Due to the development of the blockchain industry, various businesses have started to use blockchain applications to expand their business. Due to this, the demand for blockchain developers is at its peak.
However, while hiring a blockchain developer, you must understand that the blockchain industry involves lots of technicalities and you should hire such a developer that is having experience and expertise in providing blockchain solutions.
The cost to hire a blockchain developer can be anywhere between $81-$100 per hour. The median rate to hire a blockchain developer will be between $61-$80.
The above-mentioned prices are just the estimation as the exact cost can vary due to various factors that will be discussed further in this article. We will also recommend a leading blockchain development company at the end of this blog. So let us start our discussion with an understanding of blockchain technology.
Table of Contents
What is Blockchain Technology?
Blockchain technology is a digital ledger of transactions that is decentralized, transparent, and secure. It allows multiple parties to record and verify transactions without the need for a centralized authority or intermediary.
The blockchain consists of a chain of blocks, where each block contains a group of transactions. Each block is cryptographically linked to the previous block, creating an immutable record of all transactions on the network.
One of the key features of blockchain technology is its decentralized nature, meaning that it is not controlled by any single entity or organization. Instead, it is maintained and validated by a network of nodes or computers that work together to confirm and validate transactions.
Blockchain technology is commonly associated with cryptocurrencies such as Bitcoin and Ethereum, but its potential applications extend far beyond that. It can be used to create secure and transparent supply chains, voting systems, and smart contracts, among other things.
Current Trends and Market Size of the Blockchain Industry
At the end of the year 2022, the global market of blockchain technology was valued at US$ 10.02 billion. The experts have predicted that from 2023 to 2030 the blockchain industry will grow at a compound annual growth rate of 87.7%. Such tremendous growth has been expected due to the legalization of cryptocurrencies in various nations such as Ukraine and EI Salvador which will be giving birth to new opportunities for market growth.
The below graph is showing the latest and expected trends of growth in the blockchain industry from 2018 to 2030 in various regions of the globe.
The below pie chart is showing the percentage held by different industries or sectors in the usage of blockchain technology at the end of the year 2022.
Things to Consider While Hiring a Blockchain Developer
Hiring a blockchain developer is a very typical and hectic task. A single ignorance or mistake can lead to hiring an inexperienced and inefficient blockchain development company. For resolving this issue, it is recommended to consider certain things while hiring a blockchain developer. Some of those things are listed below:
- Technical Skills
The blockchain developer should have expertise in relevant programming languages, such as Solidity, and should be well-versed in blockchain technologies, such as Ethereum or Hyperledger Fabric.
- Industry Experience
Look for developers who have prior experience working with blockchain technology, particularly in the industry or niche you operate in.
- Project Portfolio
Review the developer’s project portfolio to see if they have worked on similar projects in the past and if their work aligns with your needs.
- Knowledge of Smart Contracts
Smart contracts are an integral part of blockchain technology. Ensure that the developer has experience in developing and deploying smart contracts.
- Familiarity with Security
Blockchain technology is inherently secure, but there are still security risks that must be taken into account. Ensure that the developer is familiar with best practices for securing blockchain applications.
- Team Player
Blockchain development often involves collaboration with other developers and stakeholders. Look for developers who are team players and can effectively communicate with others.
- Flexibility
The blockchain industry is constantly evolving, so it’s important to hire blockchain developers who can adapt to changes and learn new technologies as needed.
- Professional Qualification
Professional qualification should be taken into consideration, a degree in computer science, mathematics, engineering or any other technology-related field is important to assure their technical competence.
- Communication skills
Good communication skills are key to building a strong team, sharing ideas and progress reports, and making sure everyone is on the same page. Look for a developer who can communicate clearly and effectively in both verbal and written formats.
Factors Impacting Blockchain App Development Cost
The cost of developing a blockchain app can vary depending on several factors. Here are some of the main factors that impact the cost of blockchain app development:
The complexity of the App: The complexity of the app is one of the most significant factors that impact the cost of blockchain app development. The more complex the app, the more time and resources it will take to develop, which will increase the cost.
Type of Blockchain: The type of blockchain used in the app also impacts the cost of development. There are several different types of blockchain, including public, private, and hybrid, each with its advantages and disadvantages.
Features and Functionality: The features and functionality of the app will also impact the cost of development. More advanced features and functionality will require more development time and resources, which will increase the cost.
Development Team: The cost of blockchain app development will also depend on the size and expertise of the development team. Experienced developers will typically charge higher rates than less experienced developers.
Security: Security is a critical aspect of blockchain app development, and ensuring the app is secure can add to the cost of development. The more secure the app, the more time and resources will be required to develop it.
Testing and Maintenance: Testing and maintenance are essential components of blockchain app development, and these activities can add to the overall cost of development.
Region: The region also plays a major role in determining the cost to hire a blockchain developer and creating a blockchain application. For instance, the cost will be higher in Europe and lower in Asian countries.
There is no set cost for developing blockchain software, but on average, depending on the project and location, blockchain app development cost will be between $5,000 and $30,000.
Blockchain Developer Hiring Cost in Different Parts of the World
The below table is showing the hourly cost to hire a blockchain developer in different parts of the world. So before hiring a blockchain app development company, we recommend you go through this table and decide accordingly.
| Region/Country | Average Hourly Cost |
| Europe | $100-$150 per hour |
| India | $40-$50 per hour |
| USA | $150-$200 per hour |
| Ukraine | $70-$100 per hour |
| Poland | $70-$100 per hour |
Final Words
The process to hire a perfect blockchain app developer involves lots of crucial and typical steps. Hiring the best blockchain development company is as complex as finding a needle in a haystack. You must be handy with the relevant data and the average cost to hire a blockchain developer. This proper planning and knowledge will help you in arranging the necessary required funds.
The cost to hire a blockchain developer is one of the most crucial aspects while starting a blockchain project. If you are looking for a blockchain development company that can offer cost-effective blockchain app development services for your start-up, Technoloader can be your one-stop solution. They are a blockchain development agency based in India having its a client base at the global level. They have served various businesses functioning in different sectors.
Technoloader offers a wide range of blockchain development services such as token development, NFT Development, NFT Marketplace Development, Real Estate Tokenization Development and many more.
You can connect with their developers by visiting their official website.
Call👉 +91 7014607737 | Telegram : 👉 @vipinshar | Email : 👉 [email protected]
