Connect with us

Technology

Cost of Blockchain Implementation

Published

on


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.

Technology

AI Features of the Google Pixel 8a Leaked before the Device’s Planned Release

Published

on

A new smartphone from Google is anticipated to be unveiled during its May 14–15 I/O conference. The forthcoming device, dubbed Pixel 8a, will be a more subdued version of the Pixel 8. Despite being frequently spotted online, the smartphone has not yet received any official announcements from the company. A promotional video that was leaked is showcasing the AI features of the Pixel 8a, just weeks before its much-anticipated release. Furthermore, internet leaks have disclosed software support and special features.

Tipster Steve Hemmerstoffer obtained a promotional video for the Pixel 8a through MySmartPrice. The forthcoming smartphone is anticipated to include certain Pixel-only features, some of which are demonstrated in the video. As per the video, the Pixel 8a will support Google’s Best Take feature, which substitutes faces from multiple group photos or burst photos to “replace” faces that have their eyes closed or display undesirable expressions.

There will be support for Circle to Search on the Pixel 8a, a feature that is presently present on some Pixel and Samsung Galaxy smartphones. Additionally, the leaked video implies that the smartphone will come equipped with Google’s Audio Magic Eraser, an artificial intelligence (AI) tool for eliminating unwanted background noise from recorded videos. In addition, as shown in the video, the Pixel 8a will support live translation during voice calls.

The phone will have “seven years of security updates” and the Tensor G3 chip, according to the leaked teasers. It’s unclear, though, if the phone will get the same amount of Android OS updates as the more expensive Pixel 8 series phones that have the same processor. In the days preceding its planned May 14 launch, the company is anticipated to disclose additional information about the device.

Continue Reading

Technology

Apple Unveils a new Artificial Intelligence Model Compatible with Laptops and Phones

Published

on

All of the major tech companies, with the exception of Apple, have made their generative AI models available for use in commercial settings. The business is, nevertheless, actively engaged in that area. Wednesday saw the release of Open-source Efficient Language Models (OpenELM), a collection of four incredibly compact language models—the Hugging Face model library—by its researchers. According to the company, OpenELM works incredibly well for text-related tasks like composing emails. The models are now ready for development and the company has maintained them as open source.

In comparison to models from other tech giants like Microsoft and Google, the model is extremely small, as previously mentioned. 270 million, 450 million, 1.1 billion, and 3 billion parameters are present in Apple’s latest models. On the other hand, Google’s Gemma model has 2 billion parameters, whereas Microsoft’s Phi-3 model has 3.8 billion. Minimal versions are compatible with phones and laptops and require less power to operate.

Apple CEO Tim Cook made a hint in February about the impending release of generative AI features on Apple products. He said that Apple has been working on this project for a long time. About the details of the AI features, there is, however, no more information available.

Apple, meanwhile, has declared that it will hold a press conference to introduce a few new items this month. Media invites to the “special Apple Event” on May 7 at 7 AM PT (7:30 PM IST) have already begun to arrive from the company. The invite’s image, which shows an Apple Pencil, suggests that the event will primarily focus on iPads.

It seems that Apple will host the event entirely online, following in the footsteps of October’s “Scary Fast” event. It is implied in every invitation that Apple has sent out that viewers will be able to watch the event online. Invitations for a live event have not yet been distributed.
Apple has released other AI models before this one. The business previously released the MGIE image editing model, which enables users to edit photos using prompts.

Continue Reading

Technology

Google Expands the Availability of AI Support with Gemini AI to Android 10 and 11

Published

on

Android 10 and 11 are now compatible with Google’s Gemini AI, which was previously limited to Android 12 and above. As noted by 9to5google, this modification greatly expands the pool of users who can take advantage of AI-powered support for their tablets and smartphones.

Due to a recent app update, Google has lowered the minimum requirement for Gemini, which now makes its advanced AI features accessible to a wider range of users. Previously, Gemini required Android 12 or later to function. The AI assistant can now be installed and used on Android 10 devices thanks to the updated Gemini app, version v1.0.626720042, which can be downloaded from the Google Play Store.

This expansion, which shows Google’s goal to make AI technology more inclusive, was first mentioned by Sumanta Das on X and then further highlighted by Artem Russakoviskii. Only the most recent versions of Android were compatible with Gemini when it was first released earlier this year. Google’s latest update demonstrates the company’s dedication to expanding the user base for its AI technology.

Gemini is now fully operational after updating the Google app and Play Services, according to testers using Android 10 devices. Tests conducted on an Android 10 Google Pixel revealed that Gemini functions seamlessly and a user experience akin to that of more recent models.

Because users with older Android devices will now have access to the same AI capabilities as those with more recent models, the wider compatibility has important implications for them. Expanding Gemini’s support further demonstrates Google’s dedication to making advanced AI accessible to a larger segment of the Android user base.

Users of Android 10 and 11 can now access Gemini, and they can anticipate regular updates and new features. This action marks a significant turning point in Google’s AI development and opens the door for future functional and accessibility enhancements, improving everyone’s Android experience.

Continue Reading

Trending

error: Content is protected !!