Blockchain is among the hottest technologies today that will also dominate in several coming years. While people know about blockchain wallet development because it is the underlying technology of Bitcoin and other cryptocurrencies, this is a lot more than just a cryptocurrency wallet development.

Over the last few years, blockchain has revolutionized the way businesses across distinct industries work and make transactions. When we talk about digital transformation, blockchain is considered among the top five technologies enabling it.

According to Statista, blockchain spending around the world will be more than $19 billion in 2024. The banking industry will contribute the highest to this spending.

Silicon Valley venture’s co-founder Marc Andreessen counts blockchain as the most vital invention ever after the internet. The ledger technology is being recognized all over the world for the benefits it brings in terms of optimizing costs of operations compliance while enhancing efficiencies.

Implemented in both financial and non-financial applications, it is also playing a huge role in mobile app development. Since it has a decentralized architecture, it helps in getting over numerous shortcomings in mobile applications, product development, and Custom Software Development.

Let’s understand what blockchain technology is, its benefits, the role of blockchain app development, how to develop a blockchain-based application, the cost required to build such an app, and much more.

What is Blockchain Technology?

Blockchain technology is based on a distributed digital ledger that stores and processes data, information, as well as transactions without the need of a middleman or intermediary.

The core reason behind using blockchain is that it makes it almost impossible to compromise or hack the data being transmitted. It enables complete transparency between the users on a blockchain network while maintaining the anonymity of transactions. Nobody is there on the network to manage transactions, handle databases, or keep track of stats.

Initially, it was seen as the best technology for securing financial transactions, which is why its implementation is higher in blockchain wallet development services and banking applications. However, it is now disrupting almost every industry, including healthcare, real estate app development, education, and insurance, to name a few.

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Blockchain Vs. Cryptocurrency

A blockchain is simply a digital ledger that can record transactions, but it is decentralized i.e., works on a distributed network of computers. It is often associated with cryptocurrency like Bitcoin, but a cryptocurrency works independently, while blockchain is the underlying technology behind these secure and transparent transactions. 

Cryptocurrency is the niche but only one of the use cases of blockchain technology. Blockchain allows to develop a decentralized system for highly secure transactions without the involvement of any 3rd party intermediary like a bank. A few major differences between the blockchain and cryptocurrency are: 

1. Inherent Nature

The inherent nature is the most contrasting factor between crypto and blockchain. Cryptocurrency acts as an exchange medium that works on highly complex encryption techniques to generate and transfer. On the other side, Blockchain is the empowering technology for the cryptocurrency. It is a distributed digital ledger responsible for transparent and secure transactions.

2. Financial worth

In terms of financial worth, crypto is like a pearl while blockchain technology is the oyster. The monetary value is of pearl, but blockchain is the precious technology that underlies it. The shiny pearl took our attention; however, blockchain is that intricate network of processes which made it possible. Just like oysters undergo a series of processes to produce a pearl, blockchain technology involves complex mathematical problems to develop a secure and decentralized system.

3. Utility

There are widespread use cases of cryptocurrency and blockchain. A lot of industries are leveraging both for their benefits. You can process faster and more secure money transfers with no need of 3rd party banks. It results in cheaper transactions with authenticity, integrity, as well as transparency in the transactions.

Recommended: Cryptocurrency wallet development

Blockchain applications are not just limited to finance but blockchain has started playing an integral role in other industries as well which include healthcare, education, entertainment, real estate, and others. Blockchain technology, with its potential to build smart contracts and decentralized apps, opens up new avenues for creativity and efficiency.

4. Movability

As the underlying technology of cryptocurrency, the blockchain gives it high mobility to facilitate transactions. Businesses who frequently required to do international transactions can leverage blockchain technology that enables cross-border transactions. It facilitates faster and cheaper international transactions and revolutionizes the global economy.

5. Transparency

Blockchain and cryptocurrency both became highly popular because of their transparency. Blockchain is a public digital ledger on which every transaction is recorded and anyone can view it at any time. This openness removes the need for centralized middlemen like banks or governmental organizations and guarantees that all transactions are truthful and verifiable.

