Blockchain app development is a highly demanding trend today. Hence, development companies are looking for experienced developers who are familiar with this technology. However, the cost to hire blockchain developers is high. Undoubtedly, the world of technology never ceases to amaze us, and the rate at which it progresses is astounding.
The technology is still in the early adoption phase, and businesses are taking a cautious approach to its implementation. However, there are organisations that see an opportunity for blockchain technology to streamline their business processes, reduce operational costs, and improve security.
In the past few years alone, software development and artificial intelligence have been so much innovation and development. Among these new technologies is blockchain, which has left developers scrambling to keep up with its rapidly expanding scope of use cases.
A recent study shows that the demand for blockchain developers is increasing faster than any other field profession. The current shortage of blockchain developers and its rapid growth as technology means that hiring them will become even more challenging in the future.
But hiring a blockchain developer is not an easy task. In fact, it is estimated that the market demand for blockchain developers will hit 250K by 2021. This means that the cost to hire blockchain developers will be expensive.
But how much exactly? What level of expertise do you need to get started with your project? Do you need a lot of them? Keep reading because we will answer all these questions and more in this blog.
Great Parks of Blockchain Technology
There is no doubt that the demand for blockchain technology is high in the world of app development because there are multiple advantages of this technology. So, let’s have a look at the great perk of blockchain technology:
1. Enhance Security
Blockchain technology enhances the system’s security and keeps your data safe from cyber attackers. You know that the consensus mechanism is utilised for all your transactions on this technology. Thus, each transaction has a security code which is why a hacker is unable to determine and track transactions instantly.
It means you can keep your data and money secure. In order to use this technology in development, you should seek the help of professionals. However, it is not an easy task as hiring blockchain developers is expensive compared to other ones, so it is suggested to do research about it.
2. Enhance Transparency
Another great perk is transparency. It means you don’t have to worry about what is happening inside the system. In simple terms, you can now look at the procedure going around in order to complete a transaction or perform a particular activity.
By hiring blockchain developers, you can easily complete your task and develop a technology that can shape the future of your business. If you have a limited budget, you can hire blockchain developers at an hourly rate.
3. Higher Efficiency
Nowadays, transactions are taking place more securely. You know that many machines do most of the tasks, which is why there are significantly fewer changes or technical glitches. Hence it improves the system’s efficiency.
In order to make this process, you can get in touch with a certified blockchain development company. Moreover, there are no requirements to enable the payment system, so the number of mediators and third-party persons decreases continuously.
4. Decentralised Structure
Blockchain technology proves its value when no central actor enables trust and explains Daniel Field, head of the blockchain at UST, a global provider of digital technology and services. However, the cost to hire blockchain developers depends upon the requirements and experience of the developers.
These are some of the great advantages of blockchain technology. So, you can easily use this technology to develop an app that helps you transform the future of your business and enhance its performance.
Essential Skills Blockchain Developers Must Have in 2022
From the very beginning of research and analysis to the design and execution of the protocols, blockchain engineers are hands-on.They always use various programming languages in order to create interfaces, architecture and features for different purposes.
A team of dedicated developers have their work cut out for them, but to carry out their responsibilities, they require to have a set of skills. In order to complete a project on time, it is necessary that the developers have the following roles and responsibilities.
- Excellent Understanding of Blockchain Technologies
It is necessary to have an excellent understanding of blockchain technology for developers. We all are aware that the blockchain is a distributed database that allows for transparent, tamper-proof and secure transactions.
It works by using a peer-to-peer network in order to approve transactions, removing the requirement for a middleman. Hence, if you are looking to hire a blockchain developer, ensure they possess this skill set.
But the question is, what is the cost to hire blockchain developers? This is a difficult question because the overall cost depends on several factors. When deciding to hire dedicated developers, you need to check experience and other aspects.
- Proficiency in At Least One Programming Language
This will help them to build an app or software using blockchain technology that ensures the success of your business. But, many people have a question about how much they should pay in order to hire dedicated blockchain developers. Well, it depends on the features you want to add to your app.
- Good Grasp of Cryptography and Security Principles
There is no doubt that blockchain technology is secure because it relies on cryptography. Hence, it is necessary to have a strong understanding of cryptography and security principles for a developer.
Cryptography is the practice of protecting information using techniques that are very difficult to break. It makes it essential for any third party to interfere with the data being sent between two parties and, in some cases, the sender and receiver of the data.
When hiring dedicated blockchain developers, you need to ensure that they have a good grasp of cryptography and security principles. They will make sure that you get the best services on time.
