How Much Does Blockchain IoT Development Cost In 2024?

Blockchain is a leading-edge technology and has found relevancy in various domains. Several industries are struggling with issues and need a permanent fix to it. As the world progresses towards much advancement, it's time for us to take a leap of faith and step into this ultra-modern arena. Talking about IoT technology simply means exchanging and sharing data with other devices over the internet. This interchanging of information is performed with the help of the sensors. Apart from the sensors, the processors and the hardware play equally a significant role, and combinedly, they form a part of the embedded system. Such systems act on the real-time data they obtain from the environment.

The absolute craziness and popularity surrounding these emerging technologies have paved the way for businesses to create opportunities. The integration of IoT in the blockchain will definitely find the solution for the inefficiency that the companies are facing. Blockchain being the distributed ledger, will allow the network members to develop trusted data and simultaneously take adequate actions to move the products forward effectively without any complication. There is a huge Skepticism surrounding the Blockchain IoT Development Cost, which is solved in this article.

Blockchain And IoT—The Smartest Integration

Blockchain IoT applications are built using the gateway nodes that act as an abstraction layer between the IoT devices and the legacy systems. There is proper communication among the gateways for the information exchange, and on top of that, the blocks are checked before adding them to the decentralized network.

Now, to answer why this amalgamation took place, the correct answer is to keep up with the contemporary problems. Today the world is facing the problem of the data privacy and security.

Among many benefits of combining blockchain with the Internet of Things, security and privacy are the top motivations to implement hybrid blockchain and IoT applications. Blockchain adoption in IoT can benefit us in all walks of our lives. For example, blockchain can be applied to the food industry, and blockchain-based IoT systems could be used to track food safety.

Similarly, it can be used in schools & universities, where IoT can be used as a great platform to help students understand the topic in an effective way. Also, integrating IoT in the smart gadget helps parents monitor their children's performance timely.

Applications Of IoT In Various Industries

IoT is serving different industries in a very effective way. Advancements in technology take place every now and then. More specifically, IoT has eased the lives of human beings as it performs any task in lesser time. It has boosted productivity, and that too without any effort.

• Logistics
• Education
• Healthcare
• Agriculture
• Industries

Smart Cities (Managing Traffic, Controlling Traffic, Building Infrastructure, Parking Solutions)

These are a few of them; IoT use cases are numerous. Accordingly, the blockchain IoT development cost will vary as all these are diverse industries, and their project requirements will obviously differ.

Determining Factors On Which The Blockchain IoT Development Cost Depends

Many parameters define the cost estimation of the Blockchain IoT; have a glimpse of them below;

(1) Development Process Of Blockchain IoT Application

The development procedure of any application or platform decides how much time and money is actually invested. Also, the individuals that perform such a huge task have their own understanding of charging money. This also plays an important role in deciding the Blockchain IoT Solutions Cost.

Let’s see what stages are involved while developing an app based on IoT, so the Blockchain IoT Development Cost will vary accordingly.

• Taking Consultation For The Experts
• Project Planning And Research
• Picking The Right Development Company
• Choosing The Blockchain Platform
• Selecting The Hardware And Software Elements
• Inclusion Of Safety Components

Development Process	Blockchain IoT Development Cost (In %)
Consulting	10%
Research And Development	15%
Analysis	20%
Development& Designing	25%
Software Testing	25%
Launch & Maintenance	20%

If we deeply get into the development stage, then it is further divided into several phases;

Attributes	Blockchain-Based IOT Development Cost
Project Type	> $100,000
Software Type	>$60,000
Integrated Features	$30,000-$120,000+
Cost Of Hardware	$35,000-$150,000+
Development And Maintenance	>$300,000

(2) Size Of The Company

The size of the development company decides how much will be the Blockchain IoT Solutions Cost. If it's a startup, then the rates will be low; in the case of medium scale, rates are slightly higher; then comes the large entreprises, which charge really high. This can be well understood with the help of the table;

Company’s Size	Team’s Size	Blockchain IoT Development Cost
Small	<100	$3,000 - $30,000
Medium	Upto 500	$40,000 – $3,50,000
Large	> 500	$3,00,000 - $25,00,000

(3) Geographical Location

The location of the development company or the developers also matter a loT. Every country and region has its own norms when it comes to deciding the cost of the application. There are some particular countries that provide IT services.

Geographical Location	Blockchain IoT Solutions Cost
India	$30 per hour
USA	$60 per hour
Europe	$70 per hour
UK	$65 per hour

(4) Complexities In The Project

Blockchain technology is still new to people. On top of that, its integration with the IoT is unusual and difficult to implement. There is a lot of brainstorming that goes on to achieve the actual target. Some hits and trials also take place, which consumes valuable time. All such things are encompassed in the whole duration of the project. These things cannot be neglected whatsoever. Here are certain points that are the real complications in the Blockchain IoT project.

• Ultimate Goal Of The Project
• Problems Faced By The Developers
• Time Taken To Find The Solution
• Software Techniques Used To Rectify The Errors And Bugs
• Addition Of The Functionalities And The Features
• Selection Of The Desired Programming Language, Frameworks, Software Stacks, UI/UX Design

Complexities can be numerous, and the time taken to rectify the issue needs appropriate time. And is quite understood that more time corresponds to delayed work, so it adds up to the project's budget.

(5) Design, Features & Functionalities

The overall design of the developed platform matters a lot. Most of the time, the judgment to pick the platform is decided on this factor only. To get a more attractive design, the clients also try to customize certain constituents that involve functionalities, features, design, the inclusion of sensors, and more. the design could be simple, medium, or complex. It's a bit obvious that the simple feature integration will not take much time, whereas advanced ones will take more time.

Design, Features & Functionalities	Development Cost
Basic	$30,000 - $60,000
Medium	$50,000 - $200,000
Advanced	> $200,000

(6) Depending Upon The Freelancers And The In-House Developers

It is understood that the blockchain IoT development takes place either by contacting a renowned blockchain development company or by hiring freelancers. Both have their own pros and cons. The freelancers charge less as compared to the in-house developers. On the contrary, the time taken by the former ones cannot be gauged. A sophisticated development company provides a complete track record of the project; this quality is missing if we hire developers. Now, in both the cases, there are beginners and experts on which the Blockchain-Based IOT Development Cost depends.

Have a look below!

Freelancers	Development Cost	In-House Developers	Development Cost
Beginner	$30,000	Beginner	$45,000
Experienced	<$100,000	Experienced	$200,000

Blockchain IoT Development—Typical Cost Estimation

It is to be understood that all these parameters have an impact on the costing of the blockchain IoT platform. But the prices mentioned are a rough estimation; it solely depends on the clients needs and what personalization they want in their app/platform.

For more accurate details, contact a Blockchain IoT Development Company to better understand the Blockchain-Based IOT Development Cost.

At Suffescom Solutions Inc., we are an experienced team of developers with complete blockchain technology knowledge. We have delivered 50+ blockchain projects and have been in the IT industry for 13+ years. Apart from this, our expertise in blockchain technology is more than 5 years, and we have a team of qualified business analysts, UX/UI designers, marketers, software testers, and project managers.

To get relevant information about our services, Contact Us now!

Bottom Line!!

In today's era, there is a boom in technology. The IoT demand is picking up the pace right now. Blockchain already has already established itself as a reliable technology. The amalgamation of both stupendous technologies is set to break records. Looking at the popularity of both of them, businesses are finding ways to take the opportunity and invest in this profitable business.

• Blockchain and IoT