Working Process of Blockchain

Before you start working with a blockchain wallet development company, it is crucial to understand how it works. The data and transactions being processed in a blockchain network are saved in chronological order in the form of blocks. Eventually, a long chain of such blocks is formed. That is why it is called the blockchain.

For instance, if some activity happens on a blockchain network, a record of the activity is shared with all the members. It makes blockchain highly transparent. Moreover, once a record is added to the chain, nobody can compromise or remove it. Hence, it becomes impossible for anyone to tamper with the data or do fraudulent activities.

Cryptographic methods are used to enable high security and provide users the control over the data & transactions. So, when a new transaction is processed over a blockchain network, a new block gets created. After the creation of a block, the transaction is transmitted over a peer-to-peer network, where it is validated.

Following its validation, the block is added to the chain, which can be viewed by all the members on a network. The transactions can be related to data, records, contracts, cryptocurrencies, etc.

Read Also: How to Start a Cryptocurrency Exchange Business

Growth of Blockchain Adoption

There are more than 70 million users of Blockchain-based wallets around the world. The number was very low just a few years back. In 2017, there were nearly 20 million users only. It reveals the massive growth rate of blockchain adoption globally.

Healthcare is another top industry that is implementing blockchain at a fast pace. It is because they store and process confidential health data of patients. It is expected that 55% of healthcare applications will use blockchain technology by 2025.

In 2021, there were more than 3,600 decentralized applications processing nearly 5 million transactions every day. The research also shows that the number of blockchain applications is rapidly on the rise.

As per the data by MarketsandMarkets, the blockchain market around the globe will grow at a massive CAGR of 67.3%, reaching $39.7 billion by 2025, up from just $3 billion in 2020. The report says that the increased adoption of blockchain is driven by the demand for simplifying business processes and managing supply chains in various industries.

In the last few years, blockchain technology has witnessed growth in almost every industry. In 2022, the global market valuation of blockchain stood at $11.14 billion and by 2030 it is expected to reach a market capitalization of $464 billion with a high CAGR of 59.9% within this period.

There are multiple drivers for this enterprise-wide adoption of blockchain. The decentralization of business operations, transparent transactions, and data security are the primary ones. The funding by Venture Capitalists (VCs), value chain creation to clients, simplifying processes by creating transparency, and reduced operational costs, are among the plethora of factors which are driving large-scale adoption of blockchain among enterprises. It has a variety of adoption in multiple industries such as Pharma, Banking, Retail & CPG, Logistics & SCM, and others.

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Why Use Blockchain for Mobile App Development

Data Security

A major concern between app users and developers is the security of personal data. Mobile apps today access almost the entire device, ranging from contact lists, camera & gallery, social media networking, as well as banking apps.

Data breaches around the world are on the rise and happen every now and then. Because of the fear of data security and privacy, many apps remain ignored by users.

By bringing blockchain to the scenario, this concern can be resolved. Blockchain development can boost the security of data using advanced encryption techniques, and encoding data through the cryptographic hash.

Additionally, the decentralized architecture of blockchain prevents third-party apps from causing other security risks. If an app is meant for financial transactions, blockchain adds a timestamp to all the transactions to avoid tampering and manipulation.

Complete Transparency

All the transactions in a blockchain-based application are stored in a public ledger. All the users on the network can see and track their transactions. It removes the risk of data or transactions being modified, tampered with, etc. Furthermore, transparency also helps in getting rid of any fraudulent transactions.

If the number of mobile app users increases, the developers can easily scale up accordingly. This is yet another reason to choose blockchain for mobile app development.

Resolves In-App Purchase Issues

A common issue with mobile apps offering in-app purchases is that users need to submit their banking or credit card details to process the transactions. The final cost involves the pricing of in-app purchases, gateway fees, app store fees, and sometimes the bank transaction charges as well. The details submitted there can also be compromised.

