Top 100 Blockchain Technology Companies - June 2023

Buyer’s Guide

Q1. How Much Do Blockchain Development Companies Charge?
Q2. What value does Blockchain offer to your platform?
Q3. How long does blockchain app development take?
Q4. What are the significant properties of blockchain?
Q5. Name some popular platforms for developing blockchain applications?
Q6. What are the Types of Blockchain?

Q1. How Much Do Blockchain Development Companies Charge?

Multiple significant factors decide the cost of blockchain app development which are the following.

Type of Blockchain App you need

Before moving further with the custom blockchain development, you need to configure what kind of app you need, like a permission app or a permissionless app. Moreover, the app cost varies from one sector to another, i.e., healthcare, finance, education, or eCommerce.

The complexity of a Blockchain Project

The complexity of a blockchain app depends on the problems that the app wants to resolve. There are three categories of the complexity of the application.

Low Complexity Blockchain Apps
Medium Complexity Blockchain Apps
High Complexity Blockchain Apps
Resources involved in developing an app

The cost to develop a blockchain app also depends on the resource used to create it. Since blockchain technology is in its nascent age, it isn't easy to get skilled developers. So, while hiring a blockchain developer, ensure you choose the talented one.

Tools Involved in Project Management

Developing the blockchain app requires lots of technological tools like Jira, Confluence, and Trello. These tools are utilized to test the app, track timelines and deliverables. Hence, the cost of the tools are also added for developing the blockchain application

Third-Party Tool Subscription Tools

When developers build the blockchain app, they might need a subscription to third-party tools like bug tracking tools, notification services, amazon web services, software monitoring services, etc.

The subscription cost also contributes to the total cost of creating the blockchain application. You can also hire blockchain developers to build efficient blockchain apps.

Q2. What value does Blockchain offer to your platform?

Entrepreneurs and startups are enthusiastic about implementing blockchain into financial services, supply chain management, healthcare, retail, and many other industries to upgrade business models. Moreover, implementing blockchain delivers the following values to your platform.

Transparency

The use of blockchain provides you more transparency as it's a distributed ledger where all the members share the same updated catalog. So, changing a single record would simultaneously modify all the subsequent documents.

Thus the data is more secure, accurate, transparent, and available only to members with access.

Traceability

If you own an eCommerce business, you would have realized that it's challenging to track the products through the supply chain. Since blockchain has come to the scene, it tracks the product from its origin to its final destination.

Increased speed

Implementing blockchain into your business offers you increased speed. You can make the transactions swiftly and securely by automating the business process with blockchain.

Reduced costs

Each business person wants to minimize the cost as it helps them to increase ROI. What blockchain does is removes intermediaries and third parties. Moreover, you don't need to review the documentation to lead the business ahead.

Q3. How long does blockchain app development take?

The duration of blocks and app development projects depends on the app's requirements. Any such application is initiated with PoC treks, which take almost 2 to 3 weeks.

And once that is achieved, it takes another 4 to 5 weeks to bring a minimum viable product (MVP) having limited features. So, to launch a blockchain application takes around two to three months based upon its specific requirements.

Q4. What are the significant properties of blockchain?

Chiefly there are four features of blockchain, and these are the following.

Decentralized Systems

There is no central authority to monitor the activities. Instead, a public distributed ledger will store them.

Distributed ledger

Each information related to the transaction and participants is transferred to each node in the blockchain network.

Safer & Secure Ecosystem

Blockchain combines transaction data in blocks and then converts blocks into a chain. Since each block is saved into a different computer, it ensures the whole process's safety and security.

Consensus Algorithm

The Consensus Algorithm is responsible for verifying each transaction, balance, and signature.

Q5. Name some popular platforms for developing blockchain applications?

Blockchain developers have assisted several organizations in realizing their dream of securing transaction blockchain apps through popular platforms like Also, Qtum, IOTA, EOS. They are some of the most significantly used platforms for building Blockchain.

Q6. What are the Types of Blockchain?

There are three types of blockchain which are the following.

Public Blockchain

A public blockchain is a decentralized open-source platform where anyone with a good internet connection can be a part of the blockchain network. He can access current and past records and verify transactions. So, the purpose of a public blockchain is for mining and cryptocurrency exchanging.

Private Blockchain

Private blockchain is a centralized platform with few restrictions and permissions to join the blockchain network. These blockchains are usually used within an enterprise and an organization.

And the purpose of private Blockchain is voting, supply chain management, digital identity, and asset ownership.

Hybrid Blockchain

Hybrid blockchain is an amalgamation of both public and private blockchain. It offers businesses the flexibility to choose what data they want to make public and what data to keep confidential.