Cost of a block chain solution depends on a number of factors. I have cited a few major cost influencing
App features is a very broad term which encompasses many critical factors of the solution and
directly adds on to the total cost of solution.
Factors which are included under the category of app features are
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.
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.
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.
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.
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.
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.
As the name implies, the solution relies on crypto currency for performing. This comprises DApp, wallets, crypto-exchange solutions and ICO (Initial Coin Offerings) with DApp (Decentralized Application) solutions. These solutions need secure digital wallets for storing, sending and receiving crypto currencies referred to as Crypto Wallet. Crypto Exchange empowers users to convert and trade crypto currencies in a centralized, decentralized or hybrid environment.
These solutions are independent of crypto currencies and are based on distributed ledger systems. Similar solutions find the majority of applications in supply chain and related domains.
Nature of block chain networks- whether the network is private or public, level of decentralization, number of users and smart contract development are other factors which can bring in significant differences in cost.
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