How Much Does It Cost to Build a Blockchain Project ?

• Consensus mechanism

All block chain solutions use a mechanism to allow the members to authenticate transactions like Proof of work, Proof of stake etc. There are many other key elements also to be taken into consideration like user permissions, key management and structure, signature etc. It’s one of the key parts of block chain solution and choices should be done with caution for successful implementation of the solution.

• Selection of platform

There are more than 25 block chain platforms available in the market and each of these platforms has its own advantages and limitations. Yet again, it’s an important decision to make and wrong selection might lead to improper working of the solution or additional cost being injected.

• Stack- Programming languages and tools

Once the selection of block chain platform is made, along with it comes selection of programming language and associated tools. With selection of platforms, choice of stack is narrowed down and we will have limited choices to make. In most cases it’s the choice of the developer to make the choice of the programming language and tools.

• API- is the solution prebuilt or customized

If our solution matches with a prebuilt application programming interface we will be able to save on the cost. In case, the interface has to be customized it will add to the cost.

• UI / UX of the solution

Once the backend solutions are finalized, the next step is to create a UI and admin console. The developer can decide the front end programming language, servers and external databases for the app development process.

• Proof

Since the block chain is still in its nascent stage of application it’s highly recommended that we follow the approach of Minimum Viable Product (MVP) development. Once a workable solution with core features is prepared, it’s tested and launched.