- Experience with Distributed Systems and Peer-to-Peer Networking
Of course, blockchain technology is a decentralised system which means no single entity has control of power over it. The distributed system networked computers communicate and coordinate their actions by exchanging messages with one another.
So, while hiring a developer, you need to ensure that they have years of experience with distributed systems and peer-to-peer networking. Once you check the experience, you need to ensure hiring blockchain developers costs prior to making a decision.
Read also: What is Blockchain and How Does it Work?
- Knowledge of Smart Contracts
Digital contracts contain all the terms and conditions of an agreement between two or more parties. Once the contract is deployed, it runs automatically without third-party involvement.
Developers who understand how to write smart contracts will be in high demand in a few years. So, it is essential to keep this in mind when hiring dedicated developers.
- Familiarity with Algorithm and Data Structures
Blockchain is a data structure that is based on cryptography. UTXOs for the bitcoin network and account/balance for the Ethereum network are the two most popular blockchain database types. Hence, blockchain developers need to be familiar with these concepts and how data structure works.
These are a few skills a blockchain developer must have. With years of experience and required skills, the developer will provide you with one of the best solutions for your business. But the question is, what is the cost to hire blockchain developers? It will help you in deciding the budget for making a blockchain application for your business.
Factors that Influence the Cost of Blockchain App Development
When it comes to knowing the cost of hiring a blockchain developer, you should also need to know about the factors that can influence the cost of hiring a blockchain developer. In order to know about it, look at the following points.
1. App Complexity
App complexity is a problem a developer may face when it comes to developing web and app solutions. So, you must have an idea of the challenges end-users are experiencing to create a simple and effective app.
2. Type of Blockchain App
Nowadays, it is required for all companies to have digital solutions to bring productivity and growth. There are several business purposes and different types of apps, and each has different costs. Thus, hiring blockchain developers’ costs depend on the application you plan to develop.
3. Application Industry
The cost to hire blockchain developers also depends on the application industry. So, you need to do in-depth research on the industry before crafting blockchain apps. It will assist you in understanding ire blockchain developers at an hourly rate. Undoubtedly, each industry takes different charges, so you need to decide which kind of application you require.
4. Development Stages
This is another important factor that decides the cost to hire blockchain developers. We all know blockchain costs depend on several states, such as development, deployment, migration, maintenance, etc. The developers take charge according to development stages, which will help you decide the cost of hiring developers.
5. App Maintenance & Support
Apart from the development, maintenance and support are always required. Hence, the important cost-adding factor will include a slight amount in the blockchain development procedure.
These are the few major stages of knowing blockchain app development cost estimation. Having in-depth knowledge about the factors influencing app development costs, it is easy to understand how much money you should invest in hiring a blockchain developer.
How Much Does it Cost to Hire a Blockchain Developer?
The cost of hiring blockchain developers depends on the project type, the team’s skill set, and the team members’ location. Generally speaking, the cost of hiring blockchain developers can range from $100,000 to $500,000.
The size and complexity of the project, as well as the type of work being done, will largely dictate this cost. The most important factor that influences the cost of hiring blockchain developers is the team’s skill set. Finding the right team members with the right skills is essential to meet the project’s needs in a timely and efficient manner.
This may sometimes mean hiring remote developers or bringing on additional team members. For a clear idea, we mentioned a table below:
|Region||Cost to Hire Blockchain Developers Per Hour|
|USA||$150-$200 Per Hour|
|Europe||$100- $150 Per Hour|
|UAE||$70-$100 Per Hour|
|Riyadh||$30-$90 Per Hour|
|Saudi Arabia||$60-$150 Per Hour|
|India||$40-$50 Per Hour|
As you check the cost to hire blockchain developers region-wise, you might have understood which country would be suitable as per your budget. However, the cost of hiring blockchain developers in India is less compared to other countries. However, you only decide which country you prefer to make a blockchain app.
Apart from this, the cost to hire blockchain developers also depends on the application industry. Here we also mentioned the table below in order to give you a slight idea of the industry-wise development cost.
However, it is an idea, so you should do proper research before finding a reliable developer for app development. You can also communicate with trusted and reliable blockchain developers for more information.
We hope this blog has provided some insight into what it costs to hire blockchain developers. Although blockchain technology is new and rapidly expanding, it’s important to remember that it is not a replacement for existing technologies.
Rather, it is an additional tool in a company’s tech stack. It’s also important to remember that blockchain technology is still in its infancy. Given this fact, blockchain developers are a rare breed and will likely be in high demand for the foreseeable future. Finding and hiring the right blockchain developers is critical to the success of any blockchain project.