In this way, the developers get paid a small amount because they need to keep the costs low considering the additional charges. Else, the users won’t consider the in-app purchases.

The use of blockchain in mobile application development can change the current model, allowing users to pay with app coins. It will reduce or remove the additional charges, helping app developers to earn more for their work.

Highly Reliable

The infrastructure of blockchain is highly reliable with a robust foundation. Users can blindly rely on a blockchain-based mobile application.

When some data or transactions are processed through blockchain, the nodes in the network sync with each other automatically. This means that the same copy of data is sent and processed across the entire network of devices, even if it is dispersed all over the world.

Read Also: Decentralized Exchange Development Cost & Key Features

In addition, the system on which the blockchain is based doesn’t crash, collapse, or face downtime. These characteristics make it a highly reliable platform for mobile app development. Hire a mobile app development company to integrate mobile apps in blockchain.

Easier Implementation

While cutting-edge blockchain wallet development is not a walk in the park, the implementation process is quite simple. It is not a complicated technology that needs a massive amount of time and effort to develop and deploy the app. If that were true, it would have significantly impacted the overall cost of app development and maintenance.

However, this is not the case with blockchain. It is an efficient way to develop mobile applications that save time while creating secure and transparent features for the end-users.

Access to Tools & Processes

An important benefit of using blockchain for mobile apps is that most of the tools, systems, and processes are implemented using open-source software. While this technology is technically not open source, there are no central entities, companies, or government organizations managing or regulating it.

Hence, all the tools and processes required to develop a blockchain app are available easily.

How to develop Blockchain Wallet – Step-by-Step Process

We have covered the complete blockchain app development process for building a high-quality blockchain-based mobile application. It will cover six primary stages, starting from identifying the business goal to deploying and releasing it to the market. Let’s discuss the Blockchain Wallet Development Process.

1. Find Your Goal with Blockchain Wallet

The first step is to know why you want to develop a blockchain wallet. Your focus should be clear on what challenges the application can solve, which industry you want to target, regions where it will be available for use, etc.

If you already have a mobile application and want to upgrade it by adopting blockchain, then also figure out what difference it will make to the audience.

For instance, if you are developing it for the healthcare industry, identify how it will address the challenges of the healthcare organizations. To be very precise, you must know exactly what will be the use cases of your wallet and how they will be beneficial to users.

Once done, know about the markets, regions, or countries where it will be available. Will it be available globally or for specific countries? Research the existing top competitors in your target market and find out ways to beat them by providing some additional features and functionalities.

2. Select a Blockchain Wallet Development Platform

Blockchain wallet development services from scratch requires in-depth research and strategy and will take several months to complete. To reduce the total time required for development, blockchain development companies build the apps on top of reliable blockchain platforms.

The platform you choose will depend on a number of important factors, such as what is the need of the app and what functionalities are required. For instance, if the app is for financial purposes, Ripple, Stellar, and R3 Corda are the relevant platforms. For apps meant for digital asset management, the OpenChain platform can be chosen.

So, do some brainstorming about the available platforms to figure out the best one for your application. Making the right decision will be beneficial in the long term.

3. Ideation of Cutting Edge Blockchain Wallet App

Once the blockchain platform has been chosen, it is time for you to do further brainstorming for ideation with a focus on business needs. Identify and finalize the technologies and tech stack required for the complete ecosystem of the application.

Craft a full roadmap for the app so that you can understand what to expect from the final product and by when it can be executed. Furthermore, at this stage, you can decide whether to lay the foundation of the app on a permissionless network or permissioned network. Based on the type of network, the programming languages and other technical components to be used for the app will also vary.

4. Proof of Concept (PoC) of Blockchain Wallet

The role of doing a proof of concept is to determine whether your idea or assumption is practical, feasible, and executable. This is the stage where you get to know if your final product can solve the challenges you assumed or meet the expected requirements.

It will help you to prevent a number of crucial issues and unnecessary risks, such as technical problems in the app. PoC is all the more important if you have to convince the investors or seek funding for the application. If you can’t show if your idea will work and offer real-life value, it becomes difficult to attract investments.

