about the details and technicalities and regarding the framework that works prior to putting resources into this sort.
Apart from the technology to be used, the cost factor also depends upon the goals you may have in mind for your business, the number of members involved in the team that will work on the development of the software and the features that you would like to incorporate in the software.
Keep in mind to be clear about your goals and expectations (you can take expert advice in this respect) before you reach out to any company to develop your blockchain wallet app. Also, make sure to refer to a guide to blockchain digital wallets for a clear understanding of the scenario and the cost factors.