Blockchain Development Guide for Business Owners
The blockchain is a decentralized, immutable ledger of transactions that can be programmed to record financial transactions and virtually everything of value. This means it can potentially change how we do business and interact with each other in ways that are still hard to imagine. But while the technology itself may be complicated, its impact on society could be profound and far-reaching.
This article introduces you to blockchain development basics, how much it costs, finding developers, and where to look for them.
1. What is Blockchain, and why should you care about it?
To understand blockchain, you first need to understand how it differs from a standard database.
A database stores information in an organized format. Blockchain takes records and makes them public for everyone to see. Every block contains a complete history of all transactions that occurred before it. Every chain is immutable (meaning that once the data has been recorded, it can never be erased). This is an excellent way to keep track of things.
Read our article about Blockchain to learn more about this new technology and how it could benefit your business:
2. How can Blockchain be used in your business?
Blockchain isn’t just for cryptocurrencies, smart contracts, and other financial products. It has potential uses in every industry.
- Medical records management where complete patient history can be used to improve diagnosis (and reduce time spent waiting for test results).
- Personal identity verification that doesn’t rely on flimsy ID cards.
- Industry-wide supply chain monitoring can track products through their life cycle, which is useful for food safety and reduces the risk of counterfeit goods entering the supply chain.
3. Why should you invest in Blockchain development now rather than later?
A range of industries stands to benefit from blockchain development over the next few years. The Bank of England, for example, has published a report suggesting that distributed ledgers could reduce banks’ infrastructure costs by as much as billions a year.
So you should do some work now to determine whether your industry can use blockchain technology and what that might look like. Suppose you have the opportunity to invest in blockchain development now. In that case, it could be a smart move for your company’s bottom line.
4. Technologies used in Blockchain development
Three main technologies power blockchain development. They are:
Data storage - how the data is stored, accessed, and verified on the blockchain. There are a few options for data storage, including decentralized cloud storage platforms like Storj and Swarm. Or you could use tools built on top of blockchains, such as BigChainDB.
Cryptography - Blockchain uses strong cryptography to protect data securely stored on it. A range of cryptographic tools is available based on public key infrastructure (PKI). With PKI, all participants have a private key and a public key. The private key is known only to you, while the public key can be distributed to everyone.
Consensus - this is a way that multiple nodes can agree on the state of a blockchain, for example, when a new block is added onto the network. There are several consensus protocols in use today - proof-of-work (PoW), proof-of-stake (PoS), and delegated proof-of-stake (DPoS) are the most widely used.
Programming Languages Used in Blockchain
If you want to learn more about programming languages for blockchain, visit our article on Which Programming Language Is the Best for Blockchain.
5. How much do Blockchain developers make
Blockchain developers are often better compensated than other developers because there’s so much demand for their skills right now. But this can vary quite significantly depending on the technology stack you use (as per the point above).
For example, a blockchain developer with Java experience can expect to earn more than a blockchain developer without Java skills.
The average blockchain freelancer hourly rate ranges from $50 to $250. This is a relatively new field, so the rates could go up or down as more people enter the market. However, given the high demand for blockchain developers, it’s likely that the rates will continue to stay high.
6. How much does it cost to create a Blockchain project
The costs vary considerably depending on the developers, project requirements, and type of blockchain development you want.
Another factor that can impact the cost of blockchain projects is the location of the developers. For example, in the United States, the average price for blockchain development is around $150 (in some cases even $250) per hour, while India can be about $50 per hour. This can be due to several factors, including the cost of living and the availability of talent.
On average, developing a decentralized blockchain app can cost anywhere between $50,000 and easily go above $1 million. For more complex projects, the price may vary substantially.
7. How long does it take to develop a Blockchain project?
The time needed to develop a blockchain project can vary greatly depending on the factors involved. Some of the main considerations include the programming language used, the complexity of the project, and the number of features required.
Our research suggests that you should expect blockchain development projects to take anywhere from 4-8 months on average, depending on the technology stack you use or the number of features required.
Generally speaking, blockchain development projects tend to take longer than traditional web or mobile app development projects. This is because the technology is still relatively new, and there is a lot of demand for blockchain developers. However, as the technology evolves, the development time will likely decrease.
8. Is it hard to find Blockchain developers?
Yes, blockchain developers are in high demand. Suppose you want to hire blockchain developers for your project. In that case, you’ll need to do some careful planning and look at potential locations where they can be found (e.g., United States, India, or Eastern Europe).
The high demand for blockchain developers is because this technology is still in its early stages. As more and more businesses adopt blockchain technology, the need for skilled developers will continue to increase.
Blockchain development is a complex process, so it’s important to find developers who have the experience and skills necessary to get the job done. By planning ahead and doing your research, you can find the perfect blockchain developer for your project.
If you are looking for blockchain development services, don’t hesitate to contact us. We have a team of experts that will be happy to help you with your project.
9. How do I find Blockchain developers?
You can find blockchain developers on freelance websites like Upwork, Freelancer, and Fiverr or through referrals.
Suppose you want to hire blockchain app development services. In that case, it’s also possible to work with an agency (e.g., cost-efficient) but make sure they have the skills needed for your project.
Some things you may want to check in a blockchain developer’s portfolio include:
- their experience with different programming languages
- their experience with blockchain technology
- whether they have worked on any successful blockchain projects
- what kind of feedback they have received from past clients
By checking a blockchain developer’s portfolio, you can better understand their skills and experience. This will help you determine whether they are the right fit for your project.
If you’re looking for blockchain development services, don’t hesitate to contact us. We offer blockchain design, development, and services to bring blockchain projects to life.
Thank you for reading,
Radek from Duomly