Read Also: How Much Does It Cost to Develop a Bitcoin Mobile App

During the PoC, you should also work on creating the app prototype to find feedback from the right parties. It will include designing the sketches, mockups, designs, information architecture, etc., for the application.

5. UI/UX Design

Now that the entire planning is done for your blockchain wallet development, you can move on to designing the user interface (UI) and user experience (UX) of different components of the application.

You can also include the visual designs to the app at this stage to make it appealing and good-looking. It is recommended to begin with designing the admin console and dashboards, then move ahead to other components.

6. App Development

Coming to the most critical part of the process, i.e., developing the backend and front-end of the application. Some parts of the app will come through API integrations for specific purposes, while most parts will need to be developed.

The complete app is not developed in one go when it comes to mission-critical applications. First, the alpha version of the app will be developed. Here, all the features and functionalities might not be developed.

Then comes the beta version of the app, which goes for testing of features and functionalities. A team of QA testers works on the app to find and fix the flaws, vulnerabilities, bugs, etc., so that these things can be fixed by the Industry expert before the application goes for deployment.

Following the testing phase, your app will go to production and become ready for deployment on a testing network. The aim of deploying it on the testing network is to ensure that it is working as expected. If everything looks good to go, the application is finally released.

One thing that you must always keep in mind is that if you are outsourcing app development, you should find the best blockchain wallet development company that has previously worked on such applications. There are not many companies that are great at developing a blockchain wallet app. So, check out their portfolio of existing applications, see their credibility, and make the decision wisely.

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7. Maintenance

While deployment is the last stage of the blockchain wallet development lifecycle, it doesn’t end here. The app maintenance part comes into play after the release and deployment. Maintenance is important to make sure that the app operates as expected and the users can use it seamlessly.

For instance, if your app is available on the Google Play Store, check the reviews of users to know what issues they are facing. Respond to them and fix the issues on time. Keep your teams up on their feet for maintenance, especially at the initial level. Moreover, when the new updates are available for the operating system, you will need to make changes to the app accordingly.

Security Measures In Blockchain Wallet Development

A blockchain application is trusted for its security thus there should be no compromise with its security measures. Although blockchain technology delivers a tamper-proof ledger of transactions, it is also not fully immune to cyberattacks and fraud. The ill-intent cybercriminals always try to find vulnerabilities in its architecture and have succeeded in certain hacks and frauds in the last few years. The hackers have attacked blockchain technology by phishing attacks, routing attacks, Sybil attacks, and 51% attacks.

Thus, it is highly imperative that while developing a blockchain application, you consider security at all levels of the stack. A comprehensive security plan for the blockchain app should consist of both traditional security methods and technology-unique controls. Here are some security controls to look after:

  • Identify and access management
  • Key Management
  • Data Privacy
  • Secure communication
  • Smart contract security
  • Transaction endorsement

Certain questions must be asked while designing a blockchain wallet; such as:

  • What kind of governance does each member or participating organization follow?
  • Which information will be recorded in every block?
  • Which regulations apply, and how may the obligations be satisfied?
  • How are identity details kept up to date? Are payloads in blocks encrypted? How are the keys controlled and taken away?
  • What is the blockchain participants’ disaster recovery plan?
  • What level of security is required for blockchain clients to be able to participate?

You must get answers to all these questions to ensure the security of your blockchain wallet. There can be risks to business and governance which include financial implications, reputational factors, and compliance risks.

Top Blockchain Use Cases

Blockchain usage is not just limited to cryptocurrency and bitcoin but the applications go far beyond. It can create transparency and fairness in every industry while saving time and money. Blockchain is impacting a plethora of industries in varied ways. Here are some examples of the blockchain use cases for this pragmatic yet revolutionary technology.

