Kingdoms without kings: why do blockchain apps attract users and how much will it cost to build one?
You couldn’t help but have definitely heard how dramatically the Bitcoin cost was changing: dipping below $15,500 in November of 21 and soaring above $65,000 at the same time. Such jumps are common for the most famous cryptocurrency. And while some people refer to this type of asset with superstition, others try to play the game by growing their savings or counting losses.
What attracts people to risky investments? Bitcoin has a controversial reputation. On one side, it works on the blockchain. This technology presupposes that all transactions are clear and transparent, and there’s no place for human mistakes in accounting. The system itself controls that no fraud could deny transactions or change any data. That empowers cryptocurrencies to look like a reliable fiat money replacement. Most holders use Bitcoin in the retail segment, not as an investment, Statista states. The independence from state political institutions also contributes to the increasing popularity of such digital riches. Since there is a limited quantity of coins that can be exhausted by 2040, the risk of inflation, familiar to fiat money, caused by printing new and new banknotes is excluded. On the other side, there’s an opinion about Bitcoin as another bubble. Since the wallets belong anonymous, there’s the opportunity for the lion’s share of assets to belong to a few people.
No matter how it was, Bitcoin has made blockchain technology well-known and recognized. Though the reputation of blockchain is tied to cryptocurrencies, there’s a huge range of business fields where it can be implemented. And if you’re wondering what a fair blockchain app development cost is, Purrweb’s explanation will clear up the question. The guys explored the issue and highlighted the nuances impacting the value of the services, its timelines, and the average budget.
What are the upsides of blockchain app development?
Many governments consider creating services on blockchain since the technology facilitates rapid and secure automation of many procedures completion: signing documents, registering deals with real estate, personal medical information storage, etc. As you see, constructing an e-wallet isn’t a single possible solution. It’s just the most requested service since the interest in the opportunities of cryptocurrencies is growing.
But when we are talking about blockchain app development, it doesn’t boil down to financial platforms. Service for doctors and patients can be designed as a decentralized app, a platform for document flow with tools for signing, data cloud storage or online game, and any other solutions that can be performed.
Digital entrepreneurs often see in blockchain app development something too sophisticated and hard. And though this type of software requires specific knowledge, there’s nothing supernatural. The app looks as the other apps do, the only distinction is how it’s organized the server side. Instead of a centralized server, the product will work by exploiting peer-to-peer network devices.
Three significant nuances of blockchain app development
Before you start searching for a contractor, it makes sense to articulate clearly the key concept of the service and sort out the operating systems it should be suitable for, the type of blockchain implemented in. Take into account some nuances when planning the app.
- If you’re dreaming of a sought-after solution, make interaction with a user enticing and effortless. Similar to other solutions, blockchain app development promises to be purpose-achieving when it is leaning on the forwarding UI UX design principles: simplicity, comfortableness, unambiguity, and a high level of customization.
- Don’t neglect security issues either. Two-factor authentication is a must-have when it concerns products with sensitive data. It can protect service from undesirable intervention. As for hacker attacks, professional maintenance is a way to stand against digital pirates.
- Pay attention to legal compliance, especially if the service is honed for work in various locations. Every state has its own legal requirements for the solutions working as decentralized services. In some countries, cryptocurrencies can be forbidden but the technology of blockchain is adopted for other directions of business: research the issue and receive all the necessary licenses, certificates, or any other documents if it’s required.
How to provide security of the app
Let’s talk in detail about how blockchain app development provides reliability and safe storage of data. There are three conditions that facilitate deeper protection of the platform.
Encryption
Using a ciphering protocol for any piece of data: all the records and transactions are kept and transferred in an encrypted format.
Authentication
Face ID, fingerprint ID, complex paroles, codes, and SMS are the ways to prevent fraud invasion in the app. The Purrweb experts recommend implementing two-factor authentication as a minimum when you’re devising a product on blockchain.
Regular updates, professional assistance
Don’t leave the service without necessary attention: adding updates, making sure all defects are remediated, and regular support provide top-level functioning of the app.
The cost of blockchain app development
When you’ll try to figure out what affects blockchain app development cost, you’ll see that it predominantly depends on three things.
The complexity of the task
The more conventional the product is, the easier it can come true. As for innovations, some of them require unique competencies, and since there’s a lack of highly qualified IT experts specialized in the niche in the market, their hiring can be costly.
Location of the team
How much the agency will charge for blockchain app development often depends on its geographical coordinates: US residents can ask sums 5-7 times higher than their colleagues in the Philippines or Thailand.
The technology adopted for the project devising
If you create a platform for multiplatform users: PC, iOS, Android, cross-platform framework saves the situation. Because of reusing code, enables you to save up to 35% of the budget on the decentralized service.
The average price of the app at Purrweb spins around $95,000. But any solution is different, and if you want to estimate the product realization, make a quote with your technical specifications.
Conclusion
High demand and the lack of true experts define the landscape of the industry: qualified work can’t be cheap. And if you’re accounting to receive excellent results at an adequate price, combine smart outsourcing with relevant technology selection and wisely prioritize the features for the initial variant of the app. Don’t hesitate to ask for expert consultation on the preliminary stage if you feel you have any misconceptions about how the product can work.
The analysts forecast that by 2028 blockchain market segment will expand by 82%. How timely a decentralized service can become doesn’t need commenting.