What is the cost of setting up a blockchain?

YEREVAN, Armenia - Aug. 27, 2021 - PRLog -- In simple words, blockchain is a distributed digital ledger that stores data of any kind in a way that makes it difficult or impossible to change, hack, or cheat the system.

Today, blockchain is mostly associated with the crypto market and everything related to it (cryptocurrency wallets, trading platforms, live games, and other crypto applications). But blockchain is not limited to cryptocurrencies. There are many different apps for various industries. They help businesses reduce costs, save money, and securely store data. That's why businesses worldwide are adopting it.

According to Statista, worldwide spending on blockchain solutions is expected to grow from 4.5 billion U.S. dollars in 2020 to an estimated 19 billion U.S. dollars by 2024.

If you are planning to build your own blockchain app, you're probably wondering how much building the app will cost you. Of course, it's not easy to answer this question. In fact, building a blockchain app requires a considerable investment. While blockchain development services are in high demand, there are not so many developers today who are qualified to work on blockchain. Plus, its highly specialized nature makes it more expensive than standard development. This means that blockchain developers can often charge 50%, 100%, or even 200% more than typical full-stack developers.

There are several factors affecting the cost of building blockchain applications. Here are just some of them:

• Designs and Features
• App Complexity
• Hourly Rate of the Development Team
• Location of the Development Team
• Testing and Launching of the Application
• Maintenance and Post-Launch Support

The approximate cost of building a blockchain app will be around $20,00-$60,000 (per platform) and can go as high as $200,000.

If you are planning to build your own blockchain app, here are the steps to bring your app idea into reality. (https://addevice.io/blog/how-to-build-a-blockchain-app/)