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Cost of Blockchain Implementation

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Blockchain has emerged as a highly leveraging technology leaving a great impact in the new digital economy. With the promising use-cases, the technology still thrives on flourishing for maximum optimization and effective business transformation. Governing the major implications, the industry experts expect that the investment in blockchain will grow significantly. According to Markets and Markets, the global size of the blockchain market is predicted to rise from 3 billion USD in 2020 to 39.7 billion USD by 2025, with a CAGR of about 67.3%.

While developing blockchain-powered solutions and apps, it is not easy to estimate the return on investment (ROI) of blockchain development. However, estimation assumes a different dimension of importance in the case of blockchain implementation. For ensuring effective blockchain development, businesses must share their findings optimally among the team. 

It would be inappropriate to know the actual cost of blockchain implementation due to their diverse implications across different industries like healthcare, finance, insurance, agriculture, retail, etc. Let us walk you through the factors that can have a tremendous impact on the overall cost. These factors help determine the project’s budget and give a quick estimate regarding the overall development cost. 

1. Process

The cost of developing a blockchain-based solution depends upon numerous factors like many functionalities, implementation complexity, types of platforms and technology stack. The following development phases involved in the process directly influence the blockchain development strategy and the overall implementation cost.

  • Design

This phase incurs the cost for system blueprint, user interface design consisting of wireframes, high-fidelity and low-fidelity designs with a prototype and app flow.

  • Development

The cost-incurring traits in the development phase include coding and application testing.

  • Deployment

It refers to deploying the application on delivery models or cloud platforms.

  • Migration

It refers to the moving of existing solutions to the blockchain platforms.

  • Maintenance 

It refers to the maintenance cost for the new up-gradation and updation and testing of the application to ensure smooth functioning.

  • Third-party tool integration

The cost may rely on integrating the following third-party tools for hosting, storing, notifying, and collaborating services such as :
Amazon Web service: This tool is essential for cloud computing, storage, and delivery services. The cost may vary between $100 to $1000, depending upon the number of users.

Bug tracking tools: These tools assist in reporting and removing live bugs. Their cost can fluctuate from 10 to 100 $.

Monitoring service: Applications like uptime robots help to send real-time notifications for downtime, whose cost varies from $10 to $50.

Notification services: The notification service tools like Kumulos, Twilio, Amazon SNS will cost about $10 to $50.

Analytics with mixpanel: This tool conducts application data analysis, funnel reporting, insight generation, which incurs the cost of around $10 to $ 150.

2. Complexity

The cost of blockchain implementation depends upon the complexity of the project or application. Numerous factors like t define the complexity of a project, the purpose, problems associated with the end-users, the need for the existing solutions to the problems and the requirement to invest in blockchain development.

Based on the application complexity, the cost for blockchain app development can be categorized as:

  • Low complexity level

These include payment apps, smart contract development apps, which cost between $15000 to $ 40000.

  • Average complexity level

The distributed applications (DApps) with average complexity incurs the cost between $ 30000 to $90000.

  • High complexity level

The enterprise blockchain application from scratch or complete decentralized network for a sophisticated project will cost above $130000.

3. Development Resources

Blockchain project implementation involves an ample amount of effort and time to execute the algorithms effectively. While approximating the budget of blockchain-based applications, it is essential to consider the following development resources.

  • In-house app development group for building blockchain solutions, estimating the cost around ($500,00 to $2000,000).
  • Hiring service providers like freelancers would incur expenses between $30,000 to 90,000.
  • Hiring blockchain app development companies or agencies for supervising the application’s progress, whose cost estimation varies between $150,000 to $500,000.

Working with an in-house team is very expensive, but it offers effective tracking of blockchain app development. On the contrary, if you are outsourcing the project or hiring offshore developers, it could be the least expensive measure but could involve risks.

It is always preferable to go with a software development company possessing in-depth knowledge about the languages, app development contexts, tools, and other prerequisites required for successful implementation. You may also opt to hire freelancers if blockchain app development seems risk-free because the risk factors increase with the project’s scope over time.

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Threads uses a more sophisticated search to compete with Bluesky

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Instagram Threads, a rival to Meta’s X, will have an enhanced search experience, the firm said Monday. The app, which is based on Instagram’s social graph and provides a Meta-run substitute for Elon Musk’s X, is introducing a new feature that lets users search for certain posts by date ranges and user profiles.

Compared to X’s advanced search, which now allows users to refine queries by language, keywords, exact phrases, excluded terms, hashtags, and more, this is less thorough. However, it does make it simpler for users of Threads to find particular messages. Additionally, it will make Threads’ search more comparable to Bluesky’s, which also lets users use sophisticated queries to restrict searches by user profiles, date ranges, and other criteria. However, not all of the filtering options are yet visible in the Bluesky app’s user interface.

In order to counter the danger posed by social networking startup Bluesky, which has quickly gained traction as another X competitor, Meta has started launching new features in quick succession in recent days. Bluesky had more than 9 million users in September, but in the weeks after the U.S. elections, users left X due to Elon Musk’s political views and other policy changes, including plans to alter the way blocks operate and let AI companies train on X user data. According to Bluesky, there are currently around 24 million users.

Meta’s Threads introduced new features to counter Bluesky’s potential, such as an improved algorithm, a design modification that makes switching between feeds easier, and the option for users to select their own default feed. Additionally, it was observed creating Starter Packs, its own version of Bluesky’s user-curated recommendation lists.

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Apple’s own 5G modem-equipped iPhone SE 4 is “confirmed” to launch in March

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Tom O’Malley, an analyst at Barclays, recently visited Asia with his colleagues to speak with suppliers and makers of electronics. The analysts said they had “confirmed” that a fourth-generation iPhone SE with an Apple-designed 5G modem is scheduled to launch near the end of the first quarter next year in a research note they released this week that outlines the main conclusions from the trip. That timeline implies that the next iPhone SE will be unveiled in March, similar to when the present model was unveiled in 2022, in keeping with earlier rumors.

The rumored features of the fourth-generation iPhone SE include a 6.1-inch OLED display, Face ID, a newer A-series chip, a USB-C port, a single 48-megapixel rear camera, 8GB of RAM to enable Apple Intelligence support, and the previously mentioned Apple-designed 5G modem. The SE is anticipated to have a similar design to the base iPhone 14.

Since 2018, Apple is said to have been developing its own 5G modem for iPhones, a move that will let it lessen and eventually do away with its reliance on Qualcomm. With Qualcomm’s 5G modem supply arrangement for iPhone launches extended through 2026 earlier this year, Apple still has plenty of time to finish switching to its own modem. In addition to the fourth-generation iPhone SE, Apple analyst Ming-Chi Kuo earlier stated that the so-called “iPhone 17 Air” would come with a 5G modem that was created by Apple.

Whether Apple’s initial 5G modem would offer any advantages to consumers over Qualcomm’s modems, such quicker speeds, is uncertain.

Qualcomm was sued by Apple in 2017 for anticompetitive behavior and $1 billion in unpaid royalties. In 2019, Apple purchased the majority of Intel’s smartphone modem business after the two firms reached a settlement in the dispute. Apple was able to support its development by acquiring a portfolio of patents relating to cellular technology. It appears that we will eventually be able to enjoy the results of our effort in four more months.

On March 8, 2022, Apple made the announcement of the third-generation iPhone SE online. With antiquated features like a Touch ID button, a Lightning port, and large bezels surrounding the screen, the handset resembles the iPhone 8. The iPhone SE presently retails for $429 in the United States, but the new model may see a price increase of at least a little.

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Google is said to be discontinuing the Pixel Tablet 2 and may be leaving the market once more

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Google terminated the development of the Pixel Tablet 3 yesterday, according to Android Headlines, even before a second-generation model was announced. The second-generation Pixel Tablet has actually been canceled, according to the report. This means that the gadget that was released last year will likely be a one-off, and Google is abandoning the tablet market for the second time in just over five years.

If accurate, the report indicates that Google has determined that it is not worth investing more money in a follow-up because of the dismal sales of the Pixel Tablet. Rumors of a keyboard accessory and more functionality for the now-defunct project surfaced as recently as last week.

It’s important to keep in mind that Google’s Nest subsidiary may abandon its plans for large-screen products in favor of developing technologies like the Nest Hub and Hub Max rather than standalone tablets.

Google has always had difficulty making a significant impact in the tablet market and creating a competitor that can match Apple’s iPad in terms of sales and general performance, not helped in the least by its inconsistent approach. Even though the hardware was good, it never really fought back after getting off to a promising start with the Nexus 7 eons ago. Another problem that has hampered Google’s efforts is that Android significantly trails iPadOS in terms of the quantity of third-party apps that are tablet-optimized.

After the Pixel Slate received tremendously unfavorable reviews, the firm first declared that it was finished producing tablets in 2019. Two tablets that were still in development at the time were discarded.

By 2022, however, Google had altered its mind and declared that a tablet was being developed by its Pixel hardware team. The $499 Pixel Tablet was the final version of the gadget, which came with a speaker dock that the tablet could magnetically connect to. (Google would subsequently charge $399 for the tablet alone.)

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