Top-Blockchain-Use-Cases

1. Money Transfers

Money transfer was the original application behind its development and blockchain is still widely used for it. Blockchain technology facilitates less expensive money transfers, especially in the case of international transactions, which are often costly as well as time-consuming. Even in the advanced economies such as of United States, it can take a lot of time (days) for a money transfer, while the blockchain does the same within minutes. 

Recommended Read: P2P Payment App Development

2. Financial Exchanges or Cryptocurrency

Over the past few years, a large number of businesses have emerged offering decentralized cryptocurrency exchanges. Blockchain exchanges enable cheaper and faster transaction times. Additionally, investors have more autonomy and security because a decentralized exchange does not oblige them to deposit their money with the centralized authority. Although blockchain-based exchanges mainly deal with cryptocurrencies, traditional assets could also benefit from the technology.

3. Money Lending

Lending money whether from a financial institution or peer-to-peer money lending; both have been a time-consuming and expensive way. Blockchain can help in creating smart contracts which lenders can use to collateralise loans. Blockchain-created smart contracts can automatically trigger things such as service payment, full repayment, margin call, and collateral release. In short, blockchain makes loan processing faster and less expensive with better interest rates for lenders.

Recommended Read: How to Build a Loan App

4. Insurance

The smart contracts built on blockchain technology are not just limited to money lending but can also help in the Insurance apps as well. They can provide better transparency for both insurance companies and customers. If the claims are made on the blockchain by the customers, there will be no chance of duplicate or fraudulent claims. Furthermore, smart contracts can speed up the payment of premiums as well as the claim amount.

5. Real Estate

There is a lot of paperwork involved in the real estate transactions. This paperwork carries out the activities of verification of financial information and ownership and then transfers deeds & titles to the new owners. The verification and transfer process in the real estate industry can be made more accessible and secure by using blockchain technology. It can lower paperwork, expedite processes, and result in cost savings.

6. Protection Against Frauds and Cyberattacks

In the e-commerce industry, fake reviews and cyber attacks a highly problematic yet very common issues. Blockchain can help in increasing customer data security by storing encrypted data. It prevents multiple cybersecurity breaches and unauthorized access. The blockchain-based review systems are another aspect of gaining customer trust. These systems produce real customer reviews and are protected from unwanted tampering. Reliable consumer feedback increases the brand’s reputation and fosters more customer involvement and loyalty.

7. Media and Entertainment

Although the entertainment industry has yet to leverage the blockchain in its implications, artists and creators have started using it to tackle piracy and fraud.

Top Blockchain Applications

Blockchain applications are present in almost every industry in ways that range from how contracts are enforced to making government work more efficiently. Here are the top blockchain applications:

1. Chainalysis

Chainalysis

Chainalysis is a fintech-based company and is a blockchain data platform. It works on the use case of money transfer of blockchain and helps financial institutions and governments monitor the exchange of cryptocurrency and blockchain activity. It provides data, software, and fintech app development services in over 70 countries. The blockchain-based tools of the company identify fraudulent trading, laundering, compliance violations, and much more.

2. DFINITY

DFINITY

DFINITY is a major contributor to the Internet Computer Blockchain. DFINITY provides an open-source blockchain network in which users can develop decentralized applications and Web3 services directly on-chain. It offers scalable smart contracts and low-latency consensus with support for Bitcoin network integration, NFT storage, decentralized social media apps, and community resources.

3. BurstIQ

BurstIQ

The blockchain platform of BurstIQ helps the medical staff and doctors manage and gather data and important information about the patients. It works on the smart contract use case of the blockchain. In each smart contract, the users get full data ownership which lets them choose how their data is usable in providing personalized health products and services.

4. HYPR

HYPR

The decentralized credential solutions of the HYPR thwart the cybersecurity challenges of IoT devices. The HYPR leverages the IoT use case of blockchain technology. It employs the FIDO Universal Authentication Framework, a native and decentralized firmware solution to validate IoT devices. The company increases the security and data compliance of IoT devices by removing passwords from a centralized server and utilizing biometric and password-free solutions.

5. Patientory

Patientory

Based in Atlanta, Georgia, Patientory is a medical record system for the medical ecosystem utilizing the underlying blockchain technology. Patientory helps in gathering and managing the medical history, records, current providers, and things of a patient that a medical doctor may require. Patients and doctors may communicate continuously thanks to the blockchain platform, and a consistent flow of medical data enables any medical practitioner to diagnose patients securely and promptly thanks to a more comprehensive medical history.

Recommended Read: Fintech App Development Companies

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Advantages and Limitations of Blockchain Wallet Development

There are many benefits of the blockchain; however, just like any other technology, it has also set of limitations. Let’s know about the advantages and limitations of blockchain:

Advantages of Blockchain Wallet Development

1. Decentralized Trust

Blockchain’s main advantage is the elimination of any 3rd party trust to make a transaction. There is no single party that can manipulate transactions, view personal information, or do any activity which can breach privacy and security.

Blockchain gives confidence for data and identity as blockchain development companies can’t see the data without permission. The payment is also instant, and there is no need to wait for money transfers.

2. Low Operational Cost

Blockchain significantly reduces operational costs as no authority or servers are maintaining the operations. There are no 3rd party intermediaries such as banks who are changing any fee. It works on peer-to-peer transactions which is fast, secure, and cost-effective. It embeds documents, agreements, or transactions within the system.

3. No Single Point of Failure

Blockchain technology eliminates the possibility of a single point of failure. A hacker might quickly and easily destroy your entire network if they were able to access the server or database of your company.

It protects the data even in the case of a network outage as hackers can’t access the central grid and compromise any linked accounts. The passwords can be of 100 characters and it becomes extremely difficult for hackers to decipher.

4. High Security and Confidentiality

Blockchain security is inherently more highly secure than centralized systems. It protects your data from hackers with an extra layer of secrecy. It is not feasible for anyone to track down or connect a transaction to a specific user.

While making a transaction, every user has to choose a name and an email address. But you can also choose to finish your transactions anonymously.

5. Transparent & Universal Recording System

As blockchain is based on a public ledger, anyone can view the transactions, but can’t identify the owner. This gives privacy as well as transparency. You don’t need a bank middleman (or permission from one) to know what or who you paid or got money from; blockchain technology offers greater transparency than conventional payment methods like credit cards and cheques, even when anonymity features aren’t activated.

Limitations of Blockchain Wallet Development

1. Resource Intensive

Blockchain requires high resources to handle a large number of transactions within less time. If there are fewer resources it would cause delays in finalizing the massive volume of transactions resulting in poor scalability.

2. Cost

The high energy consumption of blockchain technology is one of its main issues. Miners need strong rigs that use a lot of electricity since they must answer challenging arithmetic problems to be paid.

This increases the blockchain wallet development cost to a great extent, especially for small or medium-scale companies. Also, to make a blockchain live upfront payment needs to be made, and there are no later modifications possible.

Because of this, some blockchains are quite expensive to operate, particularly for smaller blockchain development companies or individuals. If you want your blockchain to be live, you have to pay for it beforehand; modifications cannot be made afterwards!

3. Speed

The speed issue is also because of the underlying miners and resources required. The users should have high-end computers and dedicated software to solve computational puzzles in exchange for new crypto tokens.

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Tech Stack For Blockchain Wallet Development

There are 5 technology layers in the tech stack of the blockchain wallet development. Let’s understand about each layer:

1. Layer 1: Networks

The first layer makes blockchain development and Web3 possible. Without this layer, we can’t achieve decentralization. Some of the most popular blockchains of the Layer 1 are Ethereum, Avalanche, Cronos, Fantom, NEAR, and others.

2. Layer 2: Nodes

The second layer consists of the nodes which are interconnected with each other on the same chain. Every node among the huge varieties has a duplicate of the same state within a blockchain. Running a node is also necessary since it allows you to communicate with the blockchain and retrieve its data.

3. Layer 3: APIs

In a blockchain, Web3 APIs support dApp development. The various APIs used by the API providers to connect to the background nodes are distinct. Thus, there are no serious concerns for the same. Because of this, the most crucial blockchain tech stack component for developing dApps is APIs. Through the usage of this blockchain development technology stack, you can access a variety of helpful precompiled and precalculated on-chain data.

4. Layer 4: Web3 and Web2 Dev Tools and Platforms

It is possible to merge the 3rd and 4th layers of the tech stack into a single layer. The fourth layer covers higher-level software abstractions, libraries, environments, and decentralised file storage solutions. It also includes legacy application development platforms. 

5. Layer 5: dApps

This is the top layer of the tech stack – dApps. There are countless forms of decentralized applications. They can be deFi dashboards, DEXs, authentication dApps, NFT marketplaces, data handling apps, and many others.

Recommended Read: Metaverse NFT Marketplace Development

Time Required for Blockchain Wallet Development

How much time is required to make a blockchain wallet? The answer is that it depends on various factors, primarily the requirements of the application. Based on the research and experience of our team, we have categorized the average time taken for each aspect of the app:

  • Design: 4 to 6 days
  • Front-end development: 18 to 25 days
  • Backend development: 15 to 30 days
  • QA Testing: 7 to 10 days

On average, the blockchain wallet development will take around 45 to 75 days in complete, including designing, development, and testing.

Blockchain Wallet Development Cost

How much does it cost to build a blockchain wallet? Well, the cost of developing a blockchain wallet depends on a plethora of factors, including the experience of developers or the blockchain app development company chosen, the blockchain platform, the operating system for which the app is being developed (Android, iOS, or both), tech stack, the level of app complexity, maintenance, etc.

For instance, if the app development takes only one month to complete, the cost will be low. However, if it is complex and needs three to four months for project completion, the final cost will be high.

If you want a rough estimate, blockchain wallet development cost will be anywhere between $40,000 to $300,000. The major factors that can affect the development cost are the niche of the app, UI/UX design, ICO launch, proof of concept, etc.

Blockchain is a complex concept and thus its complexity matters a lot in determining its cost and time.

App Type As per ComplexityEstimate CostTime Frame
Simple Blockchain App$40,000 to $60,0003-6 months
Moderately Complex Blockchain App$60,000 to $150,0006-8 months
Highly Complex App$150,000 to $300,0009+ months

To determine the accurate cost, we have to identify the complexity of the requirements. We will help you find the right estimates of the blockchain wallet development cost. The industry of the blockchain app also plays a significant role. Here are the rough estimates of the cost in different industries:

Industry TypeEstimated Cost
Healthcare$55k-$200k
On-demand$40k-$1000k
Social Media$45k-$100k
Public Sector$70k-$100k
Finance Sector$50k-$300k

At Octal IT Solution, we properly understand your requirements and give you an accurate quote of time and blockchain wallet development cost. As per our experience, below is the breakup of the cost associated with the blockchain wallet development.

Project MilestonePercentage of Cost Linked With It
Consult at the Initial Stage0%
UI/UX Design10%
Development50%
Quality Assurance25%
Deployment and Maintenance15%

Wrapping Up

Blockchain technology has been here for the last few years, but there are not many blockchain apps in the market. Mostly, it is being used for cryptocurrencies. However, it has a huge potential for several industries, including fintech, healthcare, supply chain management, education, and many more.

Blockchain apps are in demand today because of data security, privacy, transparency, and plenty of other advantages. By creating a purposeful app, you can cater to the market demands and current trends, and develop new opportunities. I hope this guide helped you learn about every aspect of how to develop blockchain wallet.

For further queries, you can hire mobile app developers and get quality blockchain app development services at cost effective prices.

Blockchain -Wallet-App-Development

Frequently Asked Questions For Blockchain Wallet App

THE AUTHOR
Digital Marketing Manager
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Mann's curiosity and passion for knowledge drive him to explore the latest tech trends and innovations. His talent for breaking down complex ideas into engaging, easy-to-understand content makes him a reliable source of information for his readers.

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