Anil Kondla
Last Updated on July 25, 2024 by Team Experts
Next year, investments in blockchain solutions are expected to grow to almost $16 billion, and the salaries of specialists in this field will become comparable to the income of the heads of large corporations. Blockchain is an innovative technology, so it certainly won’t be cheap to hire blockchain developers. But it will remain highly beneficial considering the opportunities they provide.
If you intend to use the most advanced technologies, you will need a team with a wealth of experience. Let’s explore how much it can cost to get one in terms of blockchain.
Factors shaping the rates
The technology is still novel, so out of a huge number of developers, only a small share are able to provide a quality product. Blockchain solutions are used in a wide variety of industries where customers pursue different goals. The specifics of each software product affect its complexity and, accordingly, the requirements for the team.
The average cost to hire a blockchain developer depends not only on the specialists’ experience, professionalism, hourly rate, and the number of hours required for work. Geography, place of employment, type of employment, and team size matter a lot as well.
It is also worth considering that when you are looking for a blockchain developer for hire, a unique technology stack is required, which means that general evaluation criteria are not enough.
Geography
The bulk of specialists is concentrated in the Indo-European region and China. At the same time, the lower cost of services does not at all mean the low quality of the code they write. It is worth considering that different pricing models prevail in different countries. For example, if you want to hire blockchain app developers in the USA, you should understand that hourly rates there are at least two to three times higher (up to $200) than in India, Vietnam, Poland, or Ukraine ($70─100). In Western and Northern Europe, they are average – up to $150.
To save money without damaging the project, it makes sense to contact an experienced offshore blockchain development agency, like Artjoker where we specialize in high-complexity solutions.
Read more: Considerations Prior to Blockchain Platform Development
Place of employment
The above-indicated figures are correct for full-time employees. The vast majority of freelancers do not rate themselves as highly. Unless specialists are selected on specialized portals (Cryptohire, DREAM, XPlace, etc.). On the other hand, you will definitely get real professionals this way.
To hire a blockchain developer, you can arrange cooperation with specialized agencies. This has certain advantages in terms of competencies but will require extra costs.
Qualification and team size
The cost also depends on who and in what composition is involved in the development. Below is the minimum list of skills that blockchain developers for hire should possess:
- Cryptography, blockchain architecture, data structure, and smart contracts;
- Solidity, Java, C++, Python, and JavaScript languages;
- Web design with experience in integrating blockchain solutions.
If the team’s own strength and resources are not enough, you will have to look for additional employees or fill gaps in skills. And this will inevitably affect the total cost of the project – the more specialists will be involved in it, the higher your costs will be.
If you hire people, the cost of the team will include the salary and hourly rate of each. For short-term projects, hiring freelancers is beneficial, requiring less commitment and featuring lower rates.
CONCLUSIONS
Strange as it may sound, the more complex your project, the easier it is to establish partnerships with the development team. You will be able to more easily negotiate rates that will suit all parties, given the long duration of the work. But its complexity also implies the great professionalism of specialists, so it will not be possible to hire blockchain application developers for pennies.
To find a consensus, it would be wise to turn to a reliable partner in the form of a specialized company.
Links:
artjokert – artjoker.net/services/blockchain-development/
Hire blockchain developer – artjoker.net/blog/hire-blockchain